Complete Down Payment Assistance Guide
Written by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
Down payment assistance is money from state or local programs that helps cover your down payment and closing costs, usually as a second mortgage or grant. In Florida, it can turn a years-away goal into a this-year purchase.
This guide explains how Florida's programs work, who qualifies, and how to combine assistance with your main loan. Mortgage Capital, NMLS# 1859012, helps Florida buyers access every program they qualify for.
How assistance works
Most assistance comes as a second mortgage layered behind your main loan. It can be deferred, meaning no payments until you sell or refinance, or forgivable over time.
This structure lets you keep your savings while still buying. The assistance covers the cash gap that often stops first-time buyers.
Florida Hometown Heroes
Hometown Heroes offers up to 5% of the loan amount, capped, as a zero-interest second mortgage for down payment and closing costs. It is open to many Florida workers who meet income limits.
The second mortgage is deferred and repaid when you sell, refinance, or pay off the first loan, with no monthly payment in the meantime.
Other Florida programs
Florida Assist and FL HFA Preferred offer additional down payment help, and many counties and cities run their own programs. Some are grants that never need repayment.
Eligibility and amounts vary, so we check every program that fits your income, county, and loan type.
Who qualifies
Most programs set income limits by county and require a minimum credit score, completion of a homebuyer education course, and that the home be your primary residence.
First-time buyer status is often required, but Hometown Heroes opens to many repeat buyers in eligible occupations.
Combining assistance with your loan
Assistance layers on top of FHA, VA, USDA, or conventional first mortgages. The two close together, and the assistance funds flow to closing alongside your loan.
We coordinate both so the timeline holds. Done right, you can buy with very little of your own cash at the table.
Complete Down Payment Assistance Guide: step by step
Frequently asked questions
What is down payment assistance?
Money from state or local programs, usually a second mortgage or grant, that helps cover your down payment and closing costs.
How much assistance can I get in Florida?
Hometown Heroes offers up to 5% of the loan amount, capped. Other county and city programs vary.
Do I have to repay down payment assistance?
Often not until you sell or refinance. Some assistance is deferred with no monthly payment, and some is forgivable or a grant.
Who qualifies for assistance?
Buyers who meet county income limits, hit a minimum credit score, complete homebuyer education, and occupy the home as a primary residence.
Can I use assistance with an FHA loan?
Yes. Assistance layers on top of FHA, VA, USDA, and conventional first mortgages.
Is Hometown Heroes only for first-time buyers?
No. It opens to many repeat buyers in eligible Florida occupations who meet income limits.
Do I need homebuyer education?
Most programs require a short homebuyer education course before closing.
Can assistance cover closing costs too?
Yes. Programs like Hometown Heroes apply to both down payment and closing costs.