Any person who has not owned a primary residence in the previous 3 years.

Yes. Active duty military and veterans are exempt when the loan qualifies as HFA preferred. 

There are no monthly payments, but it is not forgiven. Instead, it is due in full when the borrower sells their home, pays off their first mortgage (or refinances), or no longer occupies the home. There is no interest on this 2nd mortgage.

Not anymore. Now eligibility is based on the borrower reporting to a location in FL, or working in FL for a company with a physical location in FL. Also, the borrower must be full-time working 35+ hours per week. If the borrower works remote, the employer’s Sunbiz profile must reflect a principal address in FL.

They can also be eligible. The company must be based in FL, and the borrower needs to be working 35+ hours per week as evidenced by a schedule or paystubs (4-6 weeks worth) from the borrower’s company. 

Yes. It is 150% of the area median income based on the county. You can find the 2023 limits here.

Any income you are using to qualify. Unlike most down payment assistance programs, this only takes the qualifying income into consideration and not the full household income. You can pick and choose which income you need (i.e. you want to use base income and bonus, but not OT, that is fine).

Yes. At least one borrower must take a HUD-approved homebuyer education course. Additionally, a borrower must take a landlord education course if the property is a 2-4 unit home.

Yes, condos are allowed. They need to meet standard requirements. Single unit approvals are allowed for FHA as well. Most normal properties are allowed, with a few exceptions, such as:

• no co-ops

• no single-wide manufactured homes

• no leasehold properties

• any 2-4 units must be at least 5 years old

• manufactured houses must be constructed in 1994 or newer

The process is fairly normal when this happens. If you still want to move forward you can either negotiate the price down to the appraised value, or you can bring in the difference. The 2nd mortgage cannot be used to cover the appraisal gap.

There are still several advantages. For one, the savings from the transfer taxes is usually thousands of dollars. Additionally, this opens up paths to homeownership for those who don’t have enough for a traditional down payment, or those who aren’t comfortable giving up their savings for a down payment.

Funds do need to be reserved, and they can run out, so it is best to do it as early as possible. Funds can be reserved when the loan is locked, meaning a property must be picked and under contract, and a loan application must be submitted, then the lock/reservation can be requested.