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Do you Know About Florida Housing Down Payment Assistance Programs?

This article will discuss down payment assistance programs through Florida Housing.

FL First Conventional TBA Program

The FL First Conventional TBA Program through Florida Housing is an excellent option for first-time homebuyers who do not have the funds for the down payment and closing costs.

Borrowers are eligible for up to $10,000 in down payment assistance but must meet specific guidelines to qualify.

Borrowers can put down as little as a 3% down payment and have a FICO of 640 and up for the 30-year fixed loan.

If your credit score falls between 640 – 679, you have a maximum debt-to-income ratio of 45%. If the credit score is 680 and up, the debt-to-income ratio jumps to 50, which can play a significant role in getting the loan cleared to close.

Please note that depending on the county, income and loan limits exist.

FL Plus Conventional TBA Program

The FL Plus Conventional TBA Program is similar to the program mentioned above but has a few differences.

This program comes with a forgivable second loan and offers 3%, 4%, or 5% of the total loan amount for down payment assistance.

This program also offers reduced-cost mortgage insurance for borrowers if the area median income is at or below 80%.

You will not receive charter-level mortgage insurance if you are above the 80% area median income. This is an excellent option for those who qualify to get forgivable assistance.

Down payment assistance written on house model

FL Assist

The Florida Assist program offers up to $10,000 in down payment assistance for FHA, VA, USDA, and Conventional Loans! This comes with a 0%, non-amortizing, deferred second mortgage.

Unfortunately, this program is not forgivable, but the positive news is that the repayment period is deferred unless the home is sold, transferred, the first mortgage is satisfied, refinances the property, or the borrower does not occupy the property within a specific timeframe, the second loan will be due in full.

This is a 30-year term, and each program follows the general requirements of each program. For instance, with the FHA option, you can put down as little as 3.5% and a conventional as little as 3%.

The Bottom Line

Florida housing is a great way to get into a home by utilizing the down payment assistance! Florida Housing offers first-time homebuyers more options for down payment assistance than most states do.

This is a great option for those that do not have enough for the down payment, or those who simply don’t want to break the bank when purchasing a home.

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