Home Key Down Payment Assistance programs for Pinellas, Pasco and Polk County Florida
Updated June 10, 2023Specific 1st Time Home Buyers, Down Payment Assistance program for Pinellas, Pasco, Polk Counties in Florida
Program Features:- 30-year, fixed-rate FHA or Conventional Freddie Mac FHMLC HFA Advantage 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 for FHA guidelines and can otherwise qualify for an FHA mortgage loan.
- The assistance comes in the form of a 0% interest or low, fixed-rate second mortgage. Only one Florida Housing down payment program can be used by the borrower and only in conjunction with the FHA, VA, USDA-RD or Freddie Mac HFA Advantage program first mortgage products.
- The Down Payment Assistance loan is repaid if the homebuyer sells the home, transfers ownership, satisfies or refinances the first mortgage, or ceases to occupy the home.
- First Time Homebuyers, Borrowers or Spouse have not owned a home in the last 3 years.
- Receive a $7,500 differed second mortgage, payable when property is refinanced, sold, paid off or Resident/Mortgagor ceases to live there.
- Housing Finance Authority: 0% Interest - $7,500 bond money with no monthly payment required (silent second mortgage).
- Minimum Funds directly from Buyer of $1000.00 to Close on Home.
- FHA version 44.9% back end (Debt to Income) ratio or less
- Conventional version 49.99% back end debt to income ratio or less or whatever AUS will allow.
- Can purchase new or resale homes
- Borrower must occupy the Home within 60 days of Closing.
- 8 hour HUD face to face or any approved online Mortgage Counseling course required.
- FHA version: No bankruptcies in last 2 years and no foreclosure last 3 years. Conventional (FHLMC) No bankruptcies in last 4 years and no foreclosures, short sales or deed in lieu in last 7 years.
- Important! Household Income is considered for all persons living on the premises.
- Income Limit for this program in Pasco & Pinellas Counties = $63,900 for 1-2 person household, $73,485 for 3+ household in Non-Targeted areas.
- Income Limit for this program in Polk County = $62,500 for 1-2 person household, $71,875 for 3+ household in Non-Targeted areas.
- Primary Residences only. No Investment or second home properties.
- No Prepayment Penalty Fee if loan is paid out early.
- Doc Stamps exempt on this program.
- Intangibles Taxes ARE exempt on this program.
- Lender credit not available.
- No cash back at closing, any excess funds will be used to pay down first mortgage
- Credit restrictions: Minimum middle FICO version 5-4-2 with 660 for FHA version, Conventional minimum at least 700 middle FICO score, 2 tradeline minimum with no late’s in last 12 months, No NSF's in last 6 months.
- Household Income must be supported by W-2's , Federal Tax returns, paystubs and 2 year history of continuous employment.
- No manual underwrites.
- Maximum purchase price is $255,573.
- Must be able to permanently reside in the United States.
- Consignor’s permitted for FHA / VA Loans cannot be named on Warranty Deed.
- Refinances: Not permitted.
- Manufactured Homes NOT permitted.
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!