Florida's First Time Homeowner Downpayment Assistance Programs*:
Congratulations on your decision to buy your first home!
The biggest obstacle for first time homeowners is saving for the downpayment and closing costs which can easily amount to 5% - 15% of the homes value. In conjunction with the First Time Homebuyer Program, Florida Housing offers two down payment and closing cost assistance programs. These programs function in the form of 2nd mortgage loans and one in the form of up-front cash assistance to help eligible homebuyers like you. Based on the information that you provided, you may be eligible to receive ONE of the following:
Florida Assist (up to $10,000 available)
You indicated a two person household. Program requirements limit current income to no more than $31,700.00 to be eligible for home down payment assistance through the Florida Assist program. In Polk County, the purchase price of your new home is limited to $200,160.00. With the current inventory of homes in Central Florida you will find many options in this price range.
HAMI Program (up to $5,000 available)
This program is designed for moderate income households. If you exceed the $31,700 required for the Florida assist program but do nto exceed $54,800, your two person household may qualify for this real estate loan. HAMI will have an interest rate of 5%.
Four Percent Cash Option
Interested in a up-front case assistance? This Florida program provides borrowers with 4 percent of the loan amount to be applied toward down payment and closing costs.
*Income and purchase price limitations are subject to change. Call Realtor John Carter or a participating lender for more information.
