Florida HFA Preferred and Advantage PLUS Program

On a $300,000 home in Jacksonville, a buyer putting 3% down ($9,000) would borrow $291,000 through HFA Advantage. The 5% PLUS option equals $14,550, the 4% option $11,640, and the 3% option $8,730. Duval County's 2026 PLUS income limit is $152,181, so a two-income couple earning $120,000 would qualify on income. The full $14,550 second is forgiven at $2,910 per year over five years.

Estimated closing costs in the Jacksonville area run $6,000 to $9,000, so total cash needed is about $15,000 to $18,000 including the down payment. The 5% PLUS second cuts that to roughly $450 to $3,450. Florida Housing does not require buyers to spend their own assets to participate, and any seller-paid closing costs shrink the remaining gap further.

A buyer at or below 80% AMI who also receives FHLBank Atlanta's First-time Homebuyer Product grant, up to $17,500 through a member lender, could cover the full $15,000 to $18,000 gap. Combined assistance would reach up to $32,050 on this purchase. The grant must be stand-alone and sit behind the PLUS second, so confirm both with the lender before signing a contract.

The PLUS second can be combined with outside assistance only if that subsidy is a stand-alone program in third lien position behind Florida Housing's second. FHLBank Atlanta's First-time Homebuyer Product (up to $17,500 for buyers under 80% AMI) and Workforce Housing Plus+ (up to $15,000 for 80.01% to 120% AMI) are distributed through member banks across Florida. County and city SHIP down payment programs may also stack where local funds are open.

PLUS cannot be combined with any other Florida Housing down payment program, including FL Assist ($10,000), FL HLP ($12,500), or Hometown Heroes (up to $35,000). It also cannot be paired with the bond first mortgages or a Fannie Mae HFA Preferred loan, since the second is eligible only with the HFA Advantage TBA first mortgage. Call Florida Housing at 850-488-4197 to confirm current pairings.

Seller-paid closing costs within Freddie Mac limits and gift funds from family are other ways to lower cash to close. Realtor commission cannot be paid from Florida Housing assistance, and buyer-paid realtor transaction fees are capped at $500. Because the PLUS mortgage and note are exempt from doc stamps and intangible tax, the second adds only recording fees at closing.

The PLUS program's biggest advantage is that the assistance goes away. A 5% second on a $291,000 loan is $14,550 at 0% with no monthly payment, forgiven fully after five years, while FL Assist's $10,000 must always be repaid and FL HLP's $12,500 adds $52.70 a month. Income limits are generous, from $138,181 to $200,621 by county, and only the borrowers' income counts. Buyers at or below 80% AMI also get reduced-cost mortgage insurance and a lower rate on the Freddie Mac first mortgage.

The biggest limitation is the five-year clock: selling, refinancing, or moving out in year three means repaying 60% of the second, with no partial-year credit. The program now works only with the Freddie Mac HFA Advantage first mortgage, so FHA, VA, and USDA buyers cannot use it. Larger percentages carry higher posted rates, and buyers above 80% AMI pay standard mortgage insurance. Florida Housing assistance is also one-time only. Buyers who need FHA should look at FL Assist or FL HLP, and eligible workers should compare Hometown Heroes at up to $35,000.