Florida Bond Program
Learn how Florida's Bond Program down payment assistance can help eligible buyers get into a home in Seminole County sooner.
FL Bond Program — Up to $7,500 Toward Down Payment Assistance
One of the first steps in the home buying process is to consult with a mortgage lender about your financing options. When you know what you can afford, you can focus your home search and make your move more quickly when you find the property you want. As the consumer, it's your right to freely choose who you feel most comfortable working with — our team can connect you with several trusted mortgage lenders.
About the FL Bond Program
The Florida Bond program allows first-time home buyers to acquire an FHA, USDA, VA, or Conventional loan ranging from 95%–100% LTV (loan-to-value ratio). That means many first-time home buyers will be able to secure a low-interest home loan through the FL Bond program with little to no money down.
Here are your down payment options under the FL Bond program:
First-time home buyers will qualify for the Florida Assist down payment assistance loan, which provides a $7,500 loan with a 30-year term, 0% interest, and $0 payments as long as you occupy and do not refinance the property. Buyers using the Conventional Bond program have the choice to receive a grant equal to 3% of the sale price of the home, which is not required to be paid back after 5 years of living in the home. For example, a buyer purchasing a $250,000 home using a Conventional loan under the FL Bond program will receive a $7,500 grant that is forgiven after 5 years.
- USDA — 0% down
- VA — 0% down
- FHA — 3.5% down
- Conventional — 3% or 5% down
Commonly Asked Questions
Who qualifies as a first-time home buyer? A first-time home buyer is defined as an individual who has not owned and occupied a primary residence within the past three years — so you may still qualify even if you've purchased a home before. Veterans are exempt from the first-time homebuyer requirement.
How does the Florida Bond Program work? It's offered through the Florida Housing Finance Corporation and is available to borrowers through certain local and approved lenders. Loan originators must be certified to offer the FL Bond program, and all loans are sold after origination to the Florida Housing Finance Corporation and serviced by US Bank. The goal of the program is to make homeownership in Florida more affordable for first-time home buyers.
What are the income and property value limits? All programs have income limits, which are updated periodically. As of the most recent update, the income limit for a 1–2 person household in Seminole County is $69,400, and for a 3–4 person household is $79,810. The property value limit is $283,348 (non-targeted areas) and $346,315 in Seminole County.
The interest rate for the FL Bond Program changes over time — your lender will be able to confirm the current rate once you are pre-approved.