The biggest obstacle for most first-time homebuyers isn’t credit or income — it’s the down payment. In Florida, where the median home price continues to climb, coming up with 3-20% upfront can feel overwhelming. But here’s what many buyers don’t realize: there are multiple down payment assistance (DPA) programs in Florida that can cover part or all of your down payment and closing costs.
At 4MG Mortgage, we help first-time buyers identify and apply for these programs every week. Here are 5 programs worth exploring in 2026.
1. Florida Housing (FHFC) First-Time Homebuyer Program
The Florida Housing Finance Corporation offers several programs under one umbrella. The most popular is the Florida Assist, which provides up to $10,000 as a 0% interest, deferred second mortgage. You don’t make payments on it, and it’s forgiven or repaid only when you sell, refinance, or pay off the first mortgage.
To qualify, you generally need a minimum 640 credit score, must meet income limits (which vary by county and household size), and must complete a HUD-approved homebuyer education course. The home must be your primary residence.
Florida Housing also offers the HLP (Homebuyer Loan Program), which provides up to $10,000 as a second mortgage at 3% interest with a 15-year repayment term. This is a good option if you need more flexibility on income limits.
2. Hometown Heroes Program
Originally launched to help frontline workers, the Hometown Heroes program has expanded significantly. It’s now available to all full-time W-2 employees in Florida earning at or below 150% of the area median income (AMI) for their county.
The program provides up to 5% of the first mortgage loan amount for down payment and closing costs, delivered as a 0% interest, non-amortizing, 30-year deferred second mortgage. This is one of the most generous DPA programs in the state.
Eligible borrowers must have a minimum 640 credit score, be a first-time homebuyer (or not have owned a home in the past 3 years), and complete a homebuyer education course. The home must be in Florida and serve as your primary residence.
3. County-Specific Programs (Miami-Dade, Broward, and More)
Many Florida counties offer their own DPA programs in addition to state-level assistance. Here are a few notable ones:
Miami-Dade County: The county periodically offers programs providing up to $40,000-$80,000 in assistance depending on funding availability and household income. These tend to have income caps and require the home to be within Miami-Dade County.
Broward County: The Purchase Assistance Program (PAP) provides up to $50,000 for first-time buyers who meet income requirements. Funds can be used for down payment and closing costs.
Palm Beach County: The Housing Finance Authority offers programs with up to $40,000 in assistance for qualified buyers purchasing in the county.
County programs are often first-come, first-served and funding can run out quickly. Working with a broker who stays current on availability — like 4MG Mortgage — gives you a real advantage.
4. FHA Loans with Gift Funds
This isn’t a DPA program per se, but it’s one of the most effective strategies for first-time buyers. FHA loans require as little as 3.5% down, and 100% of that down payment can come from a gift — meaning a family member, employer, or even a close friend can provide the funds.
The key requirements: the gift must be documented with a gift letter, the donor must provide bank statements showing the source of funds, and there can be no expectation of repayment. Combined with an FHA loan’s flexible credit requirements (580+ credit score for 3.5% down), this is one of the easiest paths to homeownership for buyers with limited savings.
5. Chenoa Fund
The Chenoa Fund is a national DPA program that pairs with FHA loans. It provides 3.5% of the purchase price to cover the FHA down payment requirement, effectively creating a 0% down payment option.
The assistance comes in two forms: a repayable second mortgage (10-year term, fixed rate) or a forgivable second mortgage (forgiven after 36 months of on-time payments on the first mortgage). Income limits apply and vary by county, but they’re generally more flexible than state programs.
The Chenoa Fund is particularly popular with buyers whose income is slightly above the thresholds for Florida Housing programs.
How to Maximize Your DPA Benefits
Stack programs when possible. Some DPA programs can be combined with others — for example, using a Florida Housing first mortgage with a county-level DPA for additional assistance.
Complete homebuyer education early. Most programs require a HUD-approved homebuyer education course. Completing it before you apply speeds up the process.
Work with a broker, not a bank. Big banks typically don’t participate in DPA programs because the loans are smaller and require more paperwork. A mortgage broker like 4MG Mortgage works with wholesale lenders who actively support DPA programs.
Apply early. Funding for county programs is limited and often runs out quickly. Getting pre-approved and having your documentation ready means you can move fast when funding becomes available.
Ready to See What You Qualify For?
Every buyer’s situation is different, and the best DPA program for you depends on your income, credit, location, and loan type. Our team at 4MG Mortgage will evaluate your profile and match you with every program you’re eligible for — at no cost to you.
Start your free application or call us at (786) 769-5444. We speak English, Spanish, and Portuguese.
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