FL Assist for First-Time Buyers: $10,000 Toward Your First Home

If you are buying your first home and need a simple, predictable boost to cover the gap, FL Assist is the most straightforward option available. It is not the biggest program (Hometown Heroes offers more), but it is reliable, easy to understand, and often available when other programs have run dry.

What does $10,000 actually do for your first home purchase?

Here is the real impact on a typical first-time buyer scenario. On a $320,000 home with an FHA loan (3.5% down):

• Down payment required: $11,200
• FL Assist covers: $10,000
• Your out-of-pocket for down payment: $1,200

On a smaller purchase, say $250,000 with FHA, your 3.5% down is only $8,750. FL Assist covers all of it, and the remaining $1,250 goes toward closing costs like title insurance, appraisal, and prepaid taxes.

How to use FL Assist with your first mortgage

FL Assist pairs with every major loan type first-time buyers choose:

• FHA (3.5% down): The most common pairing. FL Assist covers most or all of your down payment.
• Conventional (3-5% down): Works if you want PMI to eventually drop off. The $10,000 covers your 3% down on a home up to $333,000.
• VA ($0 down): Use the full $10,000 for closing costs.
• USDA ($0 down): Same, apply the entire amount to closing costs.

What this means for your monthly payment

Nothing changes. FL Assist adds $0 per month to your mortgage payment. It is a deferred second mortgage at 0% interest. You pay nothing on it until you sell, refinance, or pay off your first mortgage. Your monthly budget is based solely on your first mortgage principal, interest, taxes, and insurance.

FL Assist as your backup plan

Hometown Heroes offers more money ($10,000 minimum, up to $35,000), but its funding runs out fast. FL Assist uses different state allocations and is often still available when Hometown Heroes is tapped. If you are a first-time buyer and the bigger programs are gone for the year, FL Assist can be the difference between buying now and waiting another 12 months.

Which program is right for your first home?

FL Assist is the simplest option, but it may not be the best one for your situation. Compare:

• Want more money? Hometown Heroes goes up to $35K
• Want forgiveness? HFA Preferred Plus forgives 20%/year
• Want the simplest path? FL Assist is your answer

For the complete program guide with income limits, eligibility details, and the full application process, see the detailed FL Assist guide at tampabaydownpayment.com.