In Florida, there are several ways to go about getting down payment assistance, and sometimes it can get confusing. Below you'll find some great resources to help you with getting more information, finding out how to qualify, and what the next steps to down payment assistance are for you.
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This program can help first-time homebuyers save money each year that they live in their home. With the MCC Program, the homeowner can claim up to 50 percent of their paid mortgage interest each year as a TAX CREDIT on their federal IRS tax return. The Florida Housing MCC can be issued with any participating lender’s fixed rate first mortgage loan. This program has income and purchase price limits.
The FHFTHB program is a 30-year, fixed-rate first mortgage loans originated by trained and approved lenders throughout the State of Florida. The program is offered to all borrowers who meet income, purchase price and other program guidelines, and can otherwise qualify for an FHA loan. Borrowers who qualify for an FHA first mortgage program are automatically qualified for one of Florida Housing's down payment assistance programs. The assistance comes in the form of a 0% interest or low, fixed-rate second mortgage. Only one Florida Housing down payment program can be used by the borrower and only in conjunction with the FTHB program first mortgage products. This program can be used anywhere in the State of Florida.
Florida Housing also offers down payment and closing cost assistance in the form of a second mortgage loan to assist eligible homebuyers with their down payment and closing costs. Down payment assistance is only available when used in conjunction with Florida Housing's first mortgage loan. Down payment assistance is not available as "stand alone" down payment assistance.