Do I have to pay back down payment assistance?
Last modified November 27, 2023There are many different types of 1st Time Home Buyer programs in Florida. Each down payment assistance program has its own qualifications, restrictions, and benefits. Several of the first-time home buyer programs are pure down payment grants that range between 3%-5%, depending on your FICO 5-4-2 credit scores. Lenders use the FICO 5-4-2 version scores for mortgages. There are also FICO version 5-4-2 scores for vehicles, credit cards, student loans, jewelry, or any other type of revolving or installment loan. However, the mortgage scores will always be the most conservative because of the size of the loans. There are other factors besides the credit scores that automated underwriting looks for in mortgage applications other than FICO version 5-4-2 credit scores. Whether you have to pay back the down payment assistance is completely dependent on which program you qualify to use. Don't be in a rush to let just any lender pull your credit. Most Lenders in Florida CANNOT originate First Time Home Buyer mortgages. If the Lender you call can't give you at least 3 examples of First Time Home Buyer down payment assistance that they can personally originate, its probable because they really don't have any of these programs. They just want to pull your credit, so you think you have to use them. Buyer Beware!