The Florida Housing Finance Corp., which was created by the Florida Legislature, offers a popular $10,000 Down Payment Assistance Program to qualified homebuyers. There is NO interest and NO payment on the funds, and can be used for a combination of down payment and closing costs. Yes folks, it’s basically FREE money for your home purchase!
Buyers Must Not Have Owned in the Last 3-Years
The program is specifically designed for what is considered a “First Time Home Buyer” which is defined as ANY buyer that has NOT owned a home during the last 3-years. Of course, first-time buyers that have never owned a home, and even Boomerang Buyers that were affected by a foreclosure, may qualify for the program.
Funds Can Be Used for Down Payment or Closing Costs
The $10,000 assistance is processed in the form of a second mortgage. However, unlike a standard loan, this one has NO interest charges and you make NO payments throughout the life of your first mortgage loan. Homebuyers can utilize the funds in any combination of Down Payment or Closing Costs. The loan is paid back when you sell the home or you no longer occupy the property as your primary residence.
Guidelines will vary slightly for each borrower. However, the program requires a minimum 640 FICO credit score. Income and purchase price limits vary from county to county. However, as an example, in Palm Beach County the income limits for 1-2 borrowers is $75,095 annually, with a maximum purchase price of $337,500. An Authorized/Delegated Lender can easily determine if you qualify for the program, and buyers must complete a one-time homebuyer class prior to closing.
You May Be Leaving FREE Money on the Table!
I urge homebuyers to apply for the program. You may be leaving FREE money on the table! Please contact me at 561-876-8447 for your list of qualified homes and to further discuss your options. You may also contact authorized lender, Ideal Lending Solutions, to determine if you qualify for the program.
DOWN PAYMENT ASSISTANCE PROGRAM
IDEAL LENDING SOLUTIONS
Contact: JOSH ULMER