Current Florida Mortgage and Refinance Rates

For first-time homebuyers, saving for a down payment and qualifying to take advantage of low mortgage rates in Florida can be challenging. In Florida, there are multiple programs designed to help first-time buyers overcome those obstacles.

3%, 4% and 5% HFA Preferred and HFA Advantage PLUS Second Mortgage

This program provides 3%, 4% or 5% of your total loan amount as a second mortgage to help with a down payment or closing costs. The second mortgage, with a 0% interest rate and no payment required, comes with a five-year term that is forgiven at 20% a year through that period.

Who qualifies?

First-time homebuyers must:

• Have a minimum credit score of 640
• Meet income and purchase price limits set by the county
• Use the assistance in conjunction with a Florida Housing Finance Corp. first mortgage
• Complete homebuyer education

Florida Assist

The Florida Assist down-payment assistance program offers up to $7,500. This is a deferred second mortgage with 0% interest and no monthly payments that must be repaid if the home is sold or refinanced or is no longer the owner’s primary residence.

Who qualifies?

First-time homebuyers must meet the same requirements as those seeking assistance from the 3%, 4% and 5% program (see above).

Florida Homeownership Loan Program

The Florida Homeownership Loan Program offers a second mortgage for up to $10,000 in down-payment assistance. The 15-year loan has a 3% interest rate and requires monthly payments of $69.06. After 15 years, any unpaid balance is deferred — unless the home is sold or refinanced or is no longer the owner’s primary residence.

Who qualifies?

First-time homebuyers must meet the same requirements as those seeking assistance from the 3%, 4% and 5% program (see above).