National DPA Programs That Work in Florida — Beyond State Assistance

Florida has excellent state-run DPA programs, but they are not the only option. Several national down payment assistance programs operate in Florida and may serve buyers who do not qualify for — or want to supplement — state assistance. Here are the major national programs Tampa Bay buyers should know about.

Chenoa Fund

The Chenoa Fund, administered by the CBC Mortgage Agency, is one of the largest national DPA providers. It offers 3.5% or 5% of the loan amount for FHA borrowers, has a forgiveness option after 36 on-time payments (DPA Edge program), has no first-time buyer requirement, and has flexible income guidelines. The Chenoa Fund works well for repeat buyers who do not meet Hometown Heroes' first-time buyer requirement. It is also available in all Florida counties.

NACA (Neighborhood Assistance Corporation of America)

NACA offers a unique program with no down payment, no closing costs, no PMI, and below-market interest rates. However, NACA has an extensive process that includes counseling workshops, financial documentation, and working with NACA-approved lenders. The program is available in Tampa Bay but requires significant time commitment. For buyers willing to invest the effort, NACA can be the most generous assistance available.

HomePath Ready Buyer (Fannie Mae)

Fannie Mae's HomePath Ready Buyer program provides up to 3% in closing cost assistance for first-time buyers purchasing Fannie Mae-owned foreclosure properties (HomeReady). While inventory is limited, when available, these properties can be purchased with minimal out-of-pocket costs.

National Homebuyers Fund (NHF)

The National Homebuyers Fund provides up to 5% of the loan amount as a grant (not a loan) for eligible buyers. NHF works through participating lenders and is available in Florida. The grant never needs to be repaid, making it one of the most attractive national DPA options.

How National Programs Compare to Florida Programs

State programs like Hometown Heroes and FL Assist are specifically designed for Florida and often have simpler application processes. National programs may have more flexible eligibility but can take longer to process. The right choice depends on your individual situation.

Barrett Henry, REALTOR® with REMAX Collective, works with lenders approved for both state and national DPA programs. With 23+ years of real estate experience, Barrett can help you evaluate all your options and choose the combination that saves the most money.

Call Barrett at (813) 733-7907 to explore your DPA options beyond state programs.