Pensacola FL First Time Home Buyers Program. This home is perfect for the First Time Home Buyer looking in Pensacola FL. It is move in ready and has new carpet and paint. The owners have maintained this house well.
The City of Pensacola’s HOME First-Time Home Buyers Program was created to assist low income families obtain affordable housing. Down payment and closing cost assistance up to $7,500 is available and is offered in the form of a forgivable loan. Applicants for the HOME First Time Homebuyers Program must allow the local government or its designated representative to verify the gross anticipated household income to determine that the household is qualified as either very low or low income.
Buyer Qualifications For Home Buyer Program:
- Must be a first time homebuyer.
- Have a total gross family income that does not exceed 120% of the area median income for Escambia County adjusted for family size.
- Have sufficient income and credit-worthiness to qualify for primary financing from a participating lender
- Must attend a free 8 hour HUD certified homebuyer education class offered by CEII (850-595-6234) or Consumer Credit Counseling Services (850-434-0268) prior to closing.
SHIP DOWN PAYMENT/ CLOSING COST ASSISTANCE
Escambia County and the City of Pensacola jointly administer the State Housing Initiatives Partnership (SHIP) program. This program provides first-time homebuyers loans of up to $7,500 for low and very low-income borrowers for Down Payment and Closing Cost assistance. Assistance is provided in the form of a 5 year forgivable grant, provided that the buyer does not sell, rent, or transfer within that time frame. Maximum sales price is $189,000 and homes cannot be new construction. Funding is available on a first come, first served basis. For more information, call (850) 748-0575. Go to www.FindHomesInPensacola.com to find Homes for sale under $189,000.