buy A Home With Free Downpayment Assistance Grants

First-Time Home Buyers Assistance

Florida Housing is a State Financing Corporation produced over 20 years ago to help Floridians acquire safe, decent housing that might otherwise be unavailable to them. Their “First-Time” Homebuyer Program provides low interest mortgage loans and financial incentives throughout the year, for eligible homebuyers who haven’t owned a home as a dominant residence within the past 3 years.

Program Highlights

The program offers low-interest 30 and 40 year fixed-rate loans, downpayment and closing costs assistance in addition as access to credit counseling.

Teachers, firefighters, healthcare workers, police officers, in addition as active duty and veteran military personnel could be eligible for lower interest rates.

Eligible applicants include individuals who:

 have never owned a home,

 don’t claim their mobile home as real character,

 haven’t owned a home as their dominant residence within the past three years,

 have established credit worthiness,

 have an annual income that does not go beyond program limits.

Downpayment Assistance

Florida Housing offers two downpayment and closing cost assistance programs in the form of second mortgage loans, and one in the form of an upfront cash assistance to help eligible homebuyers cover their downpayment and closing costs.

Downpayment Assistance

Programs: Offers Up To:

(Income limits apply)

FLORIDA ASSIST PROGRAM $10,000- Applicants with annual income at or below 80% Area Median Income

ASSISTANCE FOR MODERATE INCOME (HAMI) $5,000-Applicants with moderate income

The City of Orlando offers a Downpayment Assistance Program, obtainable to low and moderate income first-time homebuyers for the buy of a home within the City limits of Orlando. Depending on the gross household income, assistance may be $10,000, $20,000 or $30,000.

Teachers and public safety personnel, who are moderate income, may qualify for $20,000 of assistance. City of Orlando employees, teachers, and public safety personnel who are purchasing homes within the city limits of Orlando do not have to be first time homebuyers. Purchasers must occupy the character as a principal residence for at the minimum ten (10) years. The downpayment assistance becomes a grant once the period of affordability has been satisfied.

Orange County provides funds to qualified first time homebuyers for down payment and closing costs associated with purchasing a home. The program provides assistance to qualified low and moderate income persons in Orange County on a first come, first ready basis. The program also requires that possible homebuyers complete a pre-buy and post-buy education program.

The buyer must:

 Meet the income requirements. Annual household income cannot go beyond 120% of the area median income.

 Provide at the minimum $1,000 of their own funds.

 Complete a home buyer’s education seminar.

 obtain first mortgage financing.

The character must:

 Be new or existing and located in Orange County, outside the city limits of Orlando.

 Not go beyond a sales price of $219,000.

 Receive competitive fixed rate financing.

 Be fee simple ownership.

The assistance:

 Maximum ranges from $20,000 to $35,000 depending on household income.

 The County’s assistance is provided to the buyer’s closing agent at closing in the form of a soft second mortgage at 0% interest which is forgiven after fifteen (15) years if the home remains owner-occupied.

 In addition, the total first mortgage and Orange County’s second mortgage may not go beyond 105% of appraised value.

Home Buyer’s Education Program

All participants requesting down payment assistance must attend a free Homeowners Education workshop. This provides education and technical sets to assist eligible low and moderate income families in the time of action and procedure connected with the buy of an affordable single family fee-simple housing unit. Homebuyers Education addresses such topics as choosing a realtor, qualifying for a mortgage, inspecting a house, contracts for sale, home maintenance and credit issues.

The Orange County Finance Authority is a government organization that provides mortgage financing with lower interest rates than what is obtainable in the market. Their financing products reduce long-term mortgage costs. Plus, if eligible, you may acquire additional down payment/closing cost assistance from other supplies along with this financing!

In order to qualify for home financing, certain eligibility requirements must be met:

 You have not had an ownership interest in a dominant residence during the past three years. (Unless the character is located in a federally designated “Targeted Area”.)

 character must be owner-occupied for the term of the loan or until the character is sold.

 Have the legal right to permanently reside in the United States

 Meet credit and loan requirements

 Do not go beyond the income & buy price limit

 Veterans can waive First-Time Homebuyer Rule

City of Kissimmee Community Redevelopment Agency offers financial grants to new homeowners within the Community Redevelopment Agency district (CRA), in order to provide economic sustain to the downtown businesses. It is designed to attract new residents to targeted areas within the Community Redevelopment district. There will be no income limitations placed on the granting of these funds.

Funding will be granted based on formation of owner occupancy of the subject character. The grants will be given on a first come, first served basis after certain qualifications have been met.

The agency offers financial grants to eligible employees of employers in the CRA Overlay District on a first come, first served basis to be used towards the buy of a home. Plus, there are incentives for Teachers to be used towards the buy of a home in the CRA Overlay District on a first come, first served basis.

Osceola County provides funds to qualified first time homebuyers for downpayment, closing costs associated with purchasing a home, and financing with lower interest rates than what is obtainable in the market. The program provides assistance to qualified low and moderate income persons in Osceola County on a first come, first ready basis. The program also requires that possible homebuyers complete an education program.

The buyer must:

 Not have owned a home in the last three years.

 Attend a Home Buyers arrangement Session and complete a Home Buyers Education Program.

 Have a minimum of $1,000 to contribute toward the costs of buying a home.

 Have an annual income that falls within the area median income guidelines as defined by the U.S. Department of Housing and Urban Development. Additional terms may apply.

The character must:

 Must be located in Osceola County.

 New home or existing homes must not go beyond $200,000. If within the City of Kissimmee homes must not go beyond $240,000.

 No mobile homes.

 Manufactured homes must have DCA insignia seal.

 Must be a single family home, condominium, town home or villa.

The assistance:

 Maximum ranges from $39,000 to $69,000 depending on household income.

 The Loan is provided to the buyer’s closing agent at closing in the form of a soft second mortgage which is forgiven after ten (10) years if the home remains owner-occupied.

Repayment of the loan becomes due if:

 Borrower defaults on the first mortgage.

 The house is sold refinanced with equity cashed out.

 The house is rented, leased, subleased or ceases to be owner-occupied prior to the end of the loan period.

 No Home Equity Line of Credit borrowed against the character.

Home Buyer’s Education Program

All participants requesting down payment assistance must attend a free Homeowners Education workshop. This provides education and technical sets to assist eligible low and moderate income families in the time of action and procedure connected with the buy of an affordable single family fee-simple housing unit. Homebuyers Education addresses such topics as choosing a realtor, qualifying for a mortgage, inspecting a house, contracts for sale, home maintenance and credit issues.

SHIP Program (State Housing Initiative Partnership)

The State Housing Initiatives Partnership (SHIP) Program provides funds to produce and preserve affordable housing by the creation of a partnership between the public and private sectors. The funds are derived from the collection of documentary stamp tax revenues, which are deposited into the Local Government Housing Trust Fund. Based on a population-based formula, SHIP funds are distributed to local governments each month.

These funds are obtainable to Home Buyers by the Downpayment Assistance programs above.

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