Florida Assist + HFA Preferred
What This Looks Like for a $350,000 Home in Florida
How Florida's First-Time Homebuyer Programs Work
Florida Housing Finance Corporation offers Florida Assist + HFA Preferred to qualifying first-time buyers in Florida. Most Florida buyers pair this with an FHA, VA, USDA, or Conventional 97 loan, using the DPA to cover the down payment, closing costs, or both. The DPA is structured as second mortgage.
Eligibility requirements
Most Florida HFA programs require: (1) you haven't owned a primary residence in the last 3 years, (2) household income under ~$137,000 (county-dependent), (3) minimum FICO score of 640-680, (4) the home is your primary residence, (5) you complete a HUD-approved homebuyer education course (typically online, ~6-8 hours).
How to apply for Florida Assist + HFA Preferred
You don't apply directly through Florida Housing Finance Corporation — you apply through one of their participating lenders. The agency lists approved lenders on their website. Get pre-approved with at least 2-3 of them: rates and fees vary, even within the same DPA program.
Combining Florida DPA with federal loans
Pair Florida Assist + HFA Preferred with FHA (3.5% down, 580+ FICO) for the easiest qualifying. Veterans should use VA loans (0% down) — DPA still helps with closing costs. Rural buyers should check USDA (0% down). Buyers with 3-5% down and good credit can use Conventional 97 or HFA Preferred for lower mortgage insurance.
Other Florida buyer benefits
Beyond DPA, ask your lender about: Mortgage Credit Certificates (MCC) for federal tax credits up to $2,000/year, employer-assisted housing programs (some Florida employers offer additional grants), and city/county DPA stacking (cities like the largest metros in Florida often add their own programs on top of state DPA).