Essential Insights on First-Time Homebuyer Programs in Florida and FHA Loan Opportunities

Jonathan Shupe
Jun 18
3 min read

Updated: Jun 20

Doormat reading "First Time Buyer" on wood floor with two people in sneakers, surrounded by moving boxes and a plant, suggests a new home.

Buying your first home is exciting—but it can also feel overwhelming. Between figuring out your budget, searching for homes, and navigating mortgage options, it’s a lot. The good news? Florida offers a ton of first-time homebuyer programs to help make the process easier (and more affordable).

Whether you're worried about your down payment, closing costs, or qualifying for a mortgage, this guide breaks down what you need to know—especially if you’re considering an FHA loan in Florida.

Who Qualifies as a First-Time Homebuyer?

In Florida, you're considered a first-time homebuyer if you haven’t owned a home in the past three years. That means if you're currently renting or have owned a home before but sold it years ago, you likely qualify.

Bonus: Many programs are open to more than just "first-timers" if you're buying in targeted areas or meet certain criteria.

Top Programs for First-Time Homebuyers in Florida

1. Florida Hometown Heroes Program

This program provides down payment and closing cost assistance to eligible Florida residents.

What You Get:

Up to $35,000 in assistance
0% interest, deferred second mortgage
Must use an approved lender (like us!)

Silhouette of a hero figure with "HOMETOWN HEROES" text. Red and yellow road, houses, and buildings. Blue background, uplifting mood.

2. Florida Assist (FL Assist)

This is one of Florida’s most popular down payment assistance programs for first-time buyers using an FHA, VA, or USDA loan.

What You Get:

Up to $10,000 in down payment or closing cost help
Deferred, 0% interest loan
No monthly payments

3. 3% Down Conventional (HomeReady / Home Possible / HomeOne)

These conventional mortgage programs allow buyers to put just 3% down, and they’re designed specifically for low-to-moderate income borrowers.

Benefits:

Lower PMI rates than standard conventional loans
Income-based eligibility

4. FHA Loans in Florida

FHA loans are one of the most common paths for first-time buyers, thanks to their flexible credit and income requirements.

Why First-Time Buyers Love FHA Loans:

Only 3.5% down if your credit score is above 580.
Credit scores starting at 500
Gift funds allowed
Easy to combine with down payment assistance

📍 Florida First-Time Buyer Requirements (Quick Snapshot)

Requirement	FHA Loan	FL Assist	Hometown Heroes
First-Time Buyer	Not required	Required	Required
Credit Score	500+	640	640+
Down Payment	3.5% (with 580+ credit)	Assistance available	Assistance available
Income Limits	No	Yes	Yes
Loan Type	FHA	FHA, VA, USDA	FHA, VA, USDA, Conv.

Things to Keep in Mind

Many of these programs require you to complete a homebuyer education course (often online and free or low-cost).
You usually need to work with a participating lender—and we’re proud to be one.
Assistance funds are often in the form of a second mortgage, but they don’t require payments until you sell or refinance.

The Bottom Line

If you're a first-time homebuyer in Florida, you have more support than you might think. Whether you're eyeing an FHA loan, looking for down payment help, or want to see if you qualify for state-funded assistance, there’s a program out there for you.

Eye-level view of modern Florida home exterior — Modern Florida home exterior showcasing contemporary design

Common Myths About First-Time Homebuyer Programs

While many benefits come with first-time homebuyer programs, misconceptions can create unnecessary barriers. Here are two common myths addressed:

“I Need a Perfect Credit Score”: Many believe that you must have an ideal credit score to qualify. However, programs like FHA loans accept lower scores, making homeownership more accessible for many.
“I Must Have a 20% Down Payment”: A common myth is that a 20% down payment is mandatory. In fact, various programs allow much smaller down payments, greatly reducing the initial cost.

By recognizing these myths, aspiring homeowners can approach the buying process with confidence and informed perspectives.

Embracing Homeownership

Navigating the road to owning a home is not always straightforward, but the right resources and knowledge can make it enjoyable and rewarding. First-time homebuyer programs in Florida provide necessary support for those ready to take the plunge into homeownership. By learning about eligibility criteria, available options, and dispelling common misconceptions, you can take critical steps toward fulfilling your homeownership dreams.

Explore local programs, connect with experienced lenders, and consider financial assistance options suited to your needs. With determination and the right resources, the vibrant Florida housing market can be within your reach.

Wide angle view of serene Florida neighborhood at sunset — Serene Florida neighborhood showcasing palm trees and sunset

Smiling man in a navy suit and white shirt, hands clasped, standing against a plain background. Professional and friendly appearance. — Jonathan Shupe Branch Manager

Jonathan Shupe NMLS ID# 1649211 is Manager of Shupe Lending Group NMLS ID# 2478065. Jonathan Shupe and his team of loan officers are licensed in multiple states. Many of the borrowers of Shupe Lending Group are individuals who did not qualify at other lenders due to those lenders overlays on government and conventional loans. We have a reputation of being able to work with over 270 different lenders to be able to offer out clients dozens of non-QM and alternative financing loan programs. Any non-QM mortgage loan program available in the market will be offered by our team at Shupe Lending Group. Our team is available 7 days a week, evenings, weekends, and holidays.