Down Payment Assistance Programs: Programs for assisting with down payments You might get help from Florida when you want to purchase your first house. Florida offers several programs to help with down payments and closing fees as we shall see in this article.
The Down Payment Assistance Programs provides financial aid to assist qualified first-time homebuyers in buying a new or existing property.
A first-time homebuyer is someone who hasn’t owned a house in the preceding three years.
Active military personnel, qualified veterans, and qualified citizens may also be eligible if they purchase in a federally designated targeted area.
List of Down Payment Assistance Programs Florida
To help qualifying purchasers with their down payments, Florida Housing offers the following programs:
Broward County Homebuyer Purchase Assistance Programs
Broward County knows that many individuals who qualify for mortgages do not have the down payment necessary to purchase a home.
With the help of the down payment assistance offered by the Broward County Homebuyer Purchase Assistance Program, prospective homebuyers can overcome this challenge.
Eligibility Requirements:
1. The program is only open to first-time homebuyers whose annual household income is less than 80% of the median income in the area.
2. Borrowers must also take and pass a HUD counseling course before applying.
3. Besides putting down 1% of their own money, all borrowers must also pay a $750 transaction fee to the Housing Finance Authority of Broward County.
Hardest Hit Fund Down Payment Assistance Programs
The Housing Finance Authority of Hillsborough County offers the Hillsborough First with Hardest Hit Fund (HHF) Down Payment Assistance Program as a service to help people realize their dream of owning a home.
They intend the program to help first-time homebuyers who don’t have the requisite finances for significant down payments and closing costs.
Eligibility Requirements:
1. The borrower, who is buying their first home, and their spouses (both occupants and non-occupants), must be citizens of the United States.
2. They have to complete a course on pre-purchase homebuyer education effectively.
3. All candidates must have a FICO mid score of at least 640 and a debt-to-income ratio of only 45%.
Escambia County Down Payment Asistance Programs
Florida’s Escambia Housing Finance Authority County created the Down Payment and Closing Cost Assistance Program to help people realize their goals of owning a home.
The program assists potential homeowners in paying the significant closing expenses and down payments associated with mortgage transactions.
Eligibility Requirements:
1. Borrowers must be first-time homeowners; they cannot have purchased a primary residence within the last three years.
2. However, homebuyers in a certain targeted zone, and qualified veterans are exempt from this.
3. A credit score of 640 or above is required to be eligible for conventional, FHA, USA-RD, and VA loans.
HFA Miami-Dade Mortgage Program
The Miami-Dade Housing Finance Authority is aware of the significant down payments needed to purchase a property.
To help with this cost, the HFA offers prospective homebuyers a first mortgage and down payment aid.
Eligibility Requirements:
1. Applicants must be U.S. citizens or have legal permanent status to be eligible for the down payment assistance.
2. They must have worked in the same business for 24 months and have a credit score of 640 or higher.
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Head Start to Home Ownership Down Payment Assistance Programs
The Head Start To HOME Ownership Program or the City of Jacksonville runs H2H.
They offer it to qualifying applicants who wish to purchase a property to help with the closing fees and down payment.
The H2H program offers financial help as a second or third mortgage with five years and no interest.
If the property is sold or refinanced, or the applicant no longer uses it as their primary residence, repayment is necessary.
The applicant must provide either the initial loan balance or the net proceeds from the sale to the city.
Eligibility Requirements:
1. The applicant’s total family income cannot exceed 80% of the median income for the Duval County area.
2. they must make a down payment of at least $500, with $375 being required when the first inspection is scheduled.
Home Key Plus 2nd Mortgage Down Payment Assistance Programs
The Housing Finance Authority of Pinellas County’s First-Time Homebuyer Program is designed to help potential borrowers achieve the home of their dreams.
Through the Home Key Plus 2nd Mortgage, the program also offers first mortgages to consumers who qualify.
Eligibility Requirements:
This program is open to veterans who are citizens or legal permanent residents of the United States and first-time homebuyers (those who haven’t bought a house in the last three years).
Each applicant must spend a minimum of $1,000 of their own money and complete a HUD-approved, 8-hour homeowner education course.
Lee County FirstPlus Down Payment Assistance Programs
Through its FirstPlus program, the Lee County Housing Finance Authority helps first-time homeowners with their closing costs and down payment.
First-come, first-served policy governs the operation of this program, which is continuously sponsored.
Eligibility Requirements:
1. A US citizen is required.
2. Their FICO score must be 640 or higher and they must fall under the program’s maximum income restrictions.
Palm Bay HOME Down Payment Assistance Programs
The HOME Down Payment Aid Program was established in Florida by the City of Palm Bay.
This program assists candidates who qualify based on their income with the down payment, closing costs, and any necessary renovations for their first house.
Eligibility Requirements:
1. Help is not available to anyone who owned a home within the preceding three years.
2. Candidates must be creditworthy (no bankruptcies, judgments, repossessions, or charge-offs) and hold the first mortgage (conventional, FHA, or VA loans are acceptable).
3. they must complete a course on homebuyer education.
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