Down Payment Assistance Programs in Fl 2024

I’m sure you’ve heard the “experts” weigh in on the reason people are having a hard time coming up with enough money to purchase a home. They say it’s because of buying super duper latte double espresso frappuccinos and avocado toast, but if you just make all that at home, or starve, you too can become a home owner. Throw in a Netflix subscription and you’re doomed to be a renter forever.

Alas, there is hope for you coffee, avocado toast and streamer loving folks to be able to buy a home, even if you’re not made of money or have a load of money saved.

• Income and purchase price limits based on the county you want to purchase in.
• First time home owner, meaning you can’t have owned a home within the past 3 years.
• Some programs the funds are fully forgiven, a 2nd mortgage or not forgiven. (I’ll explain more below)
• Minimum credit score of 640
• Home buyer class
• Have to work with an approved lender. I got ya covered on who is approved.

Down Payment Assistance Programs in Florida

The Florida Assist

• Up to $10k, on Conventional, FHA, VA and USDA loans
• No interest, non amortizing 2nd mortgage

Not forgivable. I mentioned this above. What that means is at some point you will have to pay this back. You won’t be making any monthly payments like a normal mortgage though. If you refinance, sell, transfer title or pay off the first mortgage, you will have to pay this off.

The Florida Homeownership Loan Program Second Mortgage

• 10k
• 3% fully amortizing mortgage
• 15 year term

This is one that you will have a monthly mortgage payment, separate to your first mortgage. If you sell, transfer, refinance or the first mortgage is paid off, you have to pay the remaining balance off. Since this is a 2nd mortgage with a payment, that will have to be factored in as well. Which is a great reason to get pre-approved with a lender before you start looking for homes,

3%, 4% and 5% HFA Preferred and HFA Advantage PLUS Second Mortgage

• Borrower can receive 3%, 4% or 5% of the total purchase price towards down payment and closing costs as a 2nd mortgage.
• Forgivable. Forgiven at 20% per year for 5 years when you use specific conventional loan products (TBA & HFA advantage or preferred). So let’s say you decide to sell, but have a couple years to go on the 5 year term. You’ll have to pay off the remaining balance of the 2 years. That will need to be considered along with the payoff of your first mortgage.

So there you go folks, a few different options for you to be able to purchase a home. All this information comes from Florida Housing Finance Corporation, so make sure you click that link to find out more. If you need a real estate agent knowledgeable in these programs, I am here for you. Remember the lender has to be approved in order to help you utilize these programs, so reach out so I can give you their information. My email is pam@pamgraham.com or call/text 904-910-3516.