By Phil Ganz
Edited by Ryan Skerritt
The Florida TBA Loan Program helps first-time homebuyers afford a home with low-cost mortgages and financial help.
It offers fixed-rate loans and up to $10,000 in down payment assistance to make buying a home easier.
It's one of 26 programs available to first-time homebuyers in the state of Florida.
Check Your Eligibility for the Florida Standard TBA Loan Program
This program is a great way for Floridians to achieve their dream of homeownership.
Florida TBA Loan Program Overview
The Florida TBA Loan Program is a great option for first-time homebuyers looking for affordable mortgage solutions. It provides fixed-rate loans and financial help for down payments and closing costs.
You can choose from FHA and VA loans with competitive interest rates and reduced mortgage insurance for qualified borrowers.
There are two types of assistance: a deferred loan with no monthly payments or a low-interest loan with manageable monthly payments.
The program is for primary homes, with simple requirements like income and loan limits. Veterans and those buying in targeted areas may qualify without being first-time buyers.
While similar to the Florida Bond Loan Program, the TBA Loan Program focuses on offering government-backed FHA and VA loans, rather than conventional loan options.
Check Your Eligibility for the Florida Standard TBA Loan Program
Option 1: FL Assist - No-Interest Deferred Loan
- Down payment assistance amount: $10,000.
- Interest rate: 0%.
- Monthly payments: None.
- Repayment is only required if you sell your home, refinance, pay off your mortgage, or if the home is no longer your primary residence.
Option 2: FL HLP - Low-Interest Second Mortgage
- Down payment assistance amount: $10,000.
- Interest rate: 3% (fixed).
- Term: 15 years.
- Monthly payments are required.
Check Your Eligibility for the Florida Standard TBA Loan Program
Florida Standard TBA Program Benefits
The Florida TBA Loan Program offers several benefits to make homeownership more accessible and affordable:
- Affordable Fixed-Rate Mortgages: Enjoy stable monthly payments with 30-year fixed-rate loans for FHA and VA mortgages.
- Generous Down Payment Assistance: Borrowers can receive $10,000 in financial assistance through the FL Assist or FL HLP programs, helping to reduce upfront costs.
- Flexible Repayment Options: Choose from a no-interest deferred loan with no monthly payments or a low-interest second mortgage with a manageable 15-year repayment plan.
- Reduced Mortgage Insurance Costs: Qualifying borrowers with incomes below 80% of the Area Median Income (AMI) can benefit from reduced mortgage insurance premiums.
- Exemptions for Certain Buyers: Veterans and buyers purchasing in Federally Designated Targeted Areas may qualify without meeting the first-time homebuyer requirement.
- User-Friendly Process: The program provides clear guidelines and support from participating lenders to ensure a smooth homebuying experience.
Check Your Eligibility for the Florida Standard TBA Loan Program
How to Qualify for Florida Standard TBA Down Payment Assistance
To qualify for the Florida TBA Loan Program, applicants must meet the following requirements:
- First-Time Homebuyer Status: You must not have owned a home in the last three years, unless you are a veteran or buying in a special area.
- Income Limits: Your income must be below the program's maximum limit for your county and household size.
- Loan Limits: The loan amount must stay within the program’s limit for your county.
- Property Requirements: The home must be your main residence. Eligible homes include single-family houses, townhomes, and condos.
- Homebuyer Education: You must finish an approved homebuyer education course before closing.
- Credit and Underwriting Standards: You need to meet credit and financial guidelines set by the program, FHA, or VA.
Check Your Eligibility for the Florida Standard TBA Loan Program
How To Claim The Down Payment Assistance
First, you work with a lender like MakeFloridaYourHome to check if you qualify and start your application.
Next, you take a homebuyer education class online or in person to learn about owning a home.
Then, your lender helps you choose the best loan and confirms how much assistance you can get.
At closing, the down payment help is applied as either a no-interest loan you pay later or a low-interest loan with monthly payments.
After closing, you can enjoy affordable payments and focus on making your house a home.
Check Your Eligibility for the Florida Standard TBA Loan Program
FAQs About the Florida TBA Loan Program
What is the Florida TBA Loan Program?
The Florida TBA (To Be Announced) Loan Program helps first-time homebuyers by offering affordable fixed-rate mortgages and up to $10,000 in down payment and closing cost assistance.
Who qualifies for the Florida TBA Loan Program?
First-time homebuyers who meet the program’s income and loan limits can qualify. Veterans and buyers in Federally Designated Targeted Areas may also be eligible without the first-time homebuyer requirement.
What types of loans are available in this program?
The program offers government-backed loans, including FHA and VA options, with competitive fixed interest rates.
What assistance is available for down payments?
The program provides two options: FL Assist, a no-interest deferred loan, or FL HLP, a low-interest loan with a 15-year term and monthly payments.
Do I have to pay back the assistance?
Yes, repayment depends on the type of assistance. FL Assist is repaid only when you sell, refinance, or stop living in the home, while FL HLP requires monthly payments over 15 years.
What kind of homes are eligible?
The home must be your primary residence and can include single-family homes, townhomes, or condos that meet program requirements.
Do I need to take a homebuyer education course?
Yes, all participants must complete an approved homebuyer education course before closing.
How do I apply for the program?
You can apply by working with an approved lender who will guide you through the process, from checking eligibility to choosing a loan and finalizing the assistance at closing.
Can I combine this program with other assistance programs?
No, the FL Assist and FL HLP options cannot be combined with other Florida Housing down payment programs.
How do I start?
To get started, contact a participating lender and check if you qualify for the Florida TBA Loan Program.
Check Your Eligibility for the Florida Standard TBA Loan Program
Next Steps
Start by checking your eligibility for the $10,000 Florida Standard TBA Loan Program online. This quick step will confirm if the program is offered in your area and if you meet the basic qualifications.
Once you're eligible, connect with a participating lender who will guide you through the application process, help you select the best loan option, and confirm your down payment assistance amount.
After your loan is approved and you complete a homebuyer education course, the down payment assistance will be applied at closing to lower your upfront costs.
Get started today by verifying your eligibility online!
Check Your Eligibility for the Florida Standard TBA Loan Program
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.
