Manatee $15,000 Key Ownership Down Payment Assistance Grant for First Time Home Buyers

Updated July 19, 2024

Special Financing $15,000 Down Payment Assistance Grant for well qualified Manatee County Residents. Can be, but Not required to be a First Time Home Buyer!

Program Features:

Eligible Area includes all of Manatee County.
30-year, fixed-rate VA, USDA, or FHA first mortgage loans originated by trained and approved lenders throughout the State of Florida. The program is offered to all borrowers in Manatee County Florida only who meet income, purchase price and other program guidelines, and can otherwise qualify for a VA, USDA, or FHA mortgage loan.
Maximum Purchase price: $561,333 Non-Targeted or $686,073 Non Targeted area.
Land may not exceed the size required to maintain basic livability.
No more than 15% of the square footage of the home being purchased may be used in connection with a trade or business including Child Care services (other than incidental rental from eligible multi-unit structures).
Down Payment comes in two different versions and cannot be combined.
$15,000 Deferred second mortgage at 0% interest.
The Down Payment Assistance Grant is forgiven at the Closing table. No repayment of grant is required.
FHA version - Maximum Household Income for Manatee County Florida included all people in household 18 years and older = 1-2 person Household income limit = $145,500 unless using Freddie Mac Conventional loan. In which case, household income must be less than 80% of AMI Area Median Income or
NO First Time Homebuyers' requirement.
Interest rates are determined by Manatee County and are non-negotiable with Lender.
Minimum Funds directly from Buyer of $1000.00 to Close on Home
Minimum middle 660 middle FICO 5-4-2 credit score to qualify for 2% FHA grants, middle FICO 660 to receive 3% the FHA grants AUS guidelines maintain authority on all decisions.
FHA version Borrower with FICO scores less than 660 must be less than 44.99% back end DTI. Conventional Borrower must have 49.99% back end DTI or less.
FHA, VA & USDA loans with 680 FICO scores or higher can have back-end DTI or up to 50%
Lenders must comply with Mortgage Insurance DTI requirements which may limit the maximum DTI for borrowers.
Low fixed mortgage interest rates
Can purchase new or resale homes.
Must occupy residence within 60 days of closing.
8 hour HUD approved face to face or HUD approved online Mortgage Counseling course required
FHA, VA and USDA versions - No Bankruptcies in last 2 years and no foreclosure last 3 years.
Conventional versions: No Bankruptcies in last 4 years and no foreclosures or short sales in last 7 years.
No NSF's in last 12 months, No late credit payments last 12 months.
Primary Residences only, 1-4 units. SFR, Townhomes,Condos with LTV's above 95.01% to be approved by Sponsor of DPA program.
Co-signers ARE permitted for FHA loans ONLY to the extent of Agency guidelines. Co-signers cannot be named on the warranty deed,
Cannot own any other residential property at time of closing.
Non-permanent manufactured, mobile, recreational, seasonal or other types of vacation or non-permanent homes are not permitted.
No cash back at closing, any excess funds will be used to pay down first mortgage referred to as Principal Reduction.
1003 Income must be supported by pay-stubs and 2 year history of continuous employment for w-2 employees or 1099's, K1's and minimum 2 years business tax returns for the self-employed.
First mortgage is exempt from Documentary stamp tax with Lender followed provisions.
NO Intangibles tax exemption.
No Recapture tax.
Refinances: Not permitted.

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Manatee $15,000 Key Ownership Down Payment Assistance Grant for First Time Home Buyers

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