Looking For Home Financing In South Florida? State And Local Programs Can Help.

June is National Homeownership Month, making it the perfect time to explore the programs and resources that can help make buying a home more affordable. While higher mortgage rates and home prices continue to create challenges for South Florida buyers, there are still opportunities available.

Many residents may qualify for down payment assistance (DPA) programs offered through state and local agencies, including programs in Miami-Dade, Broward, and Palm Beach counties. These initiatives can help reduce upfront costs through grants or low- to no-interest second mortgages, making the path to homeownership more accessible.

Use down payment help and new flexibilities

A larger down payment reduces your loan amount, can lower your rate, and may help you avoid mortgage insurance, making you a stronger applicant in a high-rate environment. Newer and updated guidelines have made it easier for family and others to help:

• Many conforming and government-backed loans allow gift funds from relatives and, in some cases, close friends or domestic partners to be used toward down payment and closing costs, as long as you document the relationship and that the money is a true gift, not a loan.
• As described below, state and local housing agencies continue to expand down payment assistance programs with grants or forgivable loans to help first-time and lower-income buyers, which can improve your overall qualification profile.
• Updated federal “ability-to-repay” and Qualified Mortgage rules require lenders to verify income, assets (including gifts), and debts consistently, which can make it easier to use properly documented gift funds and assistance programs as part of a compliant loan file. Learn more here.

Statewide Florida programs

Florida’s statewide assistance is often delivered through local partners, SHIP (State Housing Initiatives Partnership) funds, or Florida Housing Finance Corporation products. Many programs share some core features:

• Focus on first-time buyers (often defined as not owning a home in the last three years) and income limits tied to area median income.
• Use of second mortgages or forgivable loans to cover down payment and closing costs, sometimes combined with below-market first mortgage options.
• Requirements for homebuyer education from a HUD-approved or locally approved counseling agency before closing.

Florida buyers in any county can start by checking HUD’s “Assistance in Florida by County” directory and then connecting with local housing and community development offices for current offerings and income limits. Learn more here, here, here and here.

Miami-Dade County

Miami-Dade offers multiple DPA options administered through its housing and economic advocacy divisions. The core countywide program provides:

• An interest-free, deferred down payment loan of up to about $35,000 for qualifying first-time buyers, with no monthly payments and repayment triggered by sale, transfer, refinance, or the end of a long-term deferral period. Learn more here.
• Household income limits tied to HUD guidelines (for example, four-person households eligible below a specified income cap) and purchase price limits that keep the program focused on modestly priced homes. Learn more here and here.

The Miami-Dade Economic Advocacy Trust (MDEAT) can provide additional assistance, offering up to $28,000 in down payment funds that may be combined with other county and city programs, potentially reaching well over $50,000 in total assistance for eligible borrowers. Learn more here.

Certain cities within Miami-Dade, such as Miami Beach, operate their own SHIP-funded first-time homebuyer programs. These city programs:

• Provide down payment and closing cost assistance secured by a lien and restrictive covenant that is typically forgiven after around 15 years if the home remains the buyer’s primary residence.
• Require repayment of the assistance if the home is sold, rented out, or refinanced before the end of the affordability period.

Broward County

Broward County’s Home Buyer Purchase Assistance Program supports income-eligible buyers through a second-mortgage structure. Key features include:

• Assistance in the form of a deferred-payment second mortgage at 0 percent interest, with a typical term of 15 years.
• Income caps at or below 80 percent of the area median income, based on household size, with an official income chart updated annually (for example, 2026 limits range from about $71,000 for a one-person household to about $133,850 for eight people).
• A buyer contribution requirement, often around 3 percent of the purchase price (with some exceptions, such as for VA loans), ensuring the borrower has some of their own funds invested.

To access Broward assistance, buyers must complete a HUD-approved homebuyer education class, obtain first-mortgage approval, and have their lender apply on their behalf, as the county does not accept direct online applications. Learn more here.

Palm Beach County area

Palm Beach County and its municipalities also participate in SHIP and related assistance initiatives, often coordinated through county-level housing and community development offices. While specific amounts and structures vary by city and funding cycle, common elements include:

• Down payment and closing cost assistance targeted to very low-, low-, and moderate-income first-time buyers, typically secured by a second mortgage or forgivable loan with an affordability period.
• Purchase price caps and primary-residence requirements, excluding investor or vacation properties.
• Mandatory homebuyer education and coordination with approved lenders familiar with local DPA programs.

A good starting point in Palm Beach County is the HUD county assistance listing plus your city’s housing or community services webpage, which will outline current programs, SHIP-funded offerings, and intake procedures. Learn more here.

Whether you're buying your first home or returning to the market after several years, taking advantage of available down payment assistance programs could help bring your homeownership goals within reach. To learn more about mortgage options and available resources, visit Tropical Financial Credit Union and connect with a lending specialist who can help you find the right path forward.