Florida HFA Preferred Plus Second Mortgage

Florida HFA Preferred 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 Fannie Mae HFA Preferred for TBA conventional first mortgage. The PLUS second mortgage is available only with the conventional HFA Preferred/Advantage first mortgage products. Available statewide; minimum credit score 640. Funding comes from State.

Florida HFA Preferred Plus Second Mortgage is forgiven after 5 years, so a homebuyer 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.

Florida HFA Preferred Plus Second Mortgage is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Veterans and buyers in targeted areas may be exempt. The program lists a minimum credit score of 640. A homebuyer education course is required. Citizenship or immigration status: U.S. Citizen or Permanent Resident.

Florida HFA Preferred 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.

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

Florida HFA Preferred Plus Second Mortgage serves homebuyers purchasing anywhere in Florida.

Applications for Florida HFA Preferred Plus Second Mortgage go through the administering agency, which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.