Buy a home with free down payment assistance grants

First-time home buyer assistance

Florida Housing is a State Financing Corporation created more than 20 years ago to help Floridians obtain safe and decent housing that would not otherwise be available to them. Its “first-time” homebuyer program offers low-interest home loans and financial incentives year-round for eligible homebuyers who have not owned a home as their primary residence in the past 3 years.

Program highlights

The program offers low-interest 30- and 40-year fixed-rate loans, down payment assistance and closing costs, as well as access to credit counseling.

Teachers, firefighters, healthcare workers, police officers, as well as veteran and active duty military personnel may be eligible for lower interest rates.

Eligible applicants include individuals who:

 I have never had a house,

 not claim your mobile home as real property,

 you have not owned a home as your primary residence in the last three years,

 have established creditworthiness,

 have an annual income that does not exceed the limits of the program.

Down payment assistance

Florida Housing offers two down payment and closing cost assistance programs in the form of second home loans and one in the form of cash advance assistance to help eligible homebuyers cover their down payment and closing costs.

Down payment assistance

Programs: Offers until:

(Income limits apply)

FLORIDA ASSISTANCE PROGRAM $ 10,000- Applicants with annual income equal to or less than 80% of area median income

MODERATE INCOME ASSISTANCE (HAMI) $ 5,000-Moderate Income Applicants

The City of Orlando offers a Down Payment Assistance Program, available to low- and moderate-income first-time homebuyers for the purchase of a home within the City of Orlando limits. Depending on gross household income, assistance can be $ 10,000, $ 20,000, or $ 30,000.

Teachers and public safety personnel, who have moderate incomes, may qualify for $ 20,000 of assistance. City of Orlando employees, teachers, and public safety personnel who purchase homes within Orlando city limits do not have to be first-time home buyers. Buyers must occupy the property as their primary residence for at least ten (10) years. Down payment assistance becomes a grant once the affordability period has been met.

Orange County provides funds to qualifying first-time home buyers for the down payment and closing costs associated with purchasing a home. The program provides assistance to qualified low- and moderate-income individuals in Orange County on a first-come, first-served basis. The program also requires potential home buyers to complete a pre- and post-purchase educational program.

The buyer must:

 Meet income requirements. Annual household income cannot exceed 120% of the area median income.

 Provide at least $ 1,000 of your own funds.

 Complete an educational seminar for home buyers.

 Secure the financing of the first mortgage.

The property must:

 Be new or existing and located in Orange County, outside of the Orlando city limits.

 Do not exceed a sale price of $ 219,000.

 Receive competitive financing at a fixed rate.

 Be a property of simple payment.

The assistance:

 The maximum ranges from $ 20,000 to $ 35,000 depending on the household income.

 County assistance is provided to the buyer’s closing agent at closing in the form of a second 0% soft mortgage that is forgiven after fifteen (15) years if the home remains owner-occupied.

 Additionally, the first total mortgage and the second Orange County mortgage cannot exceed 105% of the appraised value.

Home buyer education program

All participants requesting down payment assistance must attend a free homeowners education workshop. This provides education and technical services to assist eligible low- and moderate-income families in the process and procedure related to purchasing a single-rate, affordable single-family dwelling unit. Homebuyer education addresses topics such as choosing a real estate agent, qualifying for a mortgage, home inspection, sales contracts, home maintenance, and credit problems.

The Orange County Finance Authority is a government organization that provides mortgage financing with lower interest rates than those available in the market. Its financing products reduce mortgage costs in the long term. Plus, if you’re eligible, you can get additional down payment / closing cost assistance from other sources along with this financing!

To qualify for home financing, certain eligibility requirements must be met:

 You have not had an ownership interest in a primary residence for the past three years. (Unless the property is located in a federally designated “Target Area”).

 Property must be owner-occupied for the term of the loan or until the property is sold.

 Have the legal right to permanently reside in the United States.

 Meet the credit and loan requirements.

 Do not exceed the income limit and purchase price

 Veterans can waive the first-time homebuyer rule

The City of Kissimmee Community Redevelopment Agency offers financial grants to new owners within the Community Redevelopment Agency (CRA) district to provide financial support to downtown businesses. It is designed to attract new residents to specific areas within the Community Redevelopment district. No income limitations will be imposed on the award of these funds.

Financing will be awarded based on the establishment of the occupancy of the owner of the property in question. Grants will be awarded on a first-come, first-served basis after certain requirements have been met.

The agency offers financial grants to eligible employees of employers in the CRA overlapping district on a first-come, first-served basis to use toward the purchase of a home. Additionally, there are incentives for teachers to use toward the purchase of a home in the CRA Overlay District on a first-come, first-served basis.

Osceola County provides funds to qualifying first-time homebuyers for the down payment, closing costs associated with buying a home, and financing at lower-than-market rates. The program provides assistance to qualified low- and moderate-income individuals in Osceola County on a first-come, first-served basis. The program also requires potential home buyers to complete an educational program.

The buyer must:

 Not having owned a home in the last three years.

 Attend a homebuyer orientation session and complete a homebuyer education program.

 Have a minimum of $ 1,000 to contribute toward the cost of buying a home.

 Have an annual income that is within the area median income guidelines as defined by the US Department of Housing and Urban Development Additional terms may apply.

The property must:

 Must be located in Osceola County.

 New or existing homes must not exceed $ 200,000. If within the city of Kissimmee, homes must not exceed $ 240,000.

 No mobile homes.

Manufactured homes must be stamped with the DCA insignia.

 It must be a single family home, condo, townhouse, or villa.

The assistance:

 The maximum ranges from $ 39,000 to $ 69,000 depending on the household income.

 The Loan is provided to the buyer’s closing agent at closing in the form of a second soft mortgage that is forgiven after ten (10) years if the home remains owner-occupied.

Loan repayment is due if:

 Default of the borrower on the first mortgage.

 The house is sold refinanced with collected capital.

 The home is rented, leased, sublet, or ceased to be owner-occupied before the end of the loan period.

 No line of credit with mortgage guarantee against the property.

Home buyer education program

All participants requesting down payment assistance must attend a free homeowners education workshop. This provides education and technical services to assist eligible low- and moderate-income families in the process and procedure related to purchasing a single-rate, affordable single-family dwelling unit. Homebuyer education addresses topics such as choosing a real estate agent, qualifying for a mortgage, home inspection, sales contracts, home maintenance, and credit problems.

SHIP Program (State Housing Initiative Association)

The State Housing Initiatives Partnership Program (SHIP) provides funds to produce and preserve affordable housing through the creation of a partnership between the public and private sectors. The funds are derived from the collection of tax revenue from documentary stamps, which is deposited in the Local Government Housing Trust Fund. Based on a population-based formula, SHIP funds are distributed to local governments each month.

These funds are available to home buyers through the down payment assistance programs listed above.