OWN A HOME Down Payment Assistance Grant

Down Payment Assistance Grant Program for the following Florida counties: Charlotte, Collier, DeSoto, Lee, Palm Beach, and Sarasota.

• 30-year, fixed-rate FHA 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, and can otherwise qualify for a Freddie Mac (FHMLC) Conventional, and Government Agency mortgage loan.
• Maximum Purchase price:
• Charlotte County Non-Targeted = $481,176
• Collier County Non-Targeted = $685,786
• Desoto County Non-Targeted = $481,176
• Lee County Non-Targeted = $481,176
• Palm Beach County Non-Targeted = $568,557
• Sarasota County Non-Targeted = $515,804
• The assistance comes in the form of either $7,500 All eligible counties or Palm Beach (Only) $10,000.
• FHA mortgage loans, USDA mortgage loans and VA mortgage loans.
• 1003 Credit qualifying income.
• Maximum 1003 Borrower income or Household Income for OWN program FHA/VA/RD (first position) Freddie Mac HFA Conventional (second position) :
• Charlotte County, (FHA,USDA,VA Freddie Mac) below 80% AMI = $61,840. Above 80% AMI up to $128,250
• Collier County, (FHA,USDA,VA Freddie Mac) below 80% AMI = $80,560. Above 80% AMI up to $151,050
• Desoto County, (FHA,USDA,VA Freddie Mac) below 80% AMI = $52,640. Above 80% AMI up to $128,250
• Lee County, (FHA,USDA,VA Freddie Mac) below 80% AMI = $68,720. Above 80% AMI up to $128,850
• Palm Beach County, (FHA,USDA,VA Freddie Mac) below 80% AMI = $78,960. Above 80% AMI up to $147,450
• Sarasota County, (FHA,USDA,VA Freddie Mac) below 80% AMI = $52,640. Above 80% AMI up to $148,050
• Cannot have owned house in last 3 years preceding purchase. Buyers CANNOT own any residential property at time of Closing on this program.
• Qualified Veterans may be eligible without being first time home buyer's
• Targeted areas do not have the first time home buyers requirement.
• NO work visa, student visa, any temporary visas qualify for this program
• Intangible Tax is NO longer exempt.
• Documentation Stamps STILL exempt.
• Minimum Funds directly from Buyer of $1000.00 to Close on Home
• Minimum middle 640 (5-4-2) FICO credit score on FHA, VA, USDA or what Automated Underwriting allows to qualify for 3%,4%,5% Forgivable second mortgage, percentage amount determined by Automated Underwriting findings, (AUS).
• ALL bank deposits OUTSIDE of payroll require detailed explanations.
• Maximum Debt to Income ratio 45% with 640-679 or less on FHA, VA and USDA loans.
• Maximum Debt to Income ratio up to 50% DTI with 680 FICO 5-4-2) for with FHLMC Conventional loans.
• Low fixed mortgage interest rates are determined by program guidelines, NOT by individual local Lender.
• Can purchase new construction or resale homes.
• 8 hour face-to-face or online HUD approved Mortgage Counseling course required or HUD approved Home Buyers Education course.
• No Bankruptcies in last 2 years, no foreclosure last 3 years for Government Agency loans (FHA, VA, USDA) or for conventional loans 4 years bankruptcy and/or 7 years foreclosures, short sales, or deed in lieu for conventional loans.
• Primary Residences only, Single Family Residences and Fee Simple town-homes, financing of condos must be approved by USB ONLY, no manufactured or mobile homes allowed.
• No Prepayment Penalty Fee if 1st mortgage loan is paid out early.
• While there is no cash back in this program, the borrower may be reimbursed for any overpayment of escrow to the extent permitted by Agency (FHA, VA, USDA) guidelines.
• Signed Federal tax returns last 3 years prior to transaction. Pay stubs and W2's required.
• No possibility of Recapture Tax.
• Credit restrictions: No Manual Underwrites, 3 trade lines with no late’s in last 12 months, No NSF's in last 12 months, Non-traditional credit allowed.
• Co-Signers cannot be used for FHLMC Conventional version of the program.
• Cosigners permitted for FHA loans under very specific conditions. Follow FHA guidelines for credit purposes only. Treat Co-signer credit/income as directed by FHA. Cosigner’s are allowable in an FHA transaction when meeting the following conditions (1) A Consignor cannot have any ownership interest in the property (they cannot be on the Mortgage/Deed) and (2) The Consignor cannot reside in the property being purchased. A Co-Signors income is not considered for program purposes, tax returns/transcripts are not required and Consignor’s do not sign any program documents.
• Income must be supported by paystubs and 2 year history of continuous employment.
• Assistance comes in the form of a 30 year forgivable second mortgage.
• Refinances: Not permitted.
• Lender credit not available.
• Appraisal must indicate that the home has at least a 30 year remaining useful life.
• Lot size cannot exceed basic livability standards. Example 4 acre lot properties not allowed.
• No Prepayment Penalties if mortgage is paid out early for whatever reason.

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