Florida HFA Advantage Plus Second Mortgage

What is Florida HFA Advantage Plus Second Mortgage?

Florida HFA Advantage Plus Second Mortgage is a forgivable loan for homebuyers in Florida.

• 3%, 4% or 5% of the total loan amount as a forgivable second mortgage (forgiven 20% per year over a 5-year term) paired with Florida Housing's Freddie Mac HFA Advantage for TBA conventional first mortgage. The PLUS second mortgage is available only with the conventional HFA Advantage/Preferred first mortgage products. Available statewide; minimum credit score 640.
• Funding comes from State.

How much assistance does it provide?

Florida HFA Advantage Plus Second Mortgage provides assistance worth 3% of the purchase price, as set by the program.

• The program can be combined with other assistance, subject to the rules of each.
• Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

Florida HFA Advantage Plus Second Mortgage is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Sale, Refinance, and Transfer of Title within forgiveness period.
• The assistance is recorded in 2nd Lien position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Florida HFA Advantage Plus Second Mortgage is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Florida HFA Advantage Plus Second Mortgage limits household income to 115% of the area median income, which varies by county and household size.

• Income limits vary by county and household size. Check floridahousing.org.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Florida HFA Advantage Plus Second Mortgage can be used for Single Family, Condo, Townhouse, and 2-4 Unit.

Where does it apply?

Florida HFA Advantage Plus Second Mortgage serves buyers purchasing anywhere in Florida.

How do you apply?

Applications for Florida HFA Advantage Plus Second Mortgage go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program before funds are reserved.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.