State Bond Home Loan Programs

Florida Assist 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

  • $7,500 in down payment assistance at an interest rate of 0% and an annual percentage rate of 0.066%.
  • Repayment is deferred for 30 years, except in the event of the sale, transfer, satisfaction of the first mortgage.

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

  • $63,900 for 1- and 2-occupant households
  • $73,485 for 3-occupant or more households
  • Borrower cannot receive any funds back at closing

Property requirements

  • $271,164 purchase price maximum in Pinellas, Pasco and Hillsborough counties
  • Purchase price limits vary by county across the state.
  • 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. No rehab is allowed.
  • Interest rates are set by the Florida Housing Finance Corporation.

Home Key Plus – Conventional, FHA or VA Programs

Funded by the sale of mortgage revenue bonds (MRB) issued by the Housing Finance Authority of Pinellas.

Program features

  • $7,500 in down payment assistance at an interest rate of 0% and an annual percentage rate of 0.077%.
  • Repayment is deferred for 30 years, except in the event of the sale, transfer, satisfaction of the first mortgage.

Homebuyer requirements

  • Must be a first-time homebuyer or have not owned a home in the previous three years
  • Minimum credit score of 660 for FHA and VA loan types
  • Minimum credit score of 640 for conventional loan type
  • 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, Pasco or Polk counties
  • Loans are issued by Freddie Mac (FHLMC) and the Federal Housing Administration (FHA) or the U.S. Department of Veterans Affairs (VA), so properties must meet the standards outlined by those authorities. No rehab is allowed.
  • Interest rates set by the Housing Finance Authority of Pinellas County

State Bond Preferred Conventional 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

  • $7,500 in down payment assistance at an interest rate of 0% and an annual percentage rate of 0.066%.
  • Repayment is deferred for 30 years, except in the event of the sale, transfer, satisfaction of the first mortgage.

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

Florida Assist income limits for Hillsborough, Pinellas and Pasco counties (varies by county):

  • $73,485 for 1- and 2-occupant households
  • $76,680 for 3-occupant or more households

Property requirements

  • Maximum home price for Hillsborough, Pinellas and Pasco counties (varies in other Florida counties) is $331,423.
  • Anywhere in the state of Florida
  • Properties must meet the standards outlined by Fannie Mae (FNMA). No rehab allowed.
  • Interest rates are set by the Florida Housing Finance Corporation.