State Bond Home Loan Programs

Florida Assist and Hardest Hit, FHA and VA programs

Funded by the sale of mortgage revenue bonds (MRBs) issued by the Florida Housing Finance Corporation, state bond loans are designed to provide eligible homebuyers a below-market interest rate when purchasing their first home.

Program features

  • $15,000 in down payment assistance at 0% interest, forgiven at 20% per year for property in Hillsborough, Pinellas, Pasco and Polk County
  • $7,500 in down payment assistance at 0% interest in Hernando County
  • Payment is deferred for the length of the loan, payable when home is sold or refinanced

Homebuyer requirements

  • Must be a first-time homebuyer or have not owned a home in the previous three years
  • Minimum credit score of 640
  • Must complete homebuyer education

Income limits

  • $59,200 for 1- and 2-occupant households
  • $68,080 for 3-occupant or more households
  • No funds will be returned at closing

Property requirements

  • Maximum home price of $255,573
  • Anywhere in the state of Florida
  • Loans are issued by the Federal Housing Administration (FHA) or the U.S. Department of Veterans Affairs (VA), so properties must meet the standards outlined by those authorities.
  • Interest rates are set by the Florida Housing Finance Corporation

Home Key Plus – FHA and VA programs

This down payment and closing cost assistance program is a deferred, non-amortizing, 0%-interest second mortgage.

Program features

  • $15,000 in down payment assistance at 0% interest
  • Payment is deferred for the length of the loan, payable when home is sold or refinanced in Pinellas County
  • $7,500 in down payment assistance at 0% interest
  • Payment is deferred for the length of the loan, payable when home is sold or refinanced in Pasco and Polk County

Homebuyer requirements

  • Must be a first-time homebuyer or have not owned a home in the previous three years
  • Minimum credit score of 660
  • Must complete homebuyer education

Income limits

  • $70,800 for 1- and 2-occupant households
  • $82,600 for 3-occupant or more households

Property requirements

  • Maximum home price of $255,573
  • Must be in Pinellas or Pasco counties in the state of Florida
  • Loans are issued by the Federal Housing Administration (FHA) or the U.S. Department of Veterans Affairs (VA), so properties must meet the standards outlined by those authorities.
  • Interest rates set by the Housing Finance Authority of Pinellas County

State Bond Preferred – Conventional – Florida Assist and Hardest Hit Programs

Funded by the sale of mortgage revenue bonds (MRBs) issued by the Florida Housing Finance Corporation, state bond loans are designed to provide eligible homebuyers a below-market interest rate when purchasing their first home.

Program features

  • $15,000 in down payment assistance at 0% interest, forgiven at 20% per year for property in Hillsborough, Pinellas, Pasco and Polk County
  • $7,500 in down payment assistance at 0% interest in Hernando County
  • Payment is deferred for the length of the loan, payable when home is sold or refinanced

Homebuyer requirements

  • Must be a first-time homebuyer or have not owned a home in the previous three years
  • Minimum credit score of 640 for 5% down
  • Minimum credit score of 680 for 3% down
  • Must complete homebuyer education
  • Two months’ mortgage payment in reserve after closing is required
  • Borrower must contribute 1% of the sale price

Income limits - Florida Assist

  • $68,080 for 1- and 2-occupant households in Hernando County
  • $71,040 for 3-occupant or more households in Hernando County

Income limits - Hardest Hit

  • $82,880 for all income sizes in Hillsborough, Pinellas, Pasco, and Polk County