Do I have to pay back down payment assistance?Last modified December 18, 2021
There 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 loans. However the mortgage scores will always be the most conservative becuase of the size ofthe 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 personanlly Originate, its probobly because they really don't any of these programs. They just want to pull your credit so you think you HAVE to use them. Buyer Beware!