Florida HLP Second Mortgage

What is Florida HLP Second Mortgage?

Florida HLP Second Mortgage is a repayable second loan for homebuyers in Florida.

• Florida Housing Finance Corporation second mortgage providing $10,000 in down payment and closing cost assistance at 3% interest amortized over a 15-year term with monthly payments. Any remaining unpaid balance becomes due in full upon sale, refinance, transfer of title, or when the property ceases to be the primary residence.
• $10,000secondmortgageat3%fixedinterestrate15-yearamortizingrepaymenttermpairswithFloridaHousingfirstmortgageavailablestatewideincludingtargetedareas.
• Funding comes from State.

How much assistance does it provide?

Florida HLP Second Mortgage offers up to $10,000 in assistance.

• 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 HLP Second Mortgage is a repayable second loan and is repaid under the terms set by the administering agency.

• Repayment is triggered by Sale, Refinance, No Longer Primary, and Transfer of Title.
• 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 HLP 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 HLP 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, set by Florida Housing Finance Corporation. Generally up to 80%-120% AMI depending on county. Check current limits at floridahousing.org.
• The limit applies to total household income, not only the borrower’s.
• 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 HLP Second Mortgage caps the purchase price as follows: Purchase price limits vary by county; set by Florida Housing Finance Corporation. Check current limits at floridahousing.org.

• Eligible property types include Single Family, Condo, Townhouse, and 2-4 Unit.

Where does it apply?

Florida HLP Second Mortgage serves buyers purchasing anywhere in Florida.

• The program gives priority to designated target areas, so the address matters as well as the county.

How do you apply?

Applications for Florida HLP 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 through First-Come-First-Served, 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.