By Phil Ganz
Edited by Ryan Skerritt
Table of Contents
Purchase Plus Program Overview
Purchase Plus provides $5,250, which can significantly alleviate the financial pressures of down payments or closing costs. This grant can pivotally shift the balance for many, turning the dream of homeownership into a tangible reality.
The eligibility for Purchase Plus hinges on the applicant's current residence, not the intended location of the home purchase. Suppose you reside in one of Florida's 300 qualifying areas.
In that case, you can leverage this grant for a home purchase anywhere within the state, offering you immense flexibility in choosing your dream home.
Breaking the mold of conventional programs, Purchase Plus doesn't restrict eligibility based on income. This inclusive approach opens doors for a wider array of individuals and families, regardless of their income bracket, making owning a home more attainable and inclusive.
The grant is entirely forgivable, meaning there's no repayment obligation. Moreover, it caters to various housing preferences, including single-family homes, condos, and multi-unit properties (up to four units). This versatility ensures that regardless of your housing choice, Purchase Plus is there to support you.
In the following sections, we will explore the eligibility criteria in detail, giving you all the necessary information to see if Purchase Plus can be a part of your journey to homeownership. Stay tuned as we delve into how the Purchase Plus grant in Florida could unlock the door to your home.
Eligibility Requirements for the Purchase Plus Grant
Navigating the criteria for the Purchase Plus grant is crucial for potential applicants. This section provides a concise yet comprehensive breakdown of the eligibility requirements, ensuring clarity and precision for those considering this opportunity.
Location Criteria
The primary criterion for the Purchase Plus grant hinges on your current residential location. Applicants must reside in one of the 2,690 designated areas in Florida.
This requirement is unique in that it focuses on the applicant's present address, not the location of the prospective home purchase. Reach out to MakeFloridaYourHome to see if your area qualifies.
Credit Score Requirement
Financial credibility is pivotal in determining eligibility for the Purchase Plus grant. Applicants are required to have a minimum FICO credit score of 620. This threshold is set to ensure that applicants have a reasonable level of creditworthiness.
First-Time Homebuyer Status
The grant is exclusively available to individuals purchasing a home for the first time. This status is crucial in ensuring that the program benefits those new to homeownership and who have not previously enjoyed the benefits of owning a home.
Applicants will need to provide proof of their first-time homebuyer status. This usually involves a declaration or documentation showing they have not owned a home in the past three years.
Mortgage Criteria
A key eligibility factor is that no one listed on the mortgage can have an existing mortgage at the time of the application. This requirement focuses the grant's benefits on those not currently owning a home.
For households with multiple potential applicants, ensuring that no individuals involved in the application process have an outstanding mortgage is important. This includes checking whether co-applicants or co-signers are currently tied to a mortgage.
Benefits of the Purchase Plus Grant
The Purchase Plus grant, designed to assist first-time homebuyers in Florida, offers many benefits beyond straightforward financial assistance.
This section delves into the advantages of the grant, showcasing how it can facilitate the home-buying process for a diverse group of applicants.
Financial Assistance
The cornerstone of the Purchase Plus program is the provision of $5,250 in financial assistance. This grant can be applied towards the down payment or closing costs, two of the most significant expenses in the home-buying process.
Additional Credit for Appraisal Costs
In addition to the grant, Purchase Plus offers an extra benefit for those who have an appraisal conducted. Applicants can receive a credit of up to $500 to cover this expense.
Appraisals are a necessary part of the home-buying process, and this credit helps further lower the initial out-of-pocket expenses. This added incentive makes the program even more appealing and accessible.
Geographic Flexibility
While the grant is for Florida residents, its unique feature is its geographic flexibility. Recipients are not restricted to buying a home in the area where they currently reside. This flexibility allows for a broader range of choices in property location, accommodating various preferences and needs.
This aspect of the grant is particularly beneficial for those looking to relocate or considering properties in different parts of the state or country, providing a wider canvas for choosing their ideal home.
No Income Limits
Purchase Plus does not impose any income limits on applicants. This inclusive approach significantly broadens the potential recipient base, making the grant accessible to a wider demographic, regardless of income level.
By removing the income barrier, the program reaches out to a more diverse group of first-time homebuyers, ensuring that financial assistance is available to those who need it, not just those who fall within a certain income bracket.
Fully Forgivable
The grant is fully forgivable, meaning recipients are not required to repay it. This feature is particularly advantageous as it provides genuine financial aid without the burden of future repayment.
The forgivability aspect ensures that the grant truly aids in reducing the financial strain of home buying, offering peace of mind and stability to new homeowners.
How to Apply for the Purchase Plus Grant
Applying for the Purchase Plus grant is a streamlined process designed to be as accessible and straightforward as possible for first-time homebuyers in Florida.
To get started, the first step is to confirm your eligibility, particularly regarding your location. Here's a step-by-step guide to help you navigate the application process:
Step 1: Confirm Your Eligibility with MakeFloridaYourHome
The first and most crucial step in applying for the Purchase Plus grant is contacting MakeFloridaYourHome. They will assist you in determining if your current location in Florida qualifies you for the grant.
MakeFloridaYourHome has the resources and expertise to verify whether your residence falls within the 2,690 qualifying areas. This step is essential to ensure you meet one of the key eligibility criteria for the grant.
Step 2: Review Credit Score and Financial Status
Once your location eligibility is confirmed, reviewing your credit score is next. Remember, a minimum FICO score of 620 is required to qualify for the Purchase Plus grant.
It's also a good time to assess your overall financial situation. This includes understanding your current debts, income, and financial capabilities, as these factors will be crucial in the later stages of the home-buying process.
Step 3: Gather Necessary Documentation
Start gathering the necessary documents. This typically includes proof of residency, credit score reports, employment verification, and other relevant financial documents.
You must also provide documentation proving your status as a first-time homebuyer. This is a key requirement for the Purchase Plus grant.
Step 4: Complete the Application with an Approved Lender
MakeFloridaYourHome can guide you to the best lender familiar with the Purchase Plus grant. Working with an approved lender will streamline the application process.
Fill out the grant application with the help of your lender. They will ensure that all the necessary information is accurately provided and the application is complete.
Step 5: Await Approval and Plan Your Purchase
Once your application is submitted, it will be reviewed for approval. This process can take some time, so patience is key.
In the meantime, start planning your home purchase. Consider the type of property you are interested in, and look at potential homes within your budget.
Bottom Line
Applying for the Purchase Plus grant is a significant step towards achieving your dream of homeownership. By following these steps and utilizing the resources available through MakeFloridaYourHome, you can navigate the application process with confidence and ease.
Remember, this grant is designed to make homeownership more accessible and affordable, so take advantage of this opportunity to lay the foundation for your future home.
With over 50 years of mortgage industry experience, we are here to help you achieve the American dream of owning a home. We strive to provide the best education before, during, and after you buy a home. Our advice is based on experience with Phil Ganz and Team closing over One billion dollars and helping countless families.
About Author - Phil Ganz
Phil Ganz has over 20+ years of experience in the residential financing space. With over a billion dollars of funded loans, Phil helps homebuyers configure the perfect mortgage plan. Whether it's your first home, a complex multiple-property purchase, or anything in between, Phil has the experience to help you achieve your goals.
About Editor - Ryan Skerritt
Ryan Skerritt has over 10+ years of experience in the residential financing space. With over two hundred and fifty million of funded loan volume, Ryan has the skill set to help any homebuyer configure the perfect mortgage plan.
