Manatee $15,000 Key Ownership Down Payment Assistance Grant for First Time Home Buyers
Updated July 19, 2024Special 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.
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!