Florida Assist (FL Assist) Program Guide

Guide to the Florida Assist (FL Assist) Program

The Florida Assist (FL Assist) Program offers valuable financial assistance to first-time homebuyers in Florida. This program helps with down payments and closing costs, making it easier for buyers to purchase their first home. For 2025, FL Assist continues to provide grants to eligible borrowers, reducing the financial barriers associated with homeownership. Below is a step-by-step guide to help you understand how the program works, the eligibility criteria, and how to apply.

1. Program Overview:

• Purpose: The FL Assist Program aims to help first-time homebuyers in Florida by offering financial assistance to cover down payments and closing costs. This support allows buyers to make homeownership more accessible by reducing the upfront financial burden.
• Grant Amount: The program provides a grant of up to $7,500 to assist with down payment and/or closing costs. This grant is a gift, which does not need to be repaid, provided the borrower meets the program's terms.
• Eligibility: The program is available to first-time homebuyers who meet specific income and property requirements. It is designed to help buyers who may not have enough savings for a traditional down payment and closing costs.

2. Eligibility Requirements for 2025:

To qualify for the Florida Assist (FL Assist) Program, you must meet the following requirements:

• First-Time Homebuyer: The program is designed for first-time homebuyers, defined as someone who has not owned a home in the past three years. However, exceptions may apply for those purchasing in certain designated areas or under special circumstances.
• Income Limits: Your household income must fall within the program’s limits, which are based on the area median income (AMI) for your county. These limits are updated annually to reflect changes in the local housing market and economy.
• Credit Score: A minimum credit score of 640 is typically required for the FL Assist Program. Some lenders may have more specific guidelines, so it’s important to check with your loan officer to understand the full eligibility criteria.
• Property Requirements: The property must be located in Florida and must serve as your primary residence. The program is available for both new and existing homes, but the home must meet the program’s price limits and other qualifying conditions.
• Homebuyer Education: All applicants must complete an approved homebuyer education course. This course is designed to provide you with the knowledge needed to navigate the homebuying process and manage homeownership responsibilities.

3. How to Apply:

The application process for the Florida Assist (FL Assist) Program is simple and straightforward. Follow these steps to apply:

• Assigned Loan Officer: Once you begin your application, you will be assigned a dedicated loan officer who will guide you through the entire process. Your loan officer will help ensure that you meet all eligibility requirements and will assist with gathering the necessary documents.
• Required Documentation: Be ready to provide documentation such as proof of income, tax returns, credit reports, and a certificate of completion for the homebuyer education course.
• Submit Your Application: After collecting all necessary documents, submit your completed application to your loan officer. They will process the application and inform you of your approval status and next steps.

4. Homebuyer Education Course:

• Mandatory Requirement: To qualify for the FL Assist Program, you must complete a homebuyer education course. This ensures that you understand the financial responsibilities of homeownership and are prepared for the mortgage process.
• Course Availability: The course is offered both online and in-person. Upon completion, you will receive a certificate that must be submitted as part of your application to confirm that you have received the necessary education.

5. Down Payment and Closing Cost Assistance:

• Assistance Amount: The FL Assist Program provides up to $7,500 to help with down payments and closing costs. This assistance is offered as a grant, meaning it does not need to be repaid as long as you meet the terms of the program.
• Grant Terms: As a gift, the assistance does not require repayment unless you sell or refinance the home within a certain period (typically five years). If the home is sold or refinanced during this time, you may be required to repay the grant.

6. Finalizing the Loan:

• Approval Process: Once your application is approved, your loan officer will walk you through the final steps, including reviewing the loan documents, signing the agreement, and preparing for the closing process.
• Closing Costs: While the FL Assist Program helps with down payment and closing costs, you may still be responsible for certain fees that are not covered by the grant. Your loan officer will explain which costs are covered and which will need to be paid out-of-pocket.

Our experienced loan officers are committed to helping you navigate the homebuying process. From the initial application through closing, they will ensure you fully understand the Florida Assist Program and assist you in securing the financial support you need to make homeownership a reality. With their guidance, you can confidently move forward in your homeownership journey.