By Phil Ganz
Edited by Ryan Skerritt
The Florida Housing Finance Corporation provides a wide range of affordable housing options for Florida residents.
To ensure only the right people access these programs, Florida Housing has set some minimum qualifications that borrowers must meet.
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Some qualifications include income and purchase price limits, first-time homebuyer requirements, minimum FICO scores, and FHA requirements.
This blog post will look at the income and purchase price limit requirements that borrowers must satisfy to qualify for subsidized mortgage loans.
Florida Housing Down Payment Assistance Programs
Before we explore these requirements, let's first look at the different types of loans offered by Florida Housing.
Florida Housing provides crucial assistance to eligible homebuyers through various loan programs designed to make homeownership more attainable.
Verify Your 100% FHA Zero Down Program Eligibility
Florida Hometown Heroes Housing Program
This program offers up to a $35,000 grant to all full-time workers in Florida. It is designed to recognize and assist those who dedicate their careers to serving their communities.
The Florida Assist (FL Assist)
Up to $10,000 is usable with FHA, VA, USDA, and Conventional Loans. This is a 0% interest, non-amortizing, deferred second mortgage.
The loan repayment is deferred until the home is sold, the first mortgage is satisfied, the home is refinanced, or it is no longer the borrower's primary residence.
The Florida Homeownership Loan Program (FL HLP) Second Mortgage
Offers a flat $10,000. This is a 3% interest, fully amortizing second mortgage with a 15-year term.
Similar to the FL Assist, repayment is deferred under conditions like selling the home or refinancing. However, it has a monthly payment that must be factored into the borrower’s debt-to-income ratio during credit evaluation.
3%, 4%, and 5% HFA Preferred and HFA Advantage PLUS Second Mortgage
Provides 3%, 4%, or 5% of the total loan amount. This second mortgage is forgivable, amortized over 5 years, and forgiven at 20% each year.
Available only with Florida Housing’s conventional first mortgage products labeled HFA Preferred for TBA or HFA Advantage for TBA.
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Florida Housing Program General Requirements
To qualify for the Florida Housing Loan programs, you should meet the following requirements:
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You are a first-time homebuyer – with only two exceptions. One is that you are a military, air service, or naval veteran who was released or discharged under honorable conditions. Second, you live in a federally designated targeted area.
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You have a minimum FICO score of 640 or 660 or lower for specific loan products and loan reservation requirements.
- You meet the income and purchase price limit requirements.
Verify Your 100% FHA Zero Down Program Eligibility
Income Limits Requirements for Every County in Florida (2024)
The income limit for the FL mortgage loan programs is the maximum amount of income your household must not exceed to qualify for the subsidized loans.
This limit depends on where the property you want to buy is located and is also adjusted for specific household sizes.
Note that targeted areas are typically designated as economically distressed, often qualifying for higher income limits to encourage investment and homeownership, whereas non-targeted areas do not receive these designations and therefore have standard income limits.
So, for instance, in Miami-Dade County in 2024, you can only qualify for the FL mortgage loan programs if your household income:
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Doesn't exceed $64,200 adjusted for 1-2 people when purchasing a property in a non-targeted area.
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Doesn't exceed $93,100 adjusted for 3+ persons when buying a property in a non-targeted area.
- Doesn't exceed $93,100 when purchasing a property in a targeted area. (There are no household unit restrictions/adjustments).
Verify Your 100% FHA Zero Down Program Eligibility
| Florida County |
Non-Targeted Area (1-2 Persons) |
Non-Targeted Area (3+ Persons) |
Targeted Area |
|---|---|---|---|
| Alachua | $66,800 | $93,320 | $93,320 |
| Baker | $57,800 | $80,720 | $80,720 |
| Bay | $57,800 | $80,720 | $80,720 |
| Bradford | $57,800 | $80,720 | $80,720 |
| Brevard | $64,200 | $89,880 | $89,880 |
| Broward | $73,800 | $103,320 | $103,320 |
| Calhoun | $57,800 | $80,720 | $80,720 |
| Charlotte | $64,500 | $90,300 | $90,300 |
| Citrus | $55,000 | $76,800 | $76,800 |
| Clay | $64,200 | $89,880 | $89,880 |
| Collier | $64,200 | $89,880 | $89,880 |
| Columbia | $64,100 | $89,740 | $89,740 |
| DeSoto | $55,300 | $77,420 | $77,420 |
| Dixie | $53,900 | $75,460 | $75,460 |
| Duval | $68,300 | $95,620 | $95,620 |
| Escambia | $65,500 | $91,700 | $91,700 |
| Flagler | $66,500 | $93,100 | $93,100 |
| Franklin | $60,300 | $84,420 | $84,420 |
| Gadsden | $63,400 | $88,760 | $88,760 |
| Gilchrist | $69,800 | $97,720 | $97,720 |
| Glades | $58,500 | $81,900 | $81,900 |
| Gulf | $61,700 | $86,380 | $86,380 |
| Hamilton | $62,200 | $87,080 | $87,080 |
| Hardee | $57,200 | $80,080 | $80,080 |
| Hendry | $57,300 | $80,220 | $80,220 |
| Hernando | $63,200 | $88,480 | $88,480 |
| Highlands | $55,900 | $78,260 | $78,260 |
| Hillsborough | $76,600 | $107,240 | $107,240 |
| Holmes | $57,600 | $80,640 | $80,640 |
| Indian River | $64,000 | $89,600 | $89,600 |
| Jackson | $57,400 | $80,360 | $80,360 |
| Jefferson | $67,100 | $93,940 | $93,940 |
| Lafayette | $62,700 | $87,780 | $87,780 |
| Lake | $69,000 | $96,600 | $96,600 |
| Lee | $70,400 | $98,560 | $98,560 |
| Leon | $71,300 | $99,820 | $99,820 |
| Levy | $58,900 | $82,460 | $82,460 |
| Liberty | $57,800 | $80,720 | $80,720 |
| Madison | $59,100 | $82,740 | $82,740 |
| Manatee | $73,100 | $102,340 | $102,340 |
| Marion | $60,600 | $84,840 | $84,840 |
| Martin | $76,500 | $107,100 | $107,100 |
| Miami-Dade | $64,200 | $93,100 | $93,100 |
| Monroe | $79,000 | $110,600 | $110,600 |
| Nassau | $74,700 | $104,580 | $104,580 |
| Okaloosa | $70,900 | $99,260 | $99,260 |
| Okeechobee | $57,700 | $80,780 | $80,780 |
| Orange | $72,000 | $100,800 | $100,800 |
| Osceola | $70,200 | $98,280 | $98,280 |
| Palm Beach | $75,300 | $105,420 | $105,420 |
| Pasco | $68,700 | $96,180 | $96,180 |
| Pinellas | $69,500 | $97,300 | $97,300 |
| Polk | $62,800 | $87,920 | $87,920 |
| Putnam | $53,800 | $75,320 | $75,320 |
| Santa Rosa | $76,800 | $107,520 | $107,520 |
| Sarasota | $73,400 | $102,760 | $102,760 |
| Seminole | $71,900 | $100,660 | $100,660 |
| St. Johns | $77,100 | $107,940 | $107,940 |
| St. Lucie | $64,400 | $90,160 | $90,160 |
| Sumter | $68,900 | $96,460 | $96,460 |
| Suwannee | $58,400 | $81,760 | $81,760 |
| Taylor | $57,400 | $80,360 | $80,360 |
| Union | $59,600 | $83,440 | $83,440 |
| Volusia | $65,900 | $92,260 | $92,260 |
| Wakulla | $63,700 | $89,180 | $89,180 |
| Walton | $74,200 | $103,880 | $103,880 |
| Washington | $59,100 | $82,740 | $82,740 |
Verify Your 100% FHA Zero Down Program Eligibility
Purchase Price Limits For Every County in Florida (2024)
The purchase price limit for the FL mortgage loan program requires that the contracted price doesn't surpass the purchase price limits in the county where the property is located.
| Florida County | Non-Targeted Area | Targeted Area |
|---|---|---|
| Alachua | $317,789 | $388,150 |
| Baker | $303,789 | $371,150 |
| Bay | $295,789 | $361,550 |
| Bradford | $287,789 | $352,050 |
| Brevard | $312,789 | $382,450 |
| Broward | $345,789 | $422,850 |
| Calhoun | $275,789 | $337,050 |
| Charlotte | $295,789 | $361,550 |
| Citrus | $275,789 | $337,050 |
| Clay | $310,789 | $380,150 |
| Collier | $350,789 | $429,050 |
| Columbia | $290,789 | $355,450 |
| DeSoto | $275,789 | $337,050 |
| Dixie | $275,789 | $337,050 |
| Duval | $325,789 | $398,450 |
| Escambia | $300,789 | $367,550 |
| Flagler | $310,789 | $380,150 |
| Franklin | $280,789 | $343,050 |
| Gadsden | $285,789 | $349,450 |
| Gilchrist | $275,789 | $337,050 |
| Glades | $275,789 | $337,050 |
| Gulf | $275,789 | $337,050 |
| Hamilton | $275,789 | $337,050 |
| Hardee | $275,789 | $337,050 |
| Hendry | $275,789 | $337,050 |
| Hernando | $290,789 | $355,450 |
| Highlands | $275,789 | $337,050 |
| Hillsborough | $340,789 | $416,450 |
| Holmes | $275,789 | $337,050 |
| Indian River | $310,789 | $380,150 |
| Jackson | $275,789 | $337,050 |
| Jefferson | $275,789 | $337,050 |
| Lafayette | $275,789 | $337,050 |
| Lake | $315,789 | $386,150 |
| Lee | $335,789 | $410,450 |
| Leon | $320,789 | $392,150 |
| Levy | $275,789 | $337,050 |
| Liberty | $275,789 | $337,050 |
| Madison | $275,789 | $337,050 |
| Manatee | $340,789 | $416,450 |
| Marion | $290,789 | $355,450 |
| Martin | $345,789 | $422,850 |
| Miami-Dade | $330,789 | $404,450 |
| Monroe | $360,789 | $440,950 |
| Nassau | $330,789 | $404,450 |
| Okaloosa | $320,789 | $392,150 |
| Okeechobee | $275,789 | $337,050 |
| Orange | $335,789 | $410,450 |
| Osceola | $330,789 | $404,450 |
| Palm Beach | $345,789 | $422,850 |
| Pasco | $310,789 | $380,150 |
| Pinellas | $325,789 | $398,450 |
| Polk | $295,789 | $361,550 |
| Putnam | $275,789 | $337,050 |
| Santa Rosa | $295,789 | $361,550 |
| Sarasota | $330,789 | $404,450 |
| Seminole | $325,789 | $398,450 |
| St. Johns | $335,789 | $410,450 |
| St. Lucie | $310,789 | $380,150 |
| Sumter | $295,789 | $361,550 |
| Suwannee | $275,789 | $337,050 |
| Taylor | $275,789 | $337,050 |
| Union | $275,789 | $337,050 |
| Volusia | $305,789 | $374,150 |
| Wakulla | $275,789 | $337,050 |
| Walton | $320,789 | $392,150 |
| Washington | $275,789 | $337,050 |
Bottom Line
Florida Housing provides various loan programs to assist eligible homebuyers, including grants for full-time workers and deferred payment loans that are essential for making homeownership more attainable in economically diverse areas.
To qualify for these programs, applicants must meet specific criteria including income limits, purchase price limits, and first-time homebuyer status, alongside minimum FICO scores and FHA requirements.
The income and purchase price limits vary significantly across counties, accommodating both non-targeted and targeted areas which are designed to encourage investment in economically distressed locations.
To explore your eligibility and learn more about how these programs can help you purchase a home in Florida, visit MakeFloridaYourHome.
With over 50 years of mortgage industry experience, we are here to help you achieve the American dream of owning a home. We strive to provide the best education before, during, and after you buy a home. Our advice is based on experience with Phil Ganz and Team closing over One billion dollars and helping countless families.
About Author - Phil Ganz
Phil Ganz has over 20+ years of experience in the residential financing space. With over a billion dollars of funded loans, Phil helps homebuyers configure the perfect mortgage plan. Whether it's your first home, a complex multiple-property purchase, or anything in between, Phil has the experience to help you achieve your goals.
About Editor - Ryan Skerritt
Ryan Skerritt has over 10+ years of experience in the residential financing space. With over two hundred and fifty million of funded loan volume, Ryan has the skill set to help any homebuyer configure the perfect mortgage plan.
