Florida Assist Loan Program for North Miami Buyers
Understanding a Key Down Payment Assistance Option.
AI Overview Summary
The Florida Assist Loan Program (FL Assist) is a down payment assistance program offered by Florida Housing that provides a second mortgage of up to $10,000 to eligible homebuyers. This guide explains the program's structure and how it can be applied to a home purchase in North Miami.
Key Takeaways
- Provides up to $10,000 as a 0% interest second mortgage.
- The loan is deferred, meaning no monthly payments are required.
- The loan balance must be repaid upon the sale, transfer, or refinance of the property.
- It is available to all borrowers who qualify for a Florida Housing first mortgage, not just first-time buyers.
- Can be combined with other Florida Housing programs.
What is the Florida Assist Loan Program?
The FL Assist program is a down payment assistance program (DAP) that helps homebuyers cover the upfront costs of purchasing a home. It functions as a silent second mortgage. This means you receive a lump sum at closing, and you don't have to make any payments on it until you sell the house or pay off your primary mortgage. For a buyer in North Miami, this can be a crucial tool to reduce the cash needed at closing.
Disclaimer
This is for informational purposes only. Program guidelines and funding are subject to change. Buyers must consult with a Florida Housing-approved loan officer to confirm all details and eligibility.
How Florida Assist Helps with Cash-to-Close
Your "cash-to-close" is the total amount of money you need on closing day. It includes your down payment and your closing costs. The FL Assist loan provides a significant portion of these funds, directly reducing the amount you need to bring from your own savings and making homeownership more attainable.
Stacking Compatibility (Educational)
Buyers may be able to combine, or "stack," the FL Assist loan with other local DPA programs from Miami-Dade County or the City of North Miami, subject to lender and program rules.
- Always verify program compatibility with your lender.
- Stacking rules are strict and can change.
- Visit our main Buying Guide to learn more about the stacking concept.
- You can use our Offer Strategies to negotiate seller concessions, further reducing your costs.
Frequently Asked Questions
Is the Florida Assist loan forgivable?
No, unlike some other programs, the FL Assist loan is not forgivable. The full amount must be repaid when you sell or refinance the home.
Can I use the FL Assist program along with the Hometown Heroes program?
In some cases, Florida Housing programs can be combined, but this depends on the specific first mortgage product you qualify for. A loan officer can determine the best combination for your situation in North Miami.
What are the income limits for the FL Assist program?
The income and purchase price limits are tied to the requirements of the Florida Housing first mortgage program you are using. These limits vary by county, so you must meet the specific criteria for Miami-Dade County.
Ready to Explore Your DAP Options?
Understanding how to layer assistance programs is key. Contact us for a confidential discussion and a list of qualified lenders.
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