Down Payment Assistance has become a popular option for people looking for a home to buy and live in. Buyers are able to present competitive offers to sellers because while in the past buyers were requesting the seller help pay for buyer closing costs, now these government programs are covering the buyer’s closing costs so the buyers are no longer asking sellers to help pay closing costs. The result? Buyer’s with minimal cash reserves are able to bring competitive offers to the market and are buying houses!
Here is a summary of a few Down Payment Assistance programs in Central Florida. Please use the included links to each program for a full description of benefits, requirements, terms, and qualifications:
➜ Buyers must get approved before signing a contract to buy house
➜ $14,999 max award
➜ This loan is forgivable after 5yrs
➜ The home must always be owner occupied, never rented
➜ The city inspects the property to make sure the home is in good condition
Tampa Mortgage Assistance Program Full Details
➜ Buyers and spouse must be a 1st time homebuyer and permanent US resident
➜ The home must always be owner occupied, never rented
➜ Up to 7,500 second mortgage is available
➜ The interest rate is 0%, but the debt must be repaid.
Hillsborough County Home Sweet Home Program Full Details
➜ Buyers below $51,120 income may receive a 1,500 grant for down payment assistance.
➜ Buyers below $31,950 income may receive an additional 2,500 grant for down payment assistance.
Affordable Income Subsidy Grant Full Details
➜ Buyers receive up to 1% of the sales price to help with out-of-pocket expenses
➜ Buyers must attend a 1st time homebuyer Class
➜ Buyers must buy a home below the $253,000 max price
➜ The home must always be owner occupied, never rented
St Petersburg Purchase Assistance Program Full Details
➜ Up to 7,500 second mortgage is available
➜ The interest rate is 0%, but the debt must be repaid.
➜ Take a class
Pinellas County First Time Homebuyer Key 1st Mortgage Full Details
If you have other concerns or questions don’t hesitate to reach out to us.
