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Down Payment Assistance In Florida
Looking for down payment assistance in Florida?
My name is Dennis Hearing, licensed loan officer with Supreme Lending, and I provide assistance with the down payment assistance programs in the State Of Florida.Florida Housing offers down payment and closing cost assistance in the form of a second mortgage loan, to assist eligible homebuyers with their down payment and closing costs needs. Down payment assistance is only available when used in conjunction with Florida Housing's first mortgage loan.Down payment assistance is not available as "stand alone" program.There are four options available:
1. The Florida AssistBorrowers purchasing in Florida may also be eligible to receive down payment assistance (DPA) through the FL Assist Second Mortgage Program. The FL Assist offers the following:Up to $7,500. As a 0%, deferred second mortgage.The FL Assist is not forgivable. Repayment is deferred, except in the event of the sale, transfer, satisfaction of the first mortgage, refinancing of the property or until such a time the borrower ceases to occupy the property at which time, the Florida Assist will become payable in full.
2. Hardest Hit Fund Down Payment Assistance Program or HHF DPAOnly available in Brevard, Clay, Duval, Hillsborough, Pasco, Pinellas, Polk, Orange, Osceola, St. Lucie and Volusia counties.Borrowers purchasing in one of these counties may also be eligible to receive down payment and closing cost assistance through the HHF DPA Second Mortgage Program. The HHF DPA Second Mortgage Program offers the following:Up to $15,000. As a 0% deferred interest, 5-year term grant.The HHF DPA Second Mortgage is forgivable at the rate of 20% per year over the five-year term of the loan provided the borrower is not in default.
3. 3% HFA Preferred GrantBorrowers utilizing this down payment and closing cost program receive 3% of the purchase price of the home being purchased in the form of a non-repayable grant. And may be combined with the MCC “Mortgage Tax Credit” program. This is the only DPA that can be combined with MCC.
4. The Own A Home Opportunity Program – available as a second mortgage loan or as a 3%, 4% or 5% forgivable grant! This program is only available in the following counties: Broward, Charlotte, Collier, DeSoto, Lee, Sarasota, St Johns, Palm Beach and Volusia.
Qualifying for these programs can be easy as 1, 2, 3!
1. Be a “FTHB” – meaning you have not owned a primary residence in the last 3 years. UNLESS you are active military or a veteran!!
2. Earn less than the maximum allowed income for your county.
3. Have minimum credit score of 640 and over based on the program choice.And of course, complete a HUD approved housing counseling class!
For more information on the Florida DPA programs that may be available to you, please give me a call at 954-648-4949 or send me an email to [email protected]
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