Down Payment Help

Home ownership is a big dream for many people, but the high cost of down payment can be a roadblock. However, there are several down payment assistance programs available to Florida home buyers that can make this dream a reality.

One such program is the Florida Housing Finance Corporation's (FHFC) State Housing Initiatives Partnership (SHIP). The program provides financial assistance to eligible low- and moderate-income families and individuals, including first-time home buyers, to help them purchase a home. SHIP offers up to $15,000 in down payment and closing cost assistance to qualified applicants who meet certain income and other eligibility requirements.

Another program available to Florida home buyers is the Homebuyer Loan Program offered by the Florida Department of Economic Opportunity (DEO). This program provides a low-interest rate mortgage and down payment assistance to eligible first-time home buyers. The loan amount may range from $5,000 to $15,000, and the down payment assistance is a zero-interest, deferred payment loan.

In addition, many counties in Florida offer their own down payment assistance programs for their residents. These programs vary by county, but they typically offer grants, loans, or forgivable loans to help eligible home buyers with their down payment and closing costs.

To be eligible for down payment assistance programs in Florida, home buyers must meet certain income and credit score requirements, and the home they purchase must meet certain guidelines. These guidelines typically include maximum purchase price limits and requirements for the condition of the home.

In conclusion, down payment assistance programs can provide a much-needed boost to Florida home buyers who are struggling to come up with the funds for their down payment and closing costs. To learn more about the down payment assistance programs available in your area, contact your local housing agency or a licensed real estate professional.