Down Payment Assitance

We offer multiple Down Payment Assistance Programs such as:

Florida Housing FHA and Conventional Programs

• Available for the properties in the State of Florida
• FHA or Fannie Mae Conventional 30 Year Fixed Options available
• Multiple closing cost and down payment and assistance available (may only use one)

o    Florida Housing Assist which offers up to $10,000 as a 0%, non-amortizing, non-forgivable deferred second mortgage (available with FHA and Conventional)

o    Florida Housing HLP Second Mortgage which offers $10,000 as a 3% fully-amortizing, second mortgage with a 15 year term with a monthly payment applies (available with FHA and Conventional)

o    Florida Housing TBA HFA Preferred Plus Second Mortgage which offers a loan amount of 3%, 4% or 5% in a forgivable second mortgage that is forgiven at 20% a year over its 5-year (available with Conventional only)

• Minimum Credit Score of 640
• First time homebuyer only
• Home Education Required
• Automated Approval Required
• Income/Purchase Price limits apply
• Florida Hometown Heroes

100% Forgivable Grant

If you meet ANY SINGLE criteria below you are eligible:

1. If you’re a first time homebuyer, you’re eligible, if not go to #2
2. If you volunteer or work for/as (even if it’s as a janitor) for any of the industries below, you’re eligible, if not go to #3
   1. Healthcare, education (private or public), municipal, state or federal agency, non-profit, law enforcement, public safety, civil servant, military, etc, OR
   2. Retired (from any institution/line of work)
3. If you make less than 140% of the Area Median Income, they’re eligible, if not go to #4
4. If the home is in an underserved census tract, you’re eligible

Program Features:

• 100% Forgivable DPA/Grant program, no repayment required, no lien created
• No resale/refinance/deed restrictions
• Seller concessions allowed up to 6%

Program Requirements:

• 2% or 3.5% down payment assistance available
• Can be combined with up to 6% seller concession
• FHA 30 year fixed rate mortgage only
• 1-2 unit primary residence only, Manufactured homes OK (single, double and triple wide ok), and MH Condo projects, FHA HRAP approved condos, Planned Unit Developments
• Must receive electronic underwriting approval
• 620 + FICO
• Max DTI 48.99