Florida Housing Finance Corporation Standard TBA Loan

Florida Housing Finance Corporation (Florida Housing) is a state organization that helps Floridians achieve homeownership. Think of them as your partner in making home buying more affordable. They work with approved lenders across Florida to offer special loan programs that include money to help with your down payment and closing costs.

The organization focuses on helping first-time homebuyers who might struggle to save enough money for a down payment. They understand that saving thousands of dollars can be the biggest barrier to buying a home, so they’ve created programs to help.

1. HFA Advantage (Freddie Mac): This is a 30-year fixed-rate mortgage with an interest rate that never changes. If your income is at or below 80% of your area’s median income, you may even qualify for reduced mortgage insurance, which means lower monthly payments.

2. Florida First (Government Loans): This option works with FHA, VA, and USDA loans and also offers a 30-year fixed rate.

Florida Housing offers two types of help with your down payment and closing costs:

• Provides $10,000 to help with down payment, closing costs, and prepaid expenses
• Zero interest rate, non-amortizing, 30-year term deferred
• The $10,000 come due at the end of the term OR before in the event of 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.

• Provides $12,500 for down payment and closing costs
• 3% interest rate with a monthly payment (3.02% APR)
• 30-year term
• The remaining unpaid balance will be repaid in the event of sale, transfer, satisfaction of the first mortgage, refinancing of the property or until such as time the mortgagor ceases to occupy the property.

Carlos, a physical therapist in Pensacola, wanted to purchase a $325,000 home but had only saved $8,000 for down payment and closing costs. Using the Florida Housing Standard TBA program with HFA Advantage financing, he received $10,000 through FL Assist, bringing his total available funds to $18,000. The FL Assist loan carries 0% interest with no monthly payment. Carlos will pay the loan back at the end of the 30-year term or before in the event of sale, transfer, satisfaction of the first mortgage, refinancing of the property or until such a time that he ceases to occupy the property. The loan also comes due when he pays the first mortgage off.

His primary mortgage is $315,000 at a fixed rate, with a monthly payment of approximately $2,050 (including taxes and insurance). After five years of homeownership in the same property, if Carlos hasn’t sold or refinanced, he continues to owe the $10,000 FL Assist balance but still makes no monthly payment on it.

You may be eligible if you:

• Are buying your first home (or haven’t owned a home in the past three years)
• Have a credit score of at least 640
• Plan to live in the home as your primary residence
• Meet income limits for your county (varies by household size)
• Complete an approved homebuyer education course before purchasing

Good News for Veterans and Certain Buyers: If you’re a veteran or buying in certain designated areas, you don’t need to be a first-time homebuyer.

You can use this program to buy:

• Single-family homes
• Townhomes
• 2-4 unit properties (you must live in one unit)

The program doesn’t cover condos or manufactured homes.

• Tax Exemptions: Your second mortgage note is exempt from certain Florida taxes, including the documentary stamp tax and intangible tax, which can save you hundreds of dollars at closing
• Capped Lender Fees: Lender fees cannot exceed $1,750, protecting you from excessive charges
• No Prepayment Penalty: Pay off your loan early without any fees

One person on the loan must complete a homebuyer education course before purchasing. This course teaches you important information about buying and maintaining a home. The good news? These courses are often free or low-cost and can be taken online or in person. Your certificate is good for two years.

The amount you can borrow depends on which county you’re buying in. For example, in 2025:

• Most counties have a loan limit of $524,225 for FHA loans
• Higher-cost areas like Miami-Dade and Broward have limits of $654,350
• Income limits also vary by county and household size

Your lender can help you determine the exact limits for your situation.

Lock Period: You have 30 days from when you reserve your loan to close on your home. Extensions are available if needed, but there may be small fees.

Income Calculation: Only the income of people on the loan counts toward the income limits (not everyone living in the house).

One-Time Use: You can only use this program once, so make sure you’re ready to buy.

Reasonable Fees Only: The program prohibits excessive fees to protect you from being overcharged.

Working with a DSLD Mortgage loan officer who’s approved by Florida Housing makes the process easier. They’ll help you:

1. Determine if you qualify
2. Choose the right loan option
3. Complete your homebuyer education
4. Navigate the application process
5. Get to closing

Buying a home is one of the biggest financial decisions you’ll make. The Standard TBA loan program removes one of the biggest barriers: the down payment. Instead of spending years saving $10,000 or more, you can get help now and start building equity in your own home.

With fixed interest rates, you’ll know exactly what your payment will be each month. There are no surprises, no rate increases, and you’re building toward owning your home outright in 30 years.

If you’re ready to explore homeownership in Florida, contact DSLD Mortgage today. Our experienced loan officers can walk you through the Florida Housing Finance Corporation Standard TBA loan program and help you determine which option works best for your situation.

Remember, homeownership isn’t just a dream. With the right program and support, it can be your reality. The Florida Housing Finance Corporation exists to help people just like you achieve this important goal.

For questions about the Florida Housing Standard TBA program, contact your DSLD Mortgage loan officer or visit floridahousing.org for more information.

Disclaimer: This information is for educational purposes. Loan programs, rates, and terms are subject to change. All borrowers must meet program qualifications and lender requirements. Please consult with a DSLD Mortgage loan officer for current program details and to determine your eligibility.