OWN A HOME Down Payment Assistance Grant (Not required to be a 1st Time Home Buyer)
Updated December 4, 2023Down Payment Assistance Grant Program for the following Florida counties: Charlotte, Collier, DeSoto, Lee, Palm Beach, and Sarasota.
Program Features:30-year, fixed-rate FHA first mortgage loans originated by trained and approved lenders throughout the State of Florida.
The program is offered to all borrowers who meet county eligibility, income, purchase price, and other program guidelines and can otherwise qualify for Freddie Mac (FHMLC) Conventional and Government Agency mortgage loans.
Maximum Non-Targeted Purchase price:
- Charlotte County = $481,176
- Collier County = $685,786
- Desoto County = $481,176
- Lee County = $481,176
- Palm Beach County = $568,557
- Sarasota County = $515,804
Maximum 1003 borrower income or household income for OWN program FHA/VA/USDA-RD and Freddie Mac HFA Conventional loans.
- Charlotte County (FHA,VA, USDA) county income limits below 80% AMI =$ 61,840 Above 80% AMI =$128,250
- Collier County (FHA,VA, USDA) county income limits below 80% AMI = $80,560; above 80% AMI =$151,050.
- Desoto County (FHA,VA, USDA) county income limits below 80% AMI = $52,640; above 80% AMI =$128,250.
- Lee County (FHA,VA, USDA) county income limits below 80% AMI =$68,720 above 80% AMI =$128,850.
- Palm Beach County (FHA,VA, USDA) county income limits below 80% AMI = $67,600; above 80% AMI =$147,450.
- Sarasota County (FHA,VA, USDA) county income limits below 80% AMI = $78,960; above 80% AMI =$148,050.
- NO work visa, student visa, any temporary visas qualify for this program
- Intangible Tax is no longer exempt.
- Documentation stamps are still exempt.
- Minimum Funds directly from Buyer of $1000.00 to Close on Home
- Minimum 640 FICO credit score on FHA, VA, USDA to qualify for $7,500 or $10,000 forgivable grant
- All eligible count
- ALL bank deposits outside of payroll require detailed explanations.
- 640 FICO allows for up to a 44.9% debt-to-income ratio or less on FHA, VA, and USDA loans. Maximum DTI for FHLMC conventional loans with a 680 FICO
- Low fixed mortgage interest rates are determined by program guidelines, not by individual local lenders.
- Can purchase new or resale homes
- 8 hour face-to-face or online HUD-approved Mortgage Counseling course required or HUD-approved Home Buyers Education course.
- No Bankruptcies in last 2 years, no foreclosure last 3 years for Government Agency loans (FHA, VA, USDA) or 4 years bankruptcy and/or 7 years foreclosures, short sales, or deed in lieu for conventional loans.
- Primary Residences only, Single Family Residences and Fee Simple town homes and conventional financing of condos must be approved by USB ONLY.
- No manufactured or mobile homes are allowed.
- No Prepayment Penalty Fee if 1st mortgage loan is paid out early
- While there is no cash back in this program, the borrower may be reimbursed for any overpayment of escrow to the extent permitted by Agency (FHA, VA, USDA) or FHMLC guidelines.
- Pay stubs and W2's required.
- Buyers cannot own any residential property at the time of closing on this program.
- No possibility of recapture tax.
- Credit restrictions: no manual underwrites; three trade lines with no late’s in the last 12 months; no NSF's in the last 12 months; non-traditional credit allowed.
- Treat Co-signer’s income as directed by the agency.
- Co-signers cannot be used for the FHLMC Conventional version of the program.
- Income must be supported by paystubs and a 2-year history of continuous employment.
- Refinances: Not permitted.
- Lender credit is not available.
- An appraisal must indicate that the home has at least a 30-year useful life.
- Lot size cannot exceed basic livability standards. Example: 4-acre lot properties are not allowed.
- No prepayment penalties if the mortgage is paid out early for whatever reason. Program Income Limits:
Cosigners are permitted for FHA loans under very specific conditions. Follow the FHA guidelines for credit purposes only. Treat the consignor's credit / income as directed by FHA. Co-signor’s are allowable in an FHA transaction when they meet the following conditions:
1. The consignor cannot have any ownership interest in the property (they cannot be on the mortgage or deed)
2. The consignor cannot reside on the property being purchased. A Co-signers income is not considered for program
Other Florida First-Time Home Buyer & Down Payment Assistance Programs:
- 100% Community Advantage Special Conventional Financing
- Hometown Choice Conventional Special Mortgage Financing for First Time Home Buyers
- First Time Homebuyer 100% Special Financing with No Mortgage Insurance
- First Time Home Buyer Special Financing matching Grant Loan by FHLB
- $10,000 Down Payment Assistance for First Time Home buyers!
- USDA - 100% Home Financing and lower Mortgage Insurance than FHA Loans!
- Down Payment Assistance Unlimited Income Grant for 100% Financing for Home Financing!
- 2023-Florida Hometown Heroes Housing Program for State of Florida.
- 1st Time Home Buyer 3%-5% Grant for Down Payment Assistance
- Salute Our Soldiers 100% VA Loan Program for Honorably Discharged Veterans
- Lease-to-Own and Rent-To-Buy-Home program. This is a great Home Buying program for All Florida Middle Income Home Buyers!
- First Time Home Buyer 105% Special Financing with No Income Limit
- Manatee $10,000 Key Ownership Down Payment Assistance Grant for First Time Home Buyers
- Bank Statement loans for the Self Employed up to $3M!
- OWN A HOME Down Payment Assistance Grant (Not required to be a 1st Time Home Buyer)
- Miami-Dade 1st Time Home Buyers Down Payment Assistance program
- Opportunity Advantage Loan Fund
- Home Sweet Home 1st Time Home Buyer program for Hillsborough, Clay, Brevard and Duval counties with up to $25,000 Down Payment Assistance.
- 1st Time Home Home Buyer, $10,000 Down Payment Assistance program
- First Time Home Buyer 3.5% Grant for FHA Down Payment Assistance
- First Time Home Buyer $10,000 deferred Down Payment Assistance loan
- Home Key Down Payment Assistance programs for Pinellas, Pasco and Polk County Florida
- Palm Beach County 1st Time Home Buyer Grant and Down Payment Assistance Program
- Investor Real Estate Loans for Rental Property purchase!