The Florida Bond Program, officially known as the Florida Housing Bond Program, is a state-run initiative designed to help low- and moderate-income homebuyers with financial assistance for purchasing a home. Through this program, the Florida Housing Finance Corporation (FHFC) provides access to fixed-rate mortgages, down payment, and closing cost assistance for qualified buyers. Here’s a breakdown of how it works:

1. First-Time Homebuyer Focus: The program is generally available to first-time homebuyers, although exceptions apply if you are buying a home in certain target areas or if you’re a veteran.
2. Down Payment and Closing Cost Assistance: It offers eligible borrowers financial aid that can help cover down payment and closing costs, either as a forgivable loan or a low-interest loan that may need to be repaid if certain conditions aren’t met.
3. Fixed-Rate Mortgages: The mortgages offered through the Florida Bond Program are fixed-rate loans, which means the interest rate remains the same over the life of the loan. This feature can make monthly payments more predictable and budget-friendly.
4. Income and Purchase Price Limits: The program sets maximum income limits and purchase price limits based on the home’s location, which helps focus assistance on households with moderate or lower incomes.
5. Lender Network: To apply, homebuyers work with approved lenders who are knowledgeable about the program’s requirements and application process.
6. Credit and Eligibility Requirements: Applicants must meet certain credit score minimums, income guidelines, and other qualifying criteria, which vary by county.

The Florida Bond Program can be an excellent resource for qualifying first-time homebuyers seeking to make homeownership more affordable and accessible.

Can I use the Florida Bond Program?

Eligibility for the Florida Bond Program depends on several key factors:

1. First-Time Homebuyer Requirement: Generally, you must be a first-time homebuyer, which the program defines as someone who hasn’t owned a home in the last three years. However, if you’re purchasing in a targeted area (certain counties or ZIP codes) or are a veteran, you may still qualify even if you’re not a first-time homebuyer.
2. Income Limits: Your household income must fall within the program’s limits, which vary by county and household size. This ensures that the program supports those who might struggle to afford a home without assistance.
3. Purchase Price Limits: The home you intend to buy must be within the program’s purchase price limits, which vary depending on the area. This helps keep the focus on more affordable housing options.
4. Credit Score and Debt-to-Income (DTI) Ratio: Most participating lenders require a minimum credit score, often around 640, though this can vary. Additionally, they’ll assess your DTI ratio to ensure you’re financially positioned to manage the mortgage payments.
5. Approved Lender: You’ll need to apply through an approved lender participating in the program, as they’re familiar with the program’s guidelines and will help you through the application process.
6. Primary Residence: The home must be used as your primary residence, so it’s not available for investment properties or second homes.

If you meet these criteria, the Florida Bond Program could be a good fit!

Purchase Assistant