Florida Assist (FL Assist)

The Florida Assist (FL Assist) program, offered through the Florida Housing Finance Corporation (FHFC), is designed to help eligible homebuyers cover the upfront costs of purchasing a home. By providing financial assistance for down payments and closing costs, the program makes homeownership more accessible and affordable for Florida residents.

Benefits

Provides up to $10,000 in financial assistance to be used for down payments and closing costs.
Assistance is structured as a deferred-payment loan, with no repayment required until the home is sold, refinanced, or the primary mortgage is paid off.
Can be paired with other Florida Housing loan programs for comprehensive financial support.
Helps reduce the upfront financial burden for first-time and eligible repeat homebuyers.

Eligibility Requirements

Applicants must qualify for a Florida Housing first mortgage to access FL Assist funds.
Income limits apply and vary based on household size and the location of the property.
The property must be located in Florida and used as the buyer’s primary residence.
A minimum credit score of 640 is typically required, along with adherence to lender-specific underwriting criteria.
Participants must complete a homebuyer education course to ensure preparedness for homeownership responsibilities.

Additional Information

The Florida Assist (FL Assist) program is an essential resource for homebuyers in Florida, offering critical financial support to reduce the barriers to homeownership. Administered by the Florida Housing Finance Corporation, this program empowers eligible residents to achieve stability and security through affordable homeownership while fostering stronger communities across the state.

Frequently Asked Questions About Our Program

What is the Florida Assist (FL Assist) program?

The Florida Assist (FL Assist) program provides eligible homebuyers with up to $10,000 in down payment and closing cost assistance. This aid comes as a 0% interest, non-amortizing, deferred second mortgage, making homeownership more attainable.

Who is eligible for the FL Assist program?

Eligibility requires applicants to meet income and purchase price limits specific to their county and household size. Additionally, participants must be first-time homebuyers, defined as individuals who have not owned and occupied a primary residence within the past three years.

How does the FL Assist loan work?

The FL Assist loan offers up to $10,000 as a second mortgage with 0% interest and no monthly payments. Repayment is deferred until the sale, transfer, refinancing of the property, or if the borrower ceases to occupy the home as their primary residence.

Is the FL Assist loan forgivable?

No, the FL Assist loan is not forgivable. The full loan amount becomes due and payable upon sale, transfer, refinancing, or if the property is no longer the borrower's primary residence.

Can the FL Assist program be combined with other assistance programs?

Yes, the FL Assist program can be combined with Florida Housing's first mortgage programs, such as FHA, VA, USDA, and conventional loans, to provide comprehensive assistance to homebuyers.

Are there credit score requirements for the FL Assist program?

While Florida Housing does not specify a minimum credit score for FL Assist, individual lenders may have their own credit requirements. It's essential to consult with your lender to understand the specific criteria applicable to your situation.

Is homebuyer education required for the FL Assist program?

Yes, all applicants are required to complete a homebuyer education course approved by Florida Housing. This ensures buyers are well-informed about the home-buying process and responsibilities of homeownership.

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What types of properties are eligible for the FL Assist program?

Eligible properties include single-family homes, townhomes, and condominiums that meet Florida Housing's guidelines. The property must be located in Florida and serve as the borrower's primary residence.

Are there income limits for the FL Assist program?

Yes, income limits apply and vary by county and household size. These limits are established to ensure assistance is provided to those most in need and are subject to periodic adjustments.

Is there a maximum purchase price for homes under the FL Assist program?

Yes, there are purchase price limits that vary by county. These limits ensure that the program assists in financing moderately priced homes suitable for low- to moderate-income buyers.

Can I use the FL Assist program for a second home or investment property?

No, the FL Assist program is intended for primary residences only. Applicants must occupy the purchased property as their primary residence.

What happens if I refinance my home?

If you refinance your home, the FL Assist loan becomes due and payable in full. It's important to consider this when making decisions about refinancing your property.

Are there specific debt-to-income (DTI) ratio requirements?

While Florida Housing does not specify exact DTI ratio requirements for the FL Assist program, individual lenders may have their own criteria. It's essential to consult with your lender to understand the specific DTI requirements applicable to your situation.

Is mortgage insurance required with the FL Assist program?

Depending on the type of first mortgage loan and the loan-to-value ratio, mortgage insurance may be required. For example, conventional loans with less than a 20% down payment typically require private mortgage insurance (PMI).

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How do I apply for the FL Assist program?

To apply, you must work with a Florida Housing-approved lender who will guide you through the application process, including verifying eligibility, assisting with necessary documentation, and explaining program requirements.

Is there a deadline to apply for the FL Assist program?

There is no specific deadline to apply for the FL Assist program. However, program availability is subject to funding, so it's advisable to begin the application process as soon as you are ready to purchase a home.

Are non-occupant co-borrowers allowed in the FL Assist program?

No, all borrowers must occupy the property as their primary residence. Non-occupant co-borrowers and co-signers are not permitted under this program.

What are the repayment terms for the FL Assist loan?

The FL Assist loan is a 0% interest, non-amortizing, deferred second mortgage. The full amount is due upon sale, transfer, refinancing, or if the property ceases to be your primary residence.

Can I use the FL Assist program if I have owned a home before?

The FL Assist program is primarily designed for first-time homebuyers. However, certain exceptions may apply, such as purchasing in targeted areas or being a qualified veteran. It's important to verify your eligibility with a Florida Housing-approved lender.