First Time Home Buyer $10,000 deferred Down Payment Assistance loan
Updated June 10, 20231st Time Home Buyers $10,000 Deferred Down Payment Assistance for your 3.5% FHA required down payment!
Program Features:- 30-year, fixed-rate first time home buyer 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 loan. Borrowers who qualify for this first mortgage program are automatically qualified for one of Florida Housings' down payment assistance programs.
- 1st Time Home Buyer or hasn't owned a property for at least the most recent 3 prior years.
- Down Payment Assistance comes in the form of a $10,000 - 0% interest 2nd mortgage loan. Loan to be repaid when property is sold, refinanced, or ceased to be lived in by First Time Home Buyer.
- The down payment assistance can be used for the down payment, Buyers mortgage closing costs, or split pay mortgage insurance premium to lower mortgage insurance cost.
- The Florida Assist Home Buyer mortgage offers a 30 year, 0% fixed rate, deferred but accelerated upon any of the following - the sale, transfer or other disposition of the property (including involuntary transfer by or as a result of foreclosure or judicial sale or operation of law), The FL Assist must be repaid.
- Must be the primary residence.
- Veterans no longer pay Origination Fees on this loan.
- Minimum middle FICO version 5-4-2 credit score 660 for 95% LTV or less - Maximum 104.99% CLTV
- No cash back at closing, any excess funds will be used as principal reduction.
- 1 unit only - Single Family Residence, Townhouses with 95% LTV or below. No Manufactured Homes.
- FHA version entire household income from all household residences used for qualification purposes.
- Conventional version 1003 First Time Home Buyer / Borrower to be used for qualification purposes, spouse not required to be on 1003 for qualification purposes.
- FHA version (Debt to Income) back end ratio 44.99% or less for FICO scores 700 or lower.
- Conventional version of program with 700 FICO or higher may qualify for 49.99% back end ratio (Debt to Income) or whatever AUS will approve.
- Lower mortgage insurance rates for First Time Home Buyer on Conventional program.
- FHA version allows up to 6% Seller contribution maximum towards Buyers closing costs.
- Purchase only No "construction to perm" loans, no investment purchases, no refi's.
- Purchase price limits determined by 115% of HUD county median income limits.
- Owner Occupants only, must occupy within 60 days.
- First Time Home Buyer education required by HUD approved agency (online or in-person).
- Florida e-housing fee's $225 compliance fee + $400 US Bank funding fee + $85 tax service fee calculated minus the $10,000 down payment assistance.
- Intangibles tax and Doc Stamps are EXEMPT.
- Co-Signers/Non-occupying Co-Borrowers allowed if related by blood, marriage or law and Agency guidelines.
- Lender Credit not available.
- This program can be used anywhere in the State of Florida.
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!