How to Determine Income for Florida Housing Corp Programs

Did you know you could save thousands of dollars on your home purchase with the Florida Housing Corporation government-sponsored down payment assistance programs?

By offering down payment assistance and low-interest mortgages, the program helps first-time homebuyers make their dream of owning a home more affordable.

Verify Your Eligibility for Florida Housing Corp Loan Programs

In this guide, we’ll show you exactly how to calculate your income to see if you qualify for these incredible benefits.

5 Steps to See if You Qualify for Florida Housing Corporation Loan Programs

1. Collect Everyone's Income

Write down the monthly income for yourself, your spouse, and everyone 18 or older living in your home.

Include money from jobs, investments, or other regular payments like social security or child support.

2. Find the Total Monthly Income

Add up all the monthly incomes you wrote down. This is your total monthly income.

3. Turn Monthly Income into Annual Income

Multiply the total monthly income by 12. This gives you the yearly income for your household.

4. Check for Extra Income

Look for extra money from bonuses, commissions, self-employment, or investments. If you have these, add them to your total yearly income.

5. Compare Your Income to the Program Limits

Now, check if your total yearly income is below the limit for your county. This will help you see if you qualify for the FL Mortgage program.

That’s it! You’ve calculated your household income and can now see if you meet the program requirements.

Verify Your Eligibility for Florida Housing Corp Loan Programs

The Income Limits to Qualify for Florida Government Loans and Down Payment Assistance

Income limits for the Florida Housing Corp Programs vary by county and household size.

In general, for non-targeted areas, the limit for a household of 1-2 people is around $60,000 to $75,000, and for 3 or more people, it ranges from about $80,000 to $105,000.

Targeted areas, which are economically distressed, often allow for higher limits, sometimes reaching up to $110,000.

These limits help ensure the program benefits those who need it most.

To check the exact income and purchase price limits for your county, visit the full page here.

Verify Your Eligibility for Florida Housing Corp Loan Programs

The Benefits of The Florida Bond Loan Program

The Florida Housing Corp Programs provide excellent opportunities for first-time homebuyers by offering affordable mortgage and down payment assistance options.

Through this program, borrowers can access low-interest, fixed-rate loans like the FL First Mortgage Loans and conventional options with reduced mortgage insurance.

The real benefit lies in the down payment assistance, which can significantly lower the upfront costs of buying a home.

With programs like FL Assist, borrowers can receive up to $10,000 in assistance with no monthly payments, while others, like the FL Plus Second Mortgage, even offer forgivable loans.

This makes homeownership more affordable and accessible, especially for those who may struggle with the initial costs.

It’s important to calculate your household income to see if you qualify, as these benefits can make a huge difference in securing your new home.

Verify Your Eligibility for Florida Housing Corp Loan Programs

Florida Housing Corp Programs: Main Benefits and Requirements

The Florida Housing Corp offers several programs to help first-time homebuyers in Florida with mortgage and down payment assistance. Below is an overview of each program, including its main benefits and basic requirements.

FL First Mortgage Loans

These are 30-year fixed-rate government-backed loans, including FHA, VA, and USDA options, offering lower interest rates for qualified buyers. To qualify, you must be a first-time homebuyer, meet income limits, and have a minimum credit score.

FL HFA Advantage Loans

This program provides conventional loans with reduced mortgage insurance, helping lower the overall cost of homeownership. Eligibility requires income at or below 80% of the Area Median Income (AMI) and meeting standard first-time homebuyer criteria.

FL Assist Second Loan Program

This offers up to $10,000 in down payment and closing cost assistance, with no interest and no monthly payments required. Repayment is deferred until the home is sold or refinanced, and income limits and property qualifications must be met.

FL HLP Second Loan Program

With this program, you can receive up to $10,000 in assistance, repaid over a 15-year term with low monthly payments. Eligibility is similar to FL Assist, but repayment begins sooner, and income and property requirements still apply.

FL Plus Second Mortgage

This option provides 3%, 4%, or 5% of the total loan amount, forgivable over five years, helping reduce long-term costs. It is available only with conventional first mortgage products and requires first-time homebuyer status.

Florida Military Heroes Loan

This program offers reduced interest rates to veterans and active-duty military personnel, making homeownership more affordable. Applicants must verify their military status and meet income and loan eligibility criteria to qualify.

Verify Your Eligibility for Florida Housing Corp Loan Programs

Bottom Line

Calculating your income correctly is crucial to unlocking the full benefits of the Florida Housing Corp Programs, including down payment assistance and affordable mortgages.

If you meet the income limits, you could save thousands on your home purchase.

Ready to see if you qualify?

Click here to get started today!