Home Loan Assistance Programs

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Real estate is a booming industry. When people buy homes, the purchase benefits the buyers, the sellers, the local community and the government, so it only makes sense that there would be government programs that help people get into homes. Some programs include
 
Information on these programs is listed below.
 
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Conventional Preferred Plus Down Payment Assistance
  • 30-year, fixed-rate first mortgage loan
  • This program can be used anywhere in the State of Florida.
  • Minimum credit score: 680
  • First Time Home Buyer or buyer who hasn't owned a primary residence in past 3 years.
  • Purchase only, no construction to permanent loans - no investment properties.
  • 3% of the purchase price is in the form of a grant that does not require repayment by the borrower.
    • Can be used for the down payment, mortgage closing costs, or mortgage insurance premium to lower mortgage insurance cost
    • Florida e-housing fee's $225 compliance fee + $300 US Bank funding fee + $85 tax service fee at closing to be deducted from the 3% Grant.
  • Single Family Residence, Townhouses & Condos 
  • 2 hour Buyer education required or any HUD approved agency (online or in-person) or approved 1 hour mortgage insurance education class from MGIC or Genworth
  • Co-Signers not permitted
 
Home 2 Home / Sapphire FHA Down Payment Assistance 
  • 30 year fixed term
  • for ALL Florida Counties
  • Provides up to 4.5% in down payment assistance for FHA Loans
  • Down Payment Assistance is forgiven at the Closing table.
  • Buyer does not need to be first time Home Buyer.
  • Must be primary residence, no Investors.
  • Competitive mortgage Interest rates. 
  • Can be used with VA Mortgages (4.5%), FHA Mortgages (4.5%) and USDA Mortgages (3%)  
  • Maximum Income Limits set at 115% of Florida County the house is located.
  • Minimum FICO credit score: 620.
  • No 203k Renovation loans allowed.
 
Florida FHA State Bond Preferred Down Payment Assistance Program 
  • 30-year, fixed-rate
  • Orange County, Osceola County, Lake County, Hernando County, Putnam County and Nassau County
  • First Time Home Buyer -- hasn't owned a property for at least 3 years.
  • Down Payment Assistance comes in the form of a $7,500 0% interest 2nd mortgage loan. 
    • The down payment assistance can be used for the down payment, Buyers mortgage closing costs, or split pay mortgage insurance premium to lower mortgage insurance cost.
    • Florida e-housing fee's $225 compliance fee + $300 US Bank funding fee + $85 tax service fee calculated minus the $7,500 down payment assistance.
  • Must be primary residence.
  • Minimum credit score: 640
  • Single Family Residence, Townhouses. No Manufactured Homes.
  • Purchase only. No Construction to Perm loans, no investment purchases, no refi's.
  • Owner Occupants only, must occupy within 60 days.
  • 2 hour Buyer Mortgage Insurance education required or any 6-8 hour HUD approved agency (online or in-person) or approved mortgage insurance education class from MGIC or Genworth
  • No Intangibles tax on HUD or Closing Disclosure.
  • Co-Signors not permitted
 
Freedom First Closing Cost Assistance program for NO FICO CREDIT or LOW FICO Score Buyers 
  • 30-year, fixed-rate FHA first mortgage loan
  • No income limits.
  • No FICO credit scores but alternative credit such as rental history, cell phone statements, utility statements etc...
  • No first time home buyer requirement.
  • up to 2% of the loan amount is in the form of a Lender credit that does not require repayment by the borrower. This can ONLY be used for Closing Costs, NOT the down payment.
  • This program can be used anywhere in the State of Florida for Single Family Residence, Townhomes & Condos
  • Purchase only, no construction to permanent loans - no investment properties.
  • Owner Occupants only-No Investors.
  • 2 hour Buyer education required or any HUD approved agency (online or in-person) or approved 1 hour mortgage insurance education class from MGIC or Genworth
  • Co-Signers permitted.
 
Federal Home Loan Bank Down Payment Assistance Grant 
  • Provides 4:1 matching funds up to $5,000 for Borrowers not involved in the occupations below
  • Provides 4:1 matching funds up to $7,500 for those involved in Public Safety, Medical, or Education
  • Buyer must be First Time Homebuyer or hasn't owned a home in 3 years
  • Primary Residences only.
  • Income must be at or under 80% of the HUD Median Income
  • 1 hour Mortgage Counseling conversation required
  • No Bankruptcies in last 2 years and no foreclosure last 3 years
  • Minimum middle credit score: 620
 
USDA / Rural Development Loans 
  • Provides up to 102% financing in participating Florida Counties
  • Buyer does not need to be 1st time Home Buyer.
  • No Prepayment Penalty Fee if loan is paid out early.
  • VA Loans
    • VA may be able to provide you some assistance if you run into difficulty making payments
    • VA rules limit the amount you can be charged for closing costs.
    • VA-backed loans are assumable, as long as the person assuming the loan qualifies.
  • No down payment as long as the sales price doesn't exceed the appraised value.
  • Can be combined with Florida Bond program.
  • No private mortgage insurance premium requirement.
  • Minimum credit score: 640
  • Closing costs may be paid by the seller.
  • You can reuse the benefit.
  • Must have Certificate of Eligibility
  • Primary Residences only