Down Payment Assistance Programs

Down Payment Assistance Programs

If you are looking for down payment assistance programs, here is an updated list for South Florida. Keep in mind some of these programs require you to go with designated approved lender, and that may not be us. We are The Truth About Lending, and we put consumer advocacy first!

Down Payment Assistance Programs

Florida Housing’s First Time Homebuyer Program: Offers low-to-moderate-income buyer’s low-interest fixed-rate 30-year mortgage loans. Various lending institutions partner with Florida Housing to provide these loans. To qualify, you must be a first-time homebuyer who meets income and purchase price limits. You must attend a 6 to 8 hour homebuyer-training course, qualify for a mortgage and have a credit score of at least 640. As of 2015, the rate fort he Florida First program in Broward County is 4.25 percent.

Florida Assist Program: As an add-on benefit for Floridians who qualify for the FTHB program, you may also be able to receive up to$10,000 toward down payment and closing costs through the Florida Assist Program. Under this program, you get a second mortgage loan through a participating lender approved by Florida Housing with zero percent interest, in conjunction with your first mortgage. You pay off the second loan when you sell or refinance your home, or when the first loan terminates, or if you no longer occupy the residence.

Florida Housing Mortgage Credit Certificate Program: Under the Florida Housing Mortgage Credit Certificate Program, first-time Floridian homebuyers can receive up to $2,000 annually, as of 2015, in the form of a tax credit on up to 50 percent of paid mortgage interest. Any mortgage interest not included in the credit, can be claimed as a home mortgage interest tax deduction. The MCC credit can be used with any participating lender’s fixed-rate first mortgage loan, with the exception of the First Time Homebuyer Program. In Palm Beach County, the income limit for a household of two is $82,440; in Glades County, that limit is $57,600.

State Housing Initiatives Partnership Program

Another resource for the first-time Florida homebuyer is the State Housing Initiatives Partnership program, which operates on the local and county levels. Low- and middle-income first-time home-purchasers get assistance with down payments and closing costs. As with other programs, you must meet income and purchase price limits. For example, as of 2015, the maximum income for a family of two in Orange County is 80 percent of the Area Median Income, which is $37,350. To see if you qualify, contact your local SHIP administrator or community improvement manager:

Mildred Reynolds, SHIP Administrator
Housing Finance & Community Development
110 N.E. 3rd Street
Suite 300
Ft. Lauderdale, FL 33301
Phone: (954) 357-4939
FAX: 954.357.8225

Ms. Leyani Sosa, Loan Servicing Supervisor
Department of Public Housing and Community Development
701 NW 1st Court
14th Floor
Miami, FL 33136
Phone: (786) 469-2185
FAX: (786) 469-2236

Ms. Marie Brouillette, SHIP Coordinator
1400 Kennedy Drive
Key West, FL 33040
Phone: 305-735-3888
FAX: (305) 295-6536

Ms. Carol Eaddy Langford, Business & Housing Investments Manager/SHIP Administrator
Department of Economic Sustainability
100 Australian Avenue
Suite 500
West Palm Beach, FL 33406
Phone: 561-233-3660
FAX: 561-656-7594

Homeownership Pool (HOP) Program

The Homeownership Pool (“HOP”) Program is a non-competitive and on-going program, with Developers applying to become HOP Pool Members and reserving funds for eligible homebuyers on a first-come, first-served basis. Homebuyers, whose adjusted income does not exceed 80% AMI, purchasing a home through a HOP Pool Member, may be eligible to receive a 0% deferred second mortgage loan for the lesser of 25% of the purchase price of the home, $70,000 or the amount necessary to meet underwriting criteria.

HOP Member Contact List
USDA 100% Financing Program
USDA 100% Financing Program
Zero down payment
640 minimum credit score. Property must be located in targeted area. Check property eligibility. Email with property
address if you want us to check if the home is eligible.
Income restrictions apply. Check income eligibility.
NO PMI or Private Mortgage Insurance.
Seller can pay 6% of purchase price toward closing costs

Good Neighbor Next Door
Get home at 50% discount on home in target areas.
Must be law enforcement, police officer, teacher, firefighter, or emergency medical technician to be eligible for this program. Low Down Payment Option available in HUD Participating Communities

Home Possible Neighborhood Solution Program
You may be eligible for this program is you are a Teacher, Law Enforcement Officer, Firefighter, Healthcare Worker, Nurse, Emergency Medical Technician (EMT), or Military Personnel
620 Credit Score. Reduced mortgage insurance that means lower monthly mortgage payment
Flexible Qualification Guidelines

Operation HOPE
Operation HOPE is committed to helping people in low-wealth neighborhoods become homeowners and community stakeholders. The Operation HOPE Home Buyers Program is designed specifically for low-wealth individuals who ordinarily would find difficult, if not impossible. We help our clients get the funding they need to own a home without resorting to sub-prime loans.
Our Home Buyers Program is available at all HOPE Inside locations and provides significant advantages to low-wealth homebuyers. Some of these include: Loan products from FDIC-insured financial institutions FHA loan programs
Down payment assistance programs
Teams of professional realtors committed to working with our clients
First-time home-buying programs designed for those with low or moderate income.
The process starts with a Home Buyers Workshop that provides an overview of the process. From there, our certified counselors will walk clients through the loan packaging process.
Our HUD-Approved housing counseling program helps clients overcome a variety of barriers to homeownership, including bad credit, lack of down payment, existing debt, and money management issues.

HOPE Express Miami
444 SW 2nd Avenue, 5th Floor
Miami, Florida 33130

Another resource for the first-time Florida homebuyer is the State Housing Initiatives Partnership Program, which operates on the local and county levels. Low- and middle-income first-time home-purchasers get assistance with down payments and closing costs. As with other programs, you must meet income and purchase price limits. For example, as of 2015, the maximum income for a family.

Palm Beach County Housing Programs:

HOME Match
Funds will be used to provide the local required dollar match for the federal HOME program. Under this strategy, the only initiative funded will be purchase assistance for first time homebuyers with very low and low income. Assistance will be based on the financing needs of the individual homebuyer up to the maximum amount of assistance available for the income group. Permanent first mortgage financing is required and provided through private sector financing institutions.

Veterans Homeownership & Preservation Program
Funding will provide first and/or mortgage loan assistance to income eligible active duty military personnel and veterans, including eligible surviving spouses of military personnel to acquire a new or existing single-family residence or rehabilitate an existing home. Assistance can be used for leveraging with existing veterans housing ownership programs, gap financing, and land acquisition with housing development, down payment assistance, closing costs, and rehabilitation with or without acquisition. Maximum loan amounts are based upon established affordability guidelines. Creditworthiness is based upon DES established underwriting guidelines. Purchase price plus rehabilitation cannot exceed 90% of the U.S.Treasury median sales price.

Home Investment Partnership Program (HOME)
Provides financial assistance to very-low and low-income applicants to acquire their first home (acquire includes acquisition, acquisition/rehabilitation and new construction) that will be used as their principal place of residence. Financial assistance will be provided in the form of a mortgage that is due upon sale, transfer or conveyance of the property. If the loan conditions are not violated at the end of 30 years, the loan is forgiven. Funds may be used as gap financing. The sales price in addition to the rehabilitation costs cannot exceed the appraised value of the dwelling.
For more information, contact Mortgage and Housing Investments at (561) 233-3600.

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