OWN A HOME Down Payment Assistance Grant (Not required to be a 1st Time Home Buyer)

Updated December 4, 2023

Down Payment Assistance Grant Program for the following Florida counties: Charlotte, Collier, DeSoto, Lee, Palm Beach, and Sarasota.

Program Features:
  • This Down Payment Assistance Grant is NOT restricted to first-time home buyers. However, you cannot have owned a house for the 3-years preceding the purchase.
  • 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:

    1. Charlotte County = $481,176
    2. Collier County = $685,786
    3. Desoto County = $481,176
    4. Lee County = $481,176
    5. Palm Beach County = $568,557
    6. Sarasota County = $515,804
  • Minimum 640 FICO 5-4-2 credit score on FHA, VA, and USDA to qualify for $7,500 for Charlotte, Collier, DeSoto and Sarasota County grants. Palm Beach allows $10,000 640 version 5-4-2 FICO or whatever Automated Underwriting will accept.
  • Freddie Mac Advantage Conventional mortgage loans, FHA mortgage loans, USDA mortgage loans and VA mortgage loans to be the first mortgages
  • Maximum 1003 borrower income or household income for OWN program FHA/VA/USDA-RD and Freddie Mac HFA Conventional loans.

    1. Charlotte County (FHA,VA, USDA) county income limits below 80% AMI =$ 61,840 Above 80% AMI =$128,250
    2. Collier County (FHA,VA, USDA) county income limits below 80% AMI = $80,560; above 80% AMI =$151,050.
    3. Desoto County (FHA,VA, USDA) county income limits below 80% AMI = $52,640; above 80% AMI =$128,250.
    4. Lee County (FHA,VA, USDA) county income limits below 80% AMI =$68,720 above 80% AMI =$128,850.
    5. Palm Beach County (FHA,VA, USDA) county income limits below 80% AMI = $67,600; above 80% AMI =$147,450.
    6. Sarasota County (FHA,VA, USDA) county income limits below 80% AMI = $78,960; above 80% AMI =$148,050.
    7. NO work visa, student visa, any temporary visas qualify for this program
    8. Intangible Tax is no longer exempt.
    9. Documentation stamps are still exempt.
    10. Minimum Funds directly from Buyer of $1000.00 to Close on Home
    11. Minimum 640 FICO credit score on FHA, VA, USDA to qualify for $7,500 or $10,000 forgivable grant All eligible count
    12. ALL bank deposits outside of payroll require detailed explanations.
    13. 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
    14. Low fixed mortgage interest rates are determined by program guidelines, not by individual local lenders.
    15. Can purchase new or resale homes
    16. 8 hour face-to-face or online HUD-approved Mortgage Counseling course required or HUD-approved Home Buyers Education course.
    17. 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.
    18. Primary Residences only, Single Family Residences and Fee Simple town homes and conventional financing of condos must be approved by USB ONLY.
    19. No manufactured or mobile homes are allowed.
    20. No Prepayment Penalty Fee if 1st mortgage loan is paid out early
    21. 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.
    22. Pay stubs and W2's required.
    23. Buyers cannot own any residential property at the time of closing on this program.
    24. No possibility of recapture tax.
    25. 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.
    26. 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

    27. Treat Co-signer’s income as directed by the agency.
    28. Co-signers cannot be used for the FHLMC Conventional version of the program.
    29. Income must be supported by paystubs and a 2-year history of continuous employment.
    30. Refinances: Not permitted.
    31. Lender credit is not available.
    32. An appraisal must indicate that the home has at least a 30-year useful life.
    33. Lot size cannot exceed basic livability standards. Example: 4-acre lot properties are not allowed.
    34. No prepayment penalties if the mortgage is paid out early for whatever reason.
    35. Program Income Limits:
      Simple & Free! Click Here
      TO GET PRE-APPROVED