What mortgage programs are available in Miami?

Lifetime Capital Funding offers FHA (3.5% down, $667K Miami-Dade 2026 limit), VA (0% for veterans), conventional (3-5% down via HomeReady or standard), USDA (0% for eligible rural areas, $433,020 limit), jumbo up to $20M, DSCR investment loans, bank statement loans for self-employed buyers, foreign national programs (25-40% down, no US credit required), fix-and-flip loans, bridge loans, reverse mortgages, and HELOCs. We serve all of Miami-Dade and Broward counties.

What is a DSCR loan and who qualifies?

A DSCR loan qualifies real estate investors based on the rental income of the investment property, not personal income or tax returns. If the property earns enough rent to cover at least 1.0x the monthly mortgage payment (DSCR of 1.0+), you may qualify. Minimum 20-25% down, 660+ credit score. No W-2s, no tax returns, no employment verification. Ideal for self-employed investors, foreign nationals, and buyers with multiple properties.

What is a bank statement loan?

Bank statement loans let self-employed borrowers qualify using 12-24 months of personal or business bank deposits instead of tax returns. Lenders apply an expense factor, typically 25-50% depending on business type, to estimate qualifying income. This works well for business owners who write off expenses and show lower net income on paper than they actually earn. Requirements: 620+ credit, 2+ years self-employment, and usually 10-20% down depending on the property.

Can non-US citizens get a mortgage in Miami?

Yes. Foreign national programs let non-US citizens purchase property in Miami and South Florida without a Social Security number or US credit history. Requirements typically include 25-40% down depending on property type, a valid passport, 12-24 months of bank statements showing assets and income, and proof of foreign address or current visa status. DSCR rental income qualification is also available for foreign investors who want to avoid income documentation entirely.

What is the difference between FHA and conventional loans?

FHA loans require 3.5% down with a 580 credit score and have mandatory mortgage insurance for the life of the loan. Conventional loans require 3-5% down with a 620+ score and allow PMI removal at 20% equity. FHA is better for lower credit scores; conventional is better for borrowers with 20%+ down or strong credit.

What is the Hometown Heroes program in Florida?

The Florida Hometown Heroes Housing Program provides down payment and closing cost assistance to Florida's community workforce — teachers, nurses, firefighters, law enforcement officers, military personnel, and other first responders buying their primary residence. It offers up to 5% of the first mortgage amount (maximum $35,000) as a second mortgage at 0% interest with no monthly payments. The assistance is deferred for 30 years or repaid when the home is sold, refinanced, or paid off. Income limits and purchase price caps apply and vary by county.

What are the income limits for Florida Housing down payment assistance?

Income limits for Florida Housing DPA programs vary by county and household size. For Miami-Dade County in 2026, household income limits for most programs fall between $85,000 and $125,000 depending on the specific program and family size. Broward County limits are similar. Higher-income limits may apply for Hometown Heroes. You must meet both the DPA income limit and the underlying first mortgage program income limit. Your loan officer pulls the exact current limits from the Florida Housing Finance Corporation's portal at the time of application.

Can I combine down payment assistance with an FHA loan?

Yes, Florida Housing DPA programs are designed to layer on top of FHA, VA, USDA, and conventional first mortgages. The most common combination is an FHA first mortgage (3.5% down required) paired with a Florida Housing second mortgage that covers the 3.5% down payment and some or all closing costs. When structured correctly, a buyer can purchase a home with little to no money out of pocket. The FHA loan handles the purchase, and the DPA second mortgage covers the contribution FHA requires. Not every lender is approved to offer Florida Housing DPA — you need to work with a Florida Housing-approved participating lender.

Do I have to be a first-time home buyer to get DPA in Florida?

Most Florida Housing programs require first-time home buyer status, which HUD defines as not having owned a primary residence in the past 3 years. Veterans purchasing a home in Florida are exempt from the first-time buyer requirement for most programs. The Hometown Heroes program also waives the first-time buyer requirement for eligible community workforce members. If you owned a home more than 3 years ago and have been renting since, you likely qualify as a first-time buyer under these definitions.

What credit score do I need for Florida DPA programs?

The minimum credit score for most Florida Housing DPA programs is 640 when paired with a conventional first mortgage, and 620–640 when paired with an FHA first mortgage, depending on the specific DPA product. The Hometown Heroes program typically requires a 640+ score. Some county-level DPA programs have different thresholds. Your credit score, debt-to-income ratio, and employment history all factor into approval for both the first mortgage and the DPA second mortgage.

Are there DPA programs specific to Miami-Dade or Broward County?

Yes. In addition to statewide Florida Housing programs, Miami-Dade County offers the Miami-Dade Surtax Homeownership Program, which provides 0% deferred second mortgages for income-qualified buyers purchasing in Miami-Dade. Broward County has the State Housing Initiatives Partnership (SHIP) program that provides purchase assistance for first-time buyers in specific income bands. The City of Miami also runs periodic first-time buyer assistance programs funded through federal HOME and CDBG allocations. Availability of these local programs fluctuates with funding — your loan officer should check current availability at the time you apply.

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Down Payment Assistance Florida: Complete Guide to 2026 Programs

Published: May 2026 | Last Updated: May 2026 · Category: Loan Programs · NMLS #2583712

Florida has some of the most robust down payment assistance programs in the country, yet thousands of eligible buyers never use them because they do not know they exist or assume they would not qualify. The gap between renting and owning often comes down to the upfront cash requirement — and several well-funded programs exist specifically to close that gap for Florida buyers.

What Is Down Payment Assistance?

Down payment assistance (DPA) programs provide funds to cover part or all of the down payment, closing costs, or both on a home purchase. They come in several forms: second mortgages at low or zero interest (often deferred with no monthly payment), forgivable grants that disappear after you stay in the home a set number of years, or outright grants. Most are funded by state or county housing agencies using federal HOME, CDBG, or bond program money.

In Florida, the primary state-level DPA administrator is the Florida Housing Finance Corporation (FHFC). FHFC offers multiple programs with different eligibility requirements, assistance amounts, and paired first mortgage options. Working with an approved FHFC participating lender is required to access these programs.

Key Fact: Florida's Hometown Heroes program has provided over $1 billion in down payment assistance since its 2022 launch. Eligible community workforce members in Miami-Dade and Broward can receive up to $35,000 in assistance on a zero-interest deferred second mortgage.

Major Florida Down Payment Assistance Programs

Florida Housing Finance Corporation (FHFC) DPA Programs

FHFC offers several layered DPA products that pair with FHA, VA, USDA, and conventional first mortgages. The assistance is structured as a second mortgage with either deferred repayment (no monthly payments, due at sale or refinance) or a 30-year term at a below-market rate. Common FHFC DPA products include the Florida Assist (up to $10,000 at 0%), the Florida HLP (up to $10,000 over 10 years at 3%), and the 3%, 4%, and 5% grant programs that offer assistance as a percentage of the first mortgage amount.

Hometown Heroes Housing Program

Hometown Heroes is Florida's highest-profile DPA program, specifically serving the community workforce. Eligible occupations include:

Educators: teachers, school counselors, principals, instructional assistants
Healthcare workers: nurses, EMTs, paramedics, physicians, respiratory therapists
First responders: firefighters, police officers, correctional officers, deputies
Military: active duty, veterans, National Guard, Reserve members
Child care and early education professionals

The assistance is up to 5% of the first mortgage amount (capped at $35,000) as a 0% deferred second mortgage with no monthly payments. In Miami-Dade, where median home prices have crossed $600,000, $35,000 can meaningfully reduce the cash needed at closing. The program pairs with FHA, VA, USDA, and conventional first mortgages, and does not require first-time buyer status for most eligible occupations.

Miami-Dade County Surtax Homeownership Program

Miami-Dade County administers its own purchase assistance program funded through the county's documentary stamp surtax. The program provides 0% deferred second mortgages for income-qualified buyers purchasing homes in Miami-Dade County. Assistance amounts and income limits are set by the county and fluctuate based on available funding. The program prioritizes very low and low-income buyers and is often exhausted before year-end — applying early in the calendar year improves your odds of accessing these funds.

City of Miami First-Time Buyer Assistance

The City of Miami periodically runs purchase assistance programs using federal Community Development Block Grant (CDBG) and HOME Investment Partnership funds. These programs target buyers purchasing within city limits at lower income tiers. City programs often have stricter income limits than state programs but may offer forgivable structures where the assistance is forgiven over 5–10 years if you remain in the home. Availability is tied to federal grant cycles.

🏠 FL Assist

Up to $10,000 at 0% interest. Deferred until sale or refinance. No monthly payment.

👨‍🏫 Hometown Heroes

Up to $35,000 (5% of loan). 0% deferred. For community workforce. No first-time buyer requirement.

🌴 Miami-Dade Surtax

County-funded 0% deferred second. Income-qualified buyers. Apply early — funds limited.

🎖️ FL HLP

Up to $10,000 at 3% over 10 years. Monthly payment of $83. Pairs with most first mortgages.

How to Combine DPA with an FHA Loan

The most common structure in Miami is an FHA first mortgage paired with a Florida Housing DPA second mortgage. Here is how the pieces fit together:

FHA requires 3.5% down on a 580+ credit score
The FHFC DPA second mortgage covers the 3.5% contribution and some or all closing costs
The buyer's out-of-pocket cash at closing can drop to a few hundred dollars or zero, depending on the program and purchase price
Both loans are underwritten simultaneously — you only go through one application and one closing
The DPA second mortgage sits behind the FHA first with no monthly payment (for deferred programs)

This combination is the closest thing to a true zero-down mortgage available to non-veteran buyers in Florida. Lenders who offer these programs are specifically approved by Florida Housing — not every mortgage company can originate them. Ask your lender upfront if they are an FHFC participating lender before starting the process.

Income Limits and Eligibility Requirements

Program	Miami-Dade Income Limit (1–4 Person HH)	Min. Credit Score	First-Time Buyer Required
FL Assist (FHA)	~$85,000–$95,000	640	Yes (veterans exempt)
Hometown Heroes (FHA)	~$125,000	640	No (for eligible occupations)
FL HLP (Conventional)	~$110,000	640	Yes (veterans exempt)
Miami-Dade Surtax	~$60,000–$80,000	620	Yes

Income limits are approximate and subject to change. Consult your loan officer for current figures at time of application.

How to Apply for Down Payment Assistance in Florida

The process is integrated with your mortgage application — you do not apply to the DPA program separately. Here is the general sequence:

Step 1: Confirm you work with an FHFC-approved participating lender (or a lender approved for the specific county DPA program you are targeting)
Step 2: Complete a HUD-approved homebuyer education course — required for most DPA programs. Eight-hour online courses are accepted. Certificate must be dated before loan closing.
Step 3: Your lender submits your complete mortgage application, including the DPA second mortgage, to underwriting simultaneously
Step 4: Loan approval covers both the first and second mortgage
Step 5: At closing, the DPA funds are disbursed directly — you do not receive or handle the DPA money yourself

See If You Qualify for DPA in Florida

Lifetime Capital Funding is an approved Florida Housing participating lender. We can layer Hometown Heroes, FL Assist, and county DPA programs with your purchase loan. All loans subject to approval. NMLS #2583712.

Check My DPA Eligibility

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Frequently Asked Questions

Lifetime Capital Funding LLC. NMLS #2583712. All loan programs are subject to credit approval, income verification, and property qualification. DPA program availability, income limits, and assistance amounts are subject to change without notice based on funding availability. Not a commitment to lend. Florida Housing Finance Corporation programs require participation in a HUD-approved homebuyer education course.

More resources for Florida home buyers: