First Time Home Buyer up to $30,000 deferred Down Payment Assistance!
Updated October 25, 20241st Time Home Buyers Deferred Down Payment Assistance for your 3.5% FHA required down payment!
Program Features:- he 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 Housing's 2nd mortgage 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 up to $30,000 (depending on County, see below) - 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. This 2nd mortgage loan is never forgiven.
- Unincorporated Hillsborough County $30,000 if your AMI (Area Median Income) is at 80% or lower.
- If your AMI is higher than 80% of the County AMI, the down payment assistance amount can be up to $15,000 in Brevard County, $20,000 for Clay County, $10,000 for Duval County, and $15,000 for unincorporated Hillsborough, including the City of Temple Terrace and Plant City. $5,000 for the City of Tampa, no matter the AMI.
- 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 loan (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.This loan is never forgiven.
- Must be the primary residence.
- Veterans no longer pay Origination Fees on this loan.
- Minimum middle FICO version 5-4-2 credit score 640 for 95% LTV or less - Maximum 104.99% CLTV or whatever AUS will approve.
- Maximum DTI 45% with 640-679 FICO, Maximum DTI is 50% with 680 FICO
- 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.
- May include a Mortgage Credit Certificate in Duval and Hillsborough Counties only.
- Lower mortgage insurance rates for First Time Home Buyer on Freddie Mac 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 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.
- Household income calculation (borrower + spouse (including NPS) + everyone 18 years of age or older).
- Requires past 3 years signed federal income tax returns AND/OR tax transcripts for all borrowers and spouse (even NPS)
- Lender Credit not available.
- This program can be only used in Hillsborough, Clay, Brevard and Duval Counties
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 $15,000 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
- 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 up to $30,000 deferred Down Payment Assistance!
- 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!