Phil Aitken
Phil Aitken

8 Florida First Time Buyer Programs to Look at in 2024

Buying your first home is exciting and a little overwhelming. It may leave you with questions on what to do and where to go for assistance.

As we step into 2024, the real estate landscape in Florida offers many opportunities for first-time buyers.

 The Phil Aitken Home Team has worked with many first time buyers and programs over the past 13 years. We are confident in serving our clients with the information for great options for what program will work best for them. 

We are going to share 8 Florida First-Time Buyer Programs. This will provide you with a roadmap to understanding real estate transactions. We’re not including ourselves on this list because we know we’re not the best fit for everyone. We want you to understand your options. That’s why we’ve created this list to help you decide what’s best for you.

Best First Time Buyer Programs in Florida for 2024

  1. FHA Loans
  2. Hometown Heroes Program
  3. Florida HFA Preferred Conventional Loan Program
  4. Florida Assist Loan Program
  5. USDA Loans
  6. Florida Housing Mortgage Credit Certificate Program
  7. HFA Preferred Grant
  8. VA Loans

To help you in your decision, here is some information about each program.

FHA Loans

Pros: Low down payment requirements and you don’t need a high credit score for approval

Cons: Larger down payment is needed for credit scores under 580

Eligibility: Little as a 3.5% down payment and your credit score must be 500 or above

View Nexa Mortgage website for FHA loans

Hometown Heroes Program

Pros: 5% assistance on total loan amount with 0% non-amortizing, 30-year deferred

Cons: Repayment has to occur if you sell the home, transfer the deed, pay off the mortgage, refinance, or no longer live in the home

Eligibility: Employment, Primary residence, First time home buyer, homebuyer education course,a dn income limit

View Hometown Heroes website

Florida HFA Preferred Conventional Loan Program

Pros: Cheap mortgage insurance premiums and you can automatically qualify the borrower for an assist loan

Cons: No direct down payment benefits 

Eligibility: For first mortgages only

View Florida HFA website

Florida Assist Loan Program

Pros: $7,500 down payment assistance and payments are deferred till the first loan is paid off and it’s not your primary residence

Cons: Repayment process will be extended longer than the original loan

Eligibility: Must have an initial mortgage to apply

View Florida Assist website

USDA Loans

Pros: Little monthly income and savings for a comfortable down payment for veterans

Cons: If you are qualified for a conventional mortgage, you can’t get one

Eligibility: Adjusted household income can’t extend beyond 115% of median income for thee area and must buy home within an eligible rural area

View Nexa Mortgage for USDA Loans website

Florida Housing Mortgage Credit Certificate Program

Pros: Reduce your federal taxes up to $2,000/year from mortgage interest paid

Cons: Limited qualifications

Eligibility: First time buyers will qualify

View Florida Housing Mortgage Credit Certificate website

HFA Preferred Grant

Pros: Doesn’t need to be repaid and they can help pay for your down payment and closing costs

Cons: Doesn’t apply to all borrowers

Eligibility: Must be applying for HFA Preferred PLUS Loan

View HFA Preferred Grant website

VA Loans

Pros: Up to 100% loan coverage of your home’s value, lower closing costs, and no private mortgage insurance

Cons: Application process can be drawn out and must pay a VA  funding fee

Eligibility: Current member or former military member or a member’s spouse or beneficiary and credit score must be 620 or higher 

View VA Loans website

When choosing the best first time buyer program, it comes down to which one serves your needs and requirements. 

The journey to homeownership is a big financial decision that requires time and understanding details. This list serves as a guide as you dive into what you need to get your dream home.

When buying your first home, it is important to have insights that will help you be well-informed. 

May the doors of your new home open to a future filled with joy, prosperity, and the fulfillment of your dreams.

To help you make a more direct and confident decision when buying your home, we have a list of tips for first time buyers to aid you. 

To learn more about the home buying process, check out our video on Understanding the Home buying process.

To Discuss Your Home Sale or Purchase, Call or Text Today and Start Packing!

Phil Aitken, Owner/Broker
Phil Aitken is the Owner/Broker with Your Home Sold Guaranteed Realty - Phil Aitken Home Team and has over 13 years of Real Estate experience. Phil’s faith and desire for his family’s continued security fuel his business growth and leadership. The Phil Aitken Home Team continues to profoundly impact the people of Jacksonville via supporting several faith-based organizations. Phil gives back a portion of every real estate transaction to The Tim Tebow Foundation and Rethreaded. Find Phil's full story here.