FL Assist vs. HFA Preferred PLUS — Which Florida DPA Program Saves More?

FL Assist and HFA Preferred PLUS are both administered by the Florida Housing Finance Corporation, but they work differently. Choosing the right one can save you thousands — or cost you if you pick the wrong fit. Here is a clear breakdown of how they compare.

FL Assist Overview

FL Assist provides a flat $10,000 as a deferred-payment, 0% interest second mortgage. There are no monthly payments on the $10,000. The loan is due in full when you sell, refinance, or no longer occupy the home as your primary residence. It is not forgivable — you will always owe the $10,000 until one of those trigger events occurs.

HFA Preferred PLUS Overview

HFA Preferred PLUS is tied to a conventional loan product through Fannie Mae. It provides up to 5% of the first mortgage amount for down payment and closing costs. The assistance comes as a forgivable or deferred second mortgage (terms vary by lender). HFA Preferred PLUS also offers below-market interest rates on the first mortgage through Florida Housing.

Key Differences

The biggest difference is the amount. On a $350,000 home, FL Assist gives you exactly $10,000. HFA Preferred PLUS gives you up to $17,500 (5% of $350,000). For homes above $200,000, HFA Preferred PLUS typically provides more assistance.

The second difference is forgiveness. FL Assist is never forgivable — it must be repaid. HFA Preferred PLUS may be forgivable depending on the specific loan product and lender terms. For buyers planning to stay long-term, forgiveness matters.

The third difference is the first mortgage. HFA Preferred PLUS is paired with a specific Fannie Mae conventional loan product that may offer a lower interest rate than what you would get with FL Assist paired with a standard FHA or conventional loan. Over 30 years, even a 0.25% rate difference saves thousands.

When FL Assist Wins

FL Assist can be the better choice when your purchase price is below $200,000 (where $10,000 equals or exceeds 5%), when you plan to sell or refinance within a few years anyway, when you do not qualify for the conventional loan required by HFA Preferred PLUS, or when you prefer the simplicity of a flat $10,000 with no forgiveness conditions to track.

When HFA Preferred PLUS Wins

HFA Preferred PLUS is typically better when your purchase price is above $200,000, when you plan to stay in the home long enough for potential forgiveness, when you qualify for a conventional loan and want the below-market rate, or when you need more than $10,000 to cover your down payment and closing costs.

How to Determine the Best Fit

A DPA-approved lender can run both scenarios and show you the total cost over 5, 10, and 30 years. Barrett Henry, REALTOR® with REMAX Collective, works with lenders who specialize in both programs and can get you personalized comparisons. With 23+ years of real estate experience, Barrett ensures you choose the program that saves the most money.

Call Barrett at (813) 733-7907 for a free program comparison.