Best Down Payment Assistance Programs in Florida 2024

Complete guide to down payment assistance programs, grants, and loans available to Florida homebuyers. Get help with your down payment and closing costs in Lake Mary and throughout Florida.

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Down Payment Assistance Programs in Florida

Down payment assistance programs help Florida homebuyers overcome one of the biggest barriers to homeownership. These programs provide grants, low-interest loans, or deferred payment loans to help cover your down payment and closing costs. Whether you're buying in Lake Mary, Orlando, Miami, or anywhere in Florida, there are programs available.

Florida Housing Finance Corporation Programs

Florida First - Down Payment Assistance

Amount: Up to $10,000

0% interest, deferred second mortgage
No monthly payments required
Repaid when you sell, refinance, or pay off first mortgage
Must be used with Florida Housing first mortgage
Income and purchase price limits apply

HFA Preferred Grants

Type: Grant (no repayment required)

Free money that doesn't need to be repaid
Available to eligible first-time homebuyers
Must complete homebuyer education course
Income and purchase price limits apply

Local Down Payment Assistance Programs

Many Florida cities and counties offer additional down payment assistance:

Seminole County (Lake Mary): Local programs for county residents, income limits apply
Orange County (Orlando): Orange County Housing and Community Development assistance programs
Miami-Dade County: Various city and county programs for first-time buyers
Hillsborough County (Tampa): Local first-time buyer assistance programs
Duval County (Jacksonville): City and county down payment assistance programs

Types of Down Payment Assistance

Grants

Free money that doesn't need to be repaid. Best option if you qualify. Typically have income and purchase price limits.

Deferred Loans

Second mortgage with no monthly payments. Repaid when you sell, refinance, or pay off your first mortgage.

Forgivable Loans

Loans that are forgiven over time (typically 5-10 years) if you stay in the home. If you move early, you may owe a portion.

Low-Interest Loans

Second mortgages with below-market interest rates. Monthly payments required, but at a lower rate than typical loans.

How to Qualify for Down Payment Assistance

Eligibility requirements vary by program but typically include:

First-Time Homebuyer Status: Most programs require you to be a first-time buyer (haven't owned in 3 years)
Income Limits: Programs typically have maximum income limits based on area median income
Purchase Price Limits: Maximum home purchase price limits apply
Homebuyer Education: Many programs require completing a homebuyer education course
Property Requirements: Must be primary residence, meet property standards

Need Help Finding Down Payment Assistance?

Contact Edge Home Loans in Lake Mary to explore available down payment assistance programs.

Call (855) 744-EDGE Apply Online