Buying your own first home can be difficult. To help citizens and their families put a roof over their heads, various state governments have different programs to help them.
Down payment assistance (DPA) loans are good examples of those programs. These loans are designed to assist buyers using low-interest loans to build up a down payment.
In some states, applicants could receive cash without needing to pay it back, while others have either low or no interest.
Here at Mortgage Capital, whether you are a first-time buyer or moving, we have experts who can guide you through the process and earn your first dream home.
Florida’s DPA Down Payment Assistance Loan Program Requirements
As mentioned before, each state has different loan programs and requirements. But to apply for a DPA program, the applicant must be or have the following:
- First-time home buyer
- Low- to moderate-income
- Buying a primary residence
- Buying within local purchase price limits
- Using an approved mortgage program
- Working with an approved mortgage lender
For Florida residents, applicants must have the following:
- 620 or higher credit score
- The property must be in Florida.
- It must be the buyer’s primary residence.
- The buyer must take a 6-to-8-hour homebuyer education course.
The applicant’s FICO score is also critical. Factors such as late payments, maxed-out credit cards, or loan defaults will affect the applicant’s credit score.
Who Qualifies for Down Payment Assistance DPA in Florida?
In Florida, there are specific requirements to qualify for down payment assistance. First, the applicant must have a credit score of 620 and a DTI ratio of 45%.

Florida’s program only covers single-family homes, duplexes, manufactured homes, PUDs, townhouses, and condos.
How to Get Down Payment Assistance DPA in Florida
Check your eligibility
First, check if you are eligible for the down payment assistance program based on the previously mentioned set of requirements:
- You must be a resident of Florida for 12 months.
- You must be able to secure a loan commitment.
- A minimum down payment of $1,000
- Household income not exceeding the 2024 Income Eligibility Limits.
Check the property’s eligibility.
The second is to check the property’s eligibility. Here are the following requirements:
- Single-family homes, townhouses, and apartments
- The property is occupied by the owner, applicant, or vacant
- The sale price is not to exceed 90% ( the Maximum sales price is $481,176.00).
- The property is in Florida.
Complete a homebuyer education workshop
The applicant will then undergo a HUD-approved education workshop. The applicant will then receive a certificate of completion as proof.
City-registered mortgage lender
After receiving the certificate of completion, the applicant can contact a mortgage lender registered in the city to get a loan commitment for a first-time mortgage.
Contact your lender
After the applicant has received the contract for the sale and purchase, they can contact the lender to start the down payment assistance application.
How to Get Down Payment Assistance DPA for First-Time Home Buyers in Florida
For first-time buyers in Florida, the process is similar to the previous steps.
- Reach out to the Florida registered lender to be pre-approved.
- Undergo a Homebuyer Education Class
- Reach out to a registered realtor or real estate agent.
- Speak with your real estate agent about what you want and your budget.
- Finish your application process with your lender and provide all requirements.
- With your lawyer or real estate agent, go to the loan closing to sign and take ownership.
After the long process, you can start your new life with your new dream home and start a new life.
How to Refinance a House Bought Under The Florida First-Time Home Buyer Down Payment Assistance DPA
The first is to check with the DPA program that you joined. Read and understand all the terms and conditions regarding refinancing.

Second, look for a lender you can trust and work with. The lender will work with you to check, gather, and compile the requirements for refinancing.
Your lenders will also appraise and inspect your home to identify its value. Lenders will either do this themselves or hire a professional property inspector.
Lastly, reach out to your DPA program administrator. It is important as some programs require borrowers to follow specific steps and other requirements before refinancing the home they bought.
For some programs, the borrower must repay a percentage of the loan used to purchase the property.
How Long Must I Live in Florida to Qualify for Down Payment Assistance DPA?
To qualify for down payment assistance in Florida, the applicant must have lived within Florida for at least 12 months or 1 year.

The applicant must reside within the state but not own a property for 3 years. At the same time, they must also look to buy either a single-family home, townhouse, or apartment; mobile homes are not considered.
Florida DPA Mortgage Brokers and Lenders
First, you need to know what loan terms you need. Based on what you want and need, you can filter lenders that don’t fit what you need.
Second, look for recommendations from your friends and family. Sometimes the best advice comes from those close to you. Also, try reading online reviews to determine the quality of service and what to avoid.
Third, you could also reach out to various lenders and brokers. This will allow you to cast a wide net and choose which is best and which fits you. You could also ask for recommendations from them.
One of the best mortgage brokers and lenders in the current market, Mortgage Capital offers a variety of mortgages and loans.
They also have loan and mortgage specialists who know about different DPA programs and their requirements across the US.
So reach out to them now and start your journey as a first-time homeowner.