Florida Housing provides up to $7,500 in down payment assistance that comes in the form of a zero interest loan. While the loan does not charge interest, it is also not forgivable. The net effect of this is that the principle amount of the loan isn’t a grant, only the interest is. However, this amounts to thousands of dollars of free interest over the life of the loan. In addition, Jacksonville first time home buyers can apply for Section 8 assistance to apply towards their monthly mortgage payments.
The FL Assist is not forgivable. Repayment is deferred, except in the event of the sale, transfer, satisfaction of the first mortgage, refinancing of the property or until such a time the mortgagor ceases to occupy the property at which time, the Florida Assist will become payable in full. Again, only the interest is provided as a Florida first time home buyer grant, not the principle loan amount.
Florida First Time Home Buyer Grants