Florida Homebuyers: Unlock HFA Preferred Plus
Access up to 5% in Forgivable Assistance. A 0% interest second mortgage that helps cover your down payment and closing costs.
Takes less than 2 minutes
How HFA Preferred Plus Works
This program combines a conventional first mortgage with a forgivable second mortgage for down payment assistance.
Assistance Amounts
Eligible homebuyers can receive a second mortgage to cover down payment and closing costs. The amount is calculated as a percentage of your total first mortgage loan amount:
- 0% Interest Rate: The second mortgage accrues no interest.
- No Monthly Payments: You do not make monthly payments on the assistance amount.
Loan Forgiveness
The HFA Preferred Plus assistance is designed to be forgiven over time, provided you remain in the home as your primary residence.
5-Year Term
The forgiveness period spans 5 years from your closing date.
20% Per Year
The loan balance is forgiven at a rate of 20% per year.
Fully Forgiven
If you stay for 5 full years, you owe $0 on the second mortgage.
The First Mortgage Foundation
The HFA Preferred Plus assistance must be used in conjunction with a specific first mortgage product from Florida Housing. These are conventional loans that offer reduced mortgage insurance rates compared to standard products.
HFA Preferred™ (Fannie Mae)
A conventional loan option through Fannie Mae offering competitive rates and low mortgage insurance coverage requirements.
HFA Advantage® (Freddie Mac)
Freddie Mac's conventional counterpart, providing flexibility for borrowers with limited funds for closing costs.
Eligibility Requirements
First-Time Homebuyer Status
Generally, you cannot have owned a primary residence in the last 3 years. Exceptions: This requirement is waived for qualified Veterans and those purchasing in federally designated "Targeted Areas."
Credit Score
A minimum FICO credit score of 640 is generally required for all borrowers on the loan application.
Education Requirement
Borrowers must complete an approved homebuyer education class. This ensures you understand the responsibilities of homeownership.
Why Choose HFA Preferred Plus over FHA?
While FHA loans are popular, HFA Preferred Plus offers distinct long-term advantages for borrowers with good credit.
Lower MI Costs
HFA private mortgage insurance (PMI) rates are often significantly lower than FHA's mandatory 0.55% annual premium + 1.75% upfront fee.
Cancellable PMI
Unlike FHA mortgage insurance which stays for the life of the loan (with less than 10% down), HFA PMI can be cancelled once you reach 20% equity.
More Assistance
Get up to 5% assistance. FHA loans do not come with built-in down payment assistance, requiring you to find your own funds.
Check Your Eligibility
Income & Purchase Price Limits
Limits vary by county and household size. They are determined by the Area Median Income (AMI).
Non-Targeted Areas
Standard limits for most neighborhoods.
- Miami-Dade Income (1-2 Person): $64,200
- Hillsborough Income: $76,600
- Purchase Price Cap (Hillsborough): $340,789
Targeted Areas
Designated areas to encourage ownership.
- Targeted Income Cap: ~$93,100+
- Miami-Dade Price Cap: $404,450
- Hillsborough Price Cap: $416,450
Note: These figures are examples and subject to change. Use the eligibility form to connect with a lender who can verify the exact limits for your specific address and household size.
Eligible Property Types
The HFA Preferred Plus program isn't just for single-family homes. You can use your benefits on various property types as long as it serves as your primary residence.
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Single Family Detached Homes
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Townhomes & PUDs
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Approved Condominiums
Occupancy Requirement
This program is exclusively for primary residences. You must intend to occupy the property within 60 days of closing. Investment properties, second homes, and vacation rentals are not eligible.
Your Path to Homeownership
Check Eligibility
Use the form on this site to start the process and see if your credit and income profile aligns with the program.
Lender Match
You must work with a Florida Housing-approved Participating Lender. We help connect you to one.
Education
Complete the required homebuyer education course (online or in-person) to understand the mortgage process.
Close & Move In
Your lender handles the loan processing. Once approved, you close on your new home with up to 5% assistance.