Florida Own a Home Opportunity Program - $10,000 Down-Payment Aid for First-Time Buyers

Buying your first home in Florida can feel overwhelming, but the Florida Own a Home Opportunity Program makes it easier by offering up to $10,000 in down payment and closing cost assistance.

Offering financial assistance in the form of a soft second mortgage, this program covers down payment and closing costs and doesn’t have to be repaid until you sell, refinance, or fully pay off your home.

Verify Your Own a Home Opportunity Program Eligibility

Here’s everything you need to know about the program, how to qualify, and the benefits it offers.

What is The Own a Home Opportunity Program?

Eligible homebuyers can receive up to $10,000 in down payment and closing cost assistance through the Own a Home Opportunity Program. The amount you qualify for depends on your county and the loan type. 

The Florida Own a Home Opportunity Program is designed specifically for first-time homebuyers in select Florida counties.

This program provides a soft second mortgage, which means you can use it to cover your down payment and closing costs without making monthly payments.

The loan carries 0% interest and is deferred until you sell, refinance, or reach the 30-year mark.

Verify Your Own a Home Opportunity Program Eligibility

Benefits

The Florida Own a Home Opportunity Program provides several key benefits to first-time homebuyers:

1. Up to $10,000 in Assistance: You can receive up to $10,000 to help with down payment and closing costs, reducing the upfront financial burden of purchasing a home.

2. No Monthly Payments: The assistance is structured as a soft second mortgage, which means you won’t have to make monthly payments on the loan.

3. 0% Interest: The loan carries no interest, so the amount you borrow stays the same, helping you save on long-term costs.

4. Deferred Repayment: The loan doesn’t have to be repaid until you sell, refinance, or fully pay off your home, giving you more flexibility to manage your finances.

5. Covers Both Down Payment and Closing Costs: The assistance can be used for both down payment and closing costs, making it easier to afford the total cost of buying a home.

Verify Your Own a Home Opportunity Program Eligibility

Requirements

To qualify for the Florida Own a Home Opportunity Program, you must meet the following criteria:

• First-Time Homebuyer: Defined as someone who has not owned or occupied a primary residence in the last three years.
• Credit Score: A minimum FICO score of 640 is required.
• Income and Purchase Price Limits: Vary by county and household size. For example, in Palm Beach County, the maximum income limit is $147,450 for FHA, USDA-RD, and VA loans.
• Homebuyer Education: Completing an approved homebuyer education course is mandatory.
• Primary Residence Requirement: The home must be your primary residence, and you must move in within 60 days of closing.
• Eligible Counties: This program is available in Palm Beach, Charlotte, Collier, DeSoto, Lee, and Sarasota counties.

Don’t qualify for this program?

Check out our guide on 25 other Florida first-time homebuyer down payment assistance programs for more options.

Verify Your Own a Home Opportunity Program Eligibility

Income and Purchase Price Limits

To qualify for the Florida Own a Home Opportunity Program, you need to meet specific income and purchase price limits based on your county and loan type.

Since these limits vary by county, it’s important to check your specific area to ensure you qualify.

You can find more detailed information on income and purchase price limits in our comprehensive guide for all counties.

Below are examples of the limits for Palm Beach County:

Income Limits

For FHA, USDA-RD, and VA loans: The maximum income limit is $147,450.

For Freddie Mac loans: The maximum income limit is $67,600.

Maximum Sales Price Limit

The maximum purchase price for homes in Palm Beach County is $568,557, which includes everything paid by or on behalf of the borrower.

Verify Your Own a Home Opportunity Program Eligibility

Frequently Asked Questions

Q: Do I need to repay the loan?
A: No monthly payments are required, but the loan is deferred until you sell, refinance, or after 30 years.

Q: What if I have owned a home before?
A: If you haven’t owned or occupied a primary residence in the last three years, you qualify as a first-time homebuyer.

Q: How do I complete the homebuyer education course?
A: You can take the course online or in-person at an approved provider. The certification is valid for one year.

Q: Can I apply if I’m not a U.S. citizen?
A: As long as you and your spouse have the legal ability to reside in the U.S., you can apply for the program.

Verify Your Own a Home Opportunity Program Eligibility

How to Apply

You can verify your eligibility online today to see how much assistance you qualify for.

Once eligible, the next step is to find a home in one of the approved counties, such as Palm Beach or Sarasota, ensuring the property meets the purchase price limits.

After selecting a home, you must complete an approved homebuyer education course, which is required for all applicants.

Finally, work with a lender to apply for the loan and close on your new home, using the assistance to cover your down payment and closing costs.

Verify Your Own a Home Opportunity Program Eligibility