1st Time Home Buyer 3%-5% Grant for Down Payment Assistance
Updated November 27, 2023First Time Homebuyer Down Payment Assistance 3%-5% Grant can be used thoughout Florida for almost everyone who can qualify for a Conventional loan!
Program Features:First Time Homebuyer Down Payment Assistance 3%-5% Grant can be used throughout Florida for almost everyone who can qualify for a Conventional loan!
- Preferred Plus 5% Conventional First Time Home Buyer Grant for Down Payment Assistance in Florida
- 30-year, fixed-rate first mortgage loans originated by trained and approved lenders throughout the State of Florida. The program is offered to all borrowers who meet income, purchase price and other program guidelines, and can otherwise qualify for a mortgage loan.
- 1st Time Home Buyer hasn't owned a primary residence in past 3 years.
- This 1st Time home buyer grant program allows for much higher borrower income limits than a State FHA program.
- 3% to 5% down payment assistance of the purchase price is in the form of forgivable grants. This down payment assistance grant is forgiven at a rate of 20% per year for every year the 1st time home buyer resides at the property.
- This Down Payment Assistance Grant can be used for the down payment, Buyers mortgage closing costs, or can also be used to "split pay" mortgage insurance premium to lower private mortgage insurance cost or pay mortgage insurance completely off.
- This down payment assistance grant program can be used anywhere in the State of Florida.
- Must have most recent 3 years Federal Tax Returns required.
- Mortgage Deeds are NOT Exempt but Intangibles Tax and Documentary stamps are still exempt under this program.
- Maximum LTV 97%- 105% CLTV
- No cash back at closing, any excess funds will be used to pay down first mortgage.
- 1 unit only - Single Family Residence, Townhouses. Approved Condos by USB with 95% LTV or below.
- Household income limitation if both people are on the loan - However, if 1003 Applicant income is below the HUD Median Income of 140% for county, the non-borrowing 1st time home buyer income will not have to be used for qualification, such as household income limitation. 1003 Income to be used for qualification ONLY.
- Veterans no longer pay Origination Fees on this conventional mortgage.
- For Conventional loans minimum 700 middle score of FICO version 5-4-2 credit scores.
- TBA/Conventional loan, 49.99% debt to income ratio or less or whatever Automated Underwriting will approve.
- TBA/Conventional lower mortgage insurance rates for Borrower with this Conventional Grants program.
- Mortgage Insurance rates could be reduced or even paid off at Closing.
- On TBA/Conventional maximum Seller contribution 3% maximum towards Buyers closing costs.
- Purchase only for 1st time home buyers, no construction to permanent loans - no investment properties.
- Purchase price limits determined by current HUD county median income limits.
- First time home buyer, owner occupants only-No Investors or Co-Signors.
- Lender Credit not available on this or any Florida Housing down payment assistance mortgage loans.
- 8 hour online Buyer education required by HUD approved agency (online or in-person) or approved 1 hour mortgage insurance education class from MGIC or Genworth for Conventional loans only.
- Florida e-housing fee's $225 compliance fee + $400 US Bank funding fee + $85 tax service fee at closing to be deducted from the 3% - 5% down payment assistance Grant.
- Fannie Mae (FNMA) guidelines apply.
- Co-Signers not permitted.
Other Florida First-Time Home Buyer & Down Payment Assistance Programs:
- 100% Community Advantage Special Conventional Financing
- 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!