Does a HELOC replace my mortgage?

No — that's the main difference from a cash-out refinance. A HELOC sits behind your existing mortgage as a second lien, so your original loan stays exactly as it is.

Can I borrow again after paying down a HELOC?

Yes, during the draw period — that revolving flexibility is the defining feature. After the draw period ends, the line enters repayment and you pay the balance down.

HELOC or cash-out refinance — which is better?

It depends on your current mortgage, how much you need, and whether the need is ongoing. If you want to keep your mortgage and value flexibility, a HELOC often fits; for a single lump sum, a cash-out refinance may be better.

What is down payment assistance?

Programs that help eligible buyers with the down payment or closing costs, provided as grants or favorable second loans. They can reduce the upfront cash needed to buy a home.

Are there homebuyer grants in Florida?

Florida offers assistance programs for eligible buyers, and local programs may add more. Availability, amounts, and eligibility vary by program and change over time, so current requirements should be checked.

Who qualifies for down payment assistance?

It depends on the program, often involving income limits, first-time buyer status, homebuyer education, and property requirements. Your specific situation should be reviewed against current program rules.

Can I combine assistance with any mortgage?

Not every assistance program pairs with every loan. The combination matters. A mortgage broker can help you understand which assistance and loan programs may work together for your situation.

Is there a $15,000 first-time homebuyer tax credit?

A $15,000 first-time homebuyer tax credit has been proposed at the federal level and widely discussed, but a proposal is not the same as an active, available program. What matters for your purchase is the real assistance you can use today — state, local, and program-specific help — which a broker can help you identify.

Is the $25,000 down payment grant available?

A $25,000 grant (often discussed for first-generation buyers) has been proposed federally and received attention, but proposals can change or not become law. Rather than relying on a proposal, focus on the active Florida and local assistance programs available now for your situation.

How do I find out which programs I qualify for?

The clearest way is to review your specific situation — where in Florida you are buying, your household profile, and the mortgage you plan to use — against the current active programs. A Florida mortgage broker can help match you to the assistance you actually qualify for and pair it with the right loan.

Florida Down Payment Assistance & Homebuyer Programs

Let's start with the honest part, because this page's address remembers a different moment: a federal $15,000 first-time buyer tax credit and a $25,000 down payment grant were proposals discussed in Washington several years ago — and they did not become law. Anyone still marketing them as if they exist is selling you a headline. What Florida buyers actually have is better than a rumor: a working stack of real, funded programs. Here's the landscape as it genuinely operates.

Florida Housing: the state's program family

Florida Housing Finance Corporation runs the state's homebuyer programs — first mortgages paired with down payment and closing-cost assistance, typically structured as second mortgages that may be deferred, forgivable over time, or repayable, depending on the program. Terms, income limits, and funding availability change by cycle, which is why we check current program sheets on the day you ask rather than quoting last year's.

Hometown Heroes and occupation-based help

Florida's Hometown Heroes program has provided assistance to eligible frontline and community workforce buyers — teachers, healthcare workers, first responders, and more — when funded. Its funding has opened and paused in cycles, so eligibility today is a question we answer with the current program status, not a brochure.

Local money: county and city programs

Beneath the state layer sits local assistance — county and municipal programs funded through state and federal housing dollars, each with its own income limits, purchase price caps, and waiting lists. South Florida counties each run their own. Local programs are the most overlooked money in Florida homebuying, mostly because nobody's paid to advertise them. Part of our job is knowing which ones are open in your county this quarter.

How assistance interacts with your mortgage

Assistance programs pair with specific first-mortgage products and add their own underwriting: homebuyer education courses, income documentation against program limits, and sometimes occupancy commitments or recapture provisions if you sell early. None of that is a reason to avoid them — it's a reason to structure the file correctly from day one so the assistance and the loan close together instead of colliding.

Frequently asked questions

Did the $25,000 grant or $15,000 tax credit ever pass?

No. They were federal proposals that did not become law. Real assistance today comes from state and local programs with their own rules and funding cycles.

Do I have to be a first-time buyer?

Many programs target first-time buyers — commonly defined as no ownership in the last three years — but some, including occupation-based programs, have reached beyond that. Definitions vary by program.

Is assistance free money?

Sometimes it's forgivable over time, sometimes deferred until sale or refinance, sometimes a repayable second. The structure matters as much as the amount — we'll show you both before you commit.

This article is for general educational purposes and is not financial, legal, or tax advice, nor a commitment to lend or an offer of any specific rate or term. Program availability and requirements change — verify current terms. MortgageQuote.com · New Century Financial Mortgage, LLC · NMLS #1967971. Equal Housing Opportunity.