As an Accredited Buyer’s Representative and a First Time Homebuyer Expert, I understand the challenges that first time homebuyers may face.One such obstacle may be the ability to save enough money to cover down payment and closing costs.There are actually several different programs available for first time homebuyers:
Florida Housing Finance Corporation - First Time Homebuyer Program
The Florida Housing Finance Corporation is a public corporation that administers various affordable housing programs on the behalf of the state of Florida.One such program is the First Time Homebuyer Program also known as the bond program.The First Time Homebuyer Program offers low interest mortgages and down payment and closing costs assistance up to $10,000.There are three down payment and closing costs assistance programs and the one that you qualify for will vary depending on your income and household size.
Click here to see if you may qualify for the First Time Homebuyer Program.Click on the First Time Homebuyer Wizard icon once you get to the page.
Florida Housing Finance Corporation - Homeownership Pool (HOP) Program
In addition to the First Time Homebuyer Program, Florida Housing offers a down payment assistance program called HOP through eligible builders and developers. This programs offers up to 25% of the purchase price home in the form a zero percent non-amortizing second mortgage. You don't make any payments on this assistance and it drastically lowers your monthly mortgage payment. You may be eligible for up to 35% if you are considered to be very low income or have a disabled member of the household.
Click here for more information on the HOP Program.
Escambia County Housing Finance Authority
The Escambia County Housing Finance Authority in conjunction with the Housing Finance Authority of Leon County issues bonds for the purpose of offering low interest rate mortgages and down payment and closing costs assistance to eligible first time homebuyers. This program offers up to $7,000 in down payment assistance in the form of a zero percent amortizing second mortgage. There will be a small payment in addition to your mortgage that you will have to make for this down payment assistance over 10 years.
Click here for the brochure on the Escambia County bond program.
Tallahassee Lenders' Consortium (TLC)
The Tallahassee Lenders' Consortium, Inc. is a non-profit organization whose mission is to improve people's ability to obtain safe, decent affordable housing. In addition to providing resources and education regarding homeownership, TLC also is the administrator of the Leon County and City of Tallahassee SHIP funds which provides down payment and closing costs assistance. Assistance is available up to $10,000 in the city limits and up to $7,500 in the county.
Click here for TLC's Questionnaire for eligibility
Nehemiah Gift Down Payment Program
The Nehemiah Program is an additional alternative for receiving money for down payment and closing costs. This assistance can be up to 6% of the sales price and is a gift that can be provided by this non-profit organization if an equal gift is contributed by the seller to the organization. This program is a viable option for someone that may not qualify for any of the above programs.
The AmeriDream Gift Down Payment Assistance Program is very similar to the Nehemiah Program. It also is an additional alternative for receiving money for down payment and closing costs. This assistance can be up to 10% of the sales price and is a gift that can be provided by this non-profit organization if an equal gift is contributed by the seller to the organization. This program is a viable option for someone that may not qualify for any of the above programs.
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