Get up to $7500 for DOWN PAYMENT Assistance program in the following counties: Alachua, Bay, Bradford, Escambia, Franklin, Gadsen, Gulf, Hernando, Jackson, Jefferson, Marion, Indian River, Leon, Martin, Okaloosa, Santa Rosa, St. Lucie, Wakulla, Walton
This program is designed to make purchasing a home more affordable for low and moderate income home buyers by providing home buyers with affordable interest rate mortgage loans and down payment and closing cost assistance. Mortgage loans in this program are available on a first-come, first-serve basis.
The home buyer may choose between a Conventional, VA-guaranteed, FHA-insured, or USDA-RD 30-year fixed rate mortgage.
Down Payment Assistance
The Authority offers first time home buyer down payment assistance (DPA) in all participating counties. DPA may provide up to 100% of the home buyers cash to close as long as there is no cash back to borrower.
DPA Option: 0% Non-Amortizing 30-Year Deferred Second Mortgage: The second mortgage provides up to $7,500* and can only be used with either First Mortgage type. (Second Mortgage is not forgivable and becomes due when first mortgage is satisfied or upon sale, transfer, rental or disposition of property.) the Second Mortgage is EXEMPT from Intangible Tax.
- Borrowers must be first-time home buyers. A first-time home buyers is someone who has not had an ownership in a principal residence during the past three years. Some exceptions apply.
- A Home ownership Education Certificate is required for at least one qualified borrower. (Freddie Mac HFA Advantage (Conventional) Program Option only)
- Qualified Veterans or home buyers purchasing a property in a designated targeted area do not need to be first time home buyers.
- Borrowers must meet normal mortgage requirements to demonstrate credit worthiness. Borrowers must have a minimum 640 for Conventional, FHA, USA-RD and VA Loans to participate.
- Borrowers must occupy the purchased home as their principal residence.
- Household income may not exceed Count Limits (Click to get more info)
How much is a downpayment on a house? Call us to learn more about these programs and how we can help you reach your goals.