Florida offers new home loan program for military and veterans

Retired and active-duty military personnel have a new incentive to put down roots in Florida.

The state offers them up to $8 million in down payment and closing cost assistance, as well as low-interest mortgages. Some loan options are repayable after five years.

Governor Ron DeSantis announced the “Salute Our Soldiers” military loan program Wednesday alongside Trey Price, executive director of the Florida Housing Finance Corporation.

Price said these upfront costs are among the biggest barriers to homeownership.

“It provides a lot, if not all, of people getting into their homes so they don’t have to save up for months or years to get into a home,” he said.

The program, which Florida Housing will lead, is expected to help more than 1,000 veterans and military personnel.

Director of Homeownership Programs David Westcott says the state will also benefit from investments by military families.

“What they add to our communities and to our cultures and to all of Florida’s neighborhoods is really a plus,” he said.

The program will be available on March 2. Income requirements and housing price caps vary from state to state. The tables below list county-specific information:

Florida Housing Finance Corporation First Mortgage Program Options Overview

(TBD – The Bond Alternative First Mortgage Programs ONLY)

Maximum income and purchase price limits (SOS program) for 2020

FL First for TBA (FHA, VA, USDA-RD), HFA Preferred for TB, HFA Advantage for TBA with Florida Assist Second Mortgage

Maximum income and purchase price limits (SOS program) for 2020

FL First for TBA (FHA, VA, USDA-RD), HFA Preferred for TBA, HFA Advantage for TBA with Home Loan Program (HLP), and HFA PLUS 3%, 4%, and 5% Second Mortgage