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The Florida Homeownership Loan Program (FL HLP)

The FL HLP is a state of Florida program that helps qualified first-time homebuyers purchase their own homes. The program offers down payment assistance grants, closing cost assistance, deferred interest, and other qualified applicants' opportunities.

If you're interested in finding out more about how this program can benefit you or your family, then continue reading.

Essential Things to Understand About FL HLP

There’s a lot of information about the FL HLP and other housing programs, making it hard to know what's accurate and not.

On the other hand, most people don't know about it, and they could be missing out on the opportunity for homeownership.

If you’re one of them, below, we’ll walk you through some essential facts you should understand before applying for this program.

Owning a home in Florida can be challenging, but FL HLP can help you become a homeowner.

The FL HLP was created by the Florida Housing Finance Corporation, one of the oldest affordable housing providers in the state. It’s an innovative program that helps more Floridians affordably achieve the dream of homeownership.

This program is a significant goal for many people. It offers low-interest loans for eligible borrowers unable to make a down payment or meet the credit requirements needed to qualify for conventional financing.

The primary objective of FL HLP is to provide financial assistance for down-payment, prepaids, and closing costs on a new or existing single-family home, co-operative unit, or condominium in participating counties.

Besides providing down payment and closing cost assistance, the program also offers mortgage insurance premiums, loan guarantees or serves as a principal reduction to the first mortgage to qualified low-income families who want to buy homes in Florida.

Note - The FL HLP second mortgage loan carries a monthly payment.

The uncleared loan balance is repaid fully in the event of property sale, transfer, property refinancing, first mortgage satisfaction, or until the borrower ceases to own/occupy the home.

The FL HLP loan can't be combined with other down payment programs from the Florida Housing program.

Eligibility Requirements for FL HLP

The FL HLP has helped over 300,000 Floridians become homeowners since 1997. The most basic requirement is that you must have lived in Florida for at least one year before applying.

You also need to be a U.S. citizen and have no felony convictions in the past three years and meet all other eligibility requirements, including income limits and credit score requirements.

Income limits vary by county but typically range from $30,000 per year to $88,700 per year.

To be eligible for this FL HLP program, you must also meet other requirements such as:

  • Have a credit score of 550 or higher.

  • Must be a first-time homebuyer: hasn't owned a home in the past three years.

  • Should be earning less than 115% of median family income.

  • Besides being a resident, the borrower can also be an active military member and qualified veteran from federally designated target areas.

  • Employment history: the borrow should be employed full-time or part-time at least 20 hours per week outside of their household by someone else other than their parents or spouse.

Benefits of Florida Homeownership Loan Program

If you're qualified for a Florida Homeownership Loan Program, there are many advantages to taking advantage of it.

This is an excellent opportunity for any Floridian family looking to purchase their first home from a low-interest rate to no down payment requirement.

The Florida Homeownership Loan Program is a magnificent opportunity for those who want to own their home but cannot afford the down payment.

For many individuals with bad credit, unestablished income, or self-employed, finding funding for a mortgage can be challenging.

This is where the Florida Homeownership Loan Program steps in and helps provide the funds necessary for homeownership.

The program offers qualified buyers up to 10,000 dollars in down payment and closing cost assistance. Not only will you be able to purchase your dream home, but you’ll also be able to enjoy these additional benefits:

  • You can make monthly mortgage payments more affordable by stretching out the interest over an extended period.

  • You may be eligible for a lower rate if you have taken steps to improve your credit rating and score.

  • There’s no need for an up-front payment which means that it is easier on your budget.

  • The FL HLP also offers 10-year fixed-rate mortgages with no points and no closing costs for eligible applicants.

If you're looking to buy your first house in FL or refinance an existing mortgage, this program has many advantages to help you get into your new home sooner. The program assists first-time buyers and those with bad credit, and the interest rates will be as low as 3%.

Bottom Line

The FL HLP is a mortgage loan program that provides down payment and closing cost assistance for qualified first-time homebuyers.

The program can provide up to $10,000 in down payment assistance for eligible buyers, so it's worth exploring if you’re looking to buy a house in The Sunshine State.

With over 50 years of mortgage industry experience, we are here to help you achieve the American dream of owning a home. We strive to provide the best education before, during, and after you buy a home. Our advice is based on experience with Phil Ganz and Team closing over One billion dollars and helping countless families.

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