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Down Payment Assistance in Florida

There are several more Down Payment Assistance programs in Florida. A more comprehensive list of programs can be viewed at FloridaFirstTimeHomeBuyer.info

2020 - 105% Conventional Mortgage Financing including Closing Costs available for entire State of Florida.

  • 30-year fixed rate 97% LTV first mortgage loan coupled with an up to 8% FNMA second mortgage for Closing Costs. 97% + 8% = 105% CLTV.
  • First Mortgage fixed interest rate. Second mortgage 1%-8% (Buyers choice) is termed out for 15 years.
  • Max borrowed amount is $36,240 second mortgage.
  • No upfront mortgage insurance is required of Borrower, just typical monthly mortgage insurance.
  • The program is available to anyone who can qualify for a Fannie Mae Conventional Loan and has 700 FICO middle credit score.
  • Finance 105% Combined Loan To Value of the purchase price using a 97% First Mortgage and up to 8% Second mortgage.
  • Interest rate is dependent on Borrower(s) FICO credit score.
  • FICO 5-4-2 credit scores used to determine credit score Eligibility, NOT FICO-8.
  • This program can be used in all Florida Counties.
  • 1 unit only - Single Family Residence, Condos or Townhouses only. No Investment properties, Mobile Home, Manufactured or multifamily properties.
  • Seller contribution 3% maximum towards Buyers closing costs.
  • There are no targeted areas for this loan program.
  • Purchase only, no construction to permanent loans.
  • Owner Occupants only, No Non-Owner Occupied Co-Signors allowed. No Investors allowed.
  • 2-years of Federal Tax returns required for Self-Employed, income will be averaged over two year period.
  • First Time Home Buyer requirement for all Occupants for 105% CLTV transactions.
  • Fannie Mae Buyers Education Classes required. HUD Approved Buyers Education classes are not allowed to be used for this down payment assistance program.
  • Gift Funds from family allowed.
  • Loan must be approved with Automated Underwriting. No Manual Underwriting allowed. No non-traditional credit can be used.
  • No cash back at closing with only exceptions being Earnest Money deposit, Appraisal money and Home Inspection funds with receipt and evidence of home inspection.

2020 Florida - Salute Our Soldiers TBA Preferred First Mortgage with a FORGIVABLE GRANT - Down Payment program is for the entire State of Florida for all Active or Veterans

  • Florida Housing Finance Corporation TBA Conventional Grant version is either a 3%, 4% or 5% Forgivable Grant over a 5 year period.
  • This Active Military or Veteran Down Payment Assistance program is offered to all Fannie Mae or Freddie Mac Conventional Borrowers in the State of Florida who meet income, purchase price and other program guidelines, and can qualify for a Conventional 1st mortgage loan.
  • Active Military or Veteran Borrower must live at the property for 5 years for the entire grant to be forgiven. The grant is forgiven at a rate of 20% per year. Any remaining balance if the Borrower leaves within 5 years must be repaid upon sale of property, refinance, payoff 1st mortgage, transfer deed or no longer occupy the property as their primary residence.
  • Active Military or Veteran Borrowers who qualify for the Preferred Conventional First Mortgage loan automatically qualify for this second mortgage grant program.
  • No prepayment penalty for early payoff.
  • Borrower Does NOT have to be First Time Home Buyer, Spouse does NOT have to be a First Time Home Buyer if Spouse is NOT on the loan. This program is for Active Military or Veteran who was discharged as any status except dishonorable.
  • FHA version (Debt to Income) back end ratio up to 49.99% or less for FICO scores at least 680 or higher or whatever Automated Underwriting will approve.
  • No Lender Origination Fee can be charged in Closing Costs for this Military only program.
  • Military Certificate of Eligibility not required for this program, only DD214 Discharge paperwork to prove discharge status.
  • Very low fixed first mortgage interest rates for this Military only program.
  • Can purchase new or resale homes
  • Single Family Residences, Townhouses, Villas and Program APPROVED Condos, NO Manufactured homes.
  • Buyers must occupy within 60 days of Closing.
  • This program does not require entire family Household income if the Military personnel is the only one on the loan. It would be considered 1003 Qualifying Income only.
  • Primary Residences only, no second homes or investment properties.
  • No Prepayment Penalty Fee if either 1st or second mortgage loans are paid out early.
  • No cash back at closing, any excess funds will be used to pay down first mortgage.
  • Borrowers are permitted a reimbursement of prepaids and reimbursement of overage of earnest money deposit to the extent any minimum contribution has been satisfied and permitted by Conventional guidelines.
  • Program is exempt from documentary stamp tax and intangible tax. Mortgage Deeds are not exempt.
  • Conventional version, bankruptcies must be discharged over 4 years, and/or foreclosures, short sales or deed in lieu 7 years, minimum 2 trade lines with no late's in last 12 months, No NSF's in last 12 months.
  • Borrowers must be employed full time with 2 years continuous (not necessarily with the same company). Income must be supported by: 3 years Federal Tax Returns, W-2's, pay stubs and 2 year history of continuous employment. Gaps in employment can be considered.
  • Refinances: Not permitted.

2020 Florida - (HFA/HLP) Housing Finance Authority for the entire State of Florida

  • Florida Home Ownership Program HLP version $10,000 monthly payable second mortgage or Florida Assist version $7,500 silent second mortgage.
  • This Down Payment Assistance program is offered to all FHA or Fannie Mae or Freddie Mac Conventional Borrowers in the State of Florida who meet income, purchase price and other program guidelines, and can qualify for an FNMA conventional 1st mortgage loan.
  • Buyers who qualify for the Florida First HFA (FHA or Conventional version) of loan automatically qualify for these second mortgage programs.
  • This loan must be used in conjunction with a State of Florida Assist FHA or Conventional first mortgage loan.
  • HLP Version (either FHA or Conventional) is a 15 year - low interest rate amortized loan with low monthly payments on the second mortgage. No prepayment penalty.
  • Florida Assist version (either FHA or Conventional) is a $7,500 silent second mortgage deferred loan payments at 0% interest. This $7,500 must be repaid when the property sells, is refinanced, rented out or when the Mortgagor leaves the property for any reason.
  • Florida HLP version (either FHA or Conventional) is a $10,000 - monthly repayable 2nd mortgage low interest loan. The remaining balance of this mortgage must be repaid when the property sells, is refinanced, rented out or when the Mortgagor leaves the property for any reason.
  • The balance of either version of second mortgage is payable and due under the following circumstances. Both down payment assistance loans are immediately repayable if the homebuyer sells the home, pays off the 1st mortgage, transfers ownership, satisfies or refinances the first mortgage, or ceases to occupy the home.
  • Must be First Time Home Buyers or not have owned a home in past 3 years, unless a Veteran who was discharged as anything but dishonorable
  • FHA/Bond version (Debt to Income) back end ratio 44.99% or less for FICO scores 640 or higher.
  • Conventional version with FICO scores over 680 has a possible 49.99% Debt-to-Income ratio or whatever Automated Underwriting will approve.
  • Must be First Time Home Buyers or not have owned a home in past 3 years.
  • Low fixed first mortgage interest rates
  • Can purchase new or resale homes
  • Single Family Residences, Townhouses, Villas and Program APPROVED Condos, NO Manufactured homes.
  • Buyers must occupy within 60 days of Closing.
  • Bond/FHA version of program includes ALL income of Household, whether or not all the residents are on the actual mortgage.
  • TBA/Conventional version of program, income is ONLY Borrower income calculated from 1003 Income required by Borrower ONLY, if there is no other Borrower, no additional income will used for qualification or household income limitation.
  • Veterans do not need to be first time home buyers.
  • Veterans no longer pay Origination Fees on this loan.
  • Primary Residences only, no second homes or investment properties.
  • No Prepayment Penalty Fee if either 1st or second mortgage loans are paid out early.
  • No cash back at closing, any excess funds will be used to pay down first mortgage.
  • Borrowers are permitted a reimbursement of prepaids and reimbursement of overage of earnest money deposit to the extent any minimum contribution has been satisfied and permitted by FNMA guidelines.
  • Program is exempt from documentary stamp tax and intangible tax. Mortgage Deeds are not exempt.
  • FHA version, bankruptcies must be discharged over 2 years, and/or foreclosures, short sales or deed in lieu 3 years, minimum 2 trade lines with no late's in last 12 months, No NSF's in last 12 months.
  • Conventional version, bankruptcies must be discharged over 4 years, and/or foreclosures, short sales or deed in lieu 7 years, minimum 2 trade lines with no late's in last 12 months, No NSF's in last 12 months.
  • Either FHA or Conventional Versions of program, Borrowers must be employed full time with 2 years continuous (not necessarily with the same company). Income must be supported by: 3 years Federal Tax Returns, W-2's, pay stubs and 2 year history of continuous employment. Gaps in employment can be considered.
  • Refinances: Not permitted.

2020 - 100% Buyers Advantage Conventional Financing with $0 Mortgage Insurance available for entire State of Florida.

  • 30-year / 100% LTV first mortgage loan.
  • Must have 2 months PITI reserves.
  • If Census Tract is in a Moderate Income area, there is NO income limit.
  • If Census Tract has a 51% Minority population, there is NO income limit.
  • No upfront or monthly mortgage insurance is required by Borrower.
  • The program is available to anyone who can qualify for a Fannie Mae Conventional Loan.
  • This loan can be manually underwritten with max 43% DTI or with DU "Approve Eligible" or LPA "Accept" using Automated Underwriting approval .
  • Minimum 680 middle FICO credit score for 100% financing.No non-traditional credit can be used
  • This program has income limits of 100% of the HUD Median Income for Low to Moderate HUD Tract Income Level and 80% of the Income Tract Level if tract is not in Low to Moderate Income level.
  • This program can be used in all Florida, Georgia and Alabama Counties.
  • Eligible Borrowers include US Citizens and Permanent Resident Aliens.
  • Maximum LTV 100% loan amount up to Conventional loan limits per individual county.
  • 1 unit only - Single Family Residence, Townhouses, Manufactured and Mobile homes allowed.
  • Borrowers 1003 income used only for household income limitation. Only Applicant 1003 income used for qualification purposes.
  • NO mortgage insurance for Borrower with this Conventional loan program.
  • Seller contribution 3% maximum towards Buyers closing costs.
  • There are no targeted areas for this loan program.
  • Purchase only, no construction to permanent loans - no investment properties.
  • Owner Occupants only, No Non-Owner Occupied No Co-Signors allowed. No Investors allowed.
  • 2-years of Federal Tax returns required.
  • First Time Home Buyer requirement for at least 1 Borrower in transaction, otherwise only 80% of the HUD median income applicants are allowed and used for income qualification purposes.
  • HUD Approved Buyers Education classes are not allowed to be used for this down payment assistance program.
  • Gift Funds from family and employers allowed.
  • No Foreclosures, Bankruptcies, Deed in Lieu or Short Sales in past 4 years from application date.
  • No cash back at closing with only exceptions being Earnest Money deposit, Appraisal money and Home Inspection funds with receipt and evidence of home inspection.

2020 Florida - Salute Our Soldiers TBA Repayable 2nd Mortgage program is for the entire State of Florida for all Active or Veterans who have been discharged with Discharge Status OTHER than a Dishonorable Discharge

  • Florida Housing Finance Corporation TBA - FHA version is either a $10,000 HLP, 15 year amortized monthly payable second mortgage or Florida Assist Non-amortizing 0%, $7,500 silent second 30 Year deferred mortgage.
  • This Active Military or Veteran Down Payment Assistance program is offered to all FHA, Fannie Mae or Freddie Mac Conventional Borrowers in the State of Florida who meet income, purchase price and other program guidelines, and can qualify for an FHA or Conventional 1st mortgage loan.
  • Any unpaid balance to either of these two second mortgages must be repaid upon sale of property, refinance, payoff 1st mortgage, transfer deed or no longer occupy the property as their primary residence.
  • Borrowers who qualify for the Florida First HFA (FHA or Conventional version) of loan automatically qualify for these second mortgage programs.
  • HLP Version (either FHA or Conventional) is a 15 year - low interest rate amortized loan with low monthly payments on the second mortgage. No prepayment penalty for early payoff.
  • Florida Assist version (either FHA or Conventional) is a $7,500 silent second mortgage deferred loan payment at 0% interest. This $7,500 must be repaid when the property sells, is refinanced, rented out or when the Mortgagor leaves the property for any reason.
  • Florida HLP version (either FHA or Conventional) is a $10,000 - monthly repayable 2nd mortgage low interest loan. The remaining balance of this mortgage must be repaid when the property sells, is refinanced, rented out or when the Mortgagor leaves the property for any reason.
  • The balance of either FHA or Conventional version of second mortgage is payable and due under the following circumstances. Both down payment assistance loans are immediately repayable if the homebuyer sells the home, pays off the 1st mortgage, transfers ownership, satisfies or refinances the first mortgage, or ceases to occupy the home.
  • Does NOT have to be First Time Home Buyer, Spouse does NOT have to be a First Time Home Buyer if Spouse is NOT on the loan. This program is for Active Military or Veteran who was discharged as any status except dishonorable.
  • FHA version (Debt to Income) back end ratio 44.99% or less for FICO scores 640 or higher.
  • Conventional versions with FICO scores at least a 680 middle score has possible 49.99% Debt-to-Income back end ratio or whatever Automated Underwriting will approve.
  • No Lender Origination Fee can be charged in Closing Costs for this Military only program.
  • Military Certificate of Eligibility not required for this program, only DD214 Discharge paperwork to prove discharge status.
  • Very low fixed first mortgage interest rates for this Military only program.
  • Can purchase new or resale homes
  • Single Family Residences, Townhouses, Villas and Program APPROVED Condos, NO Manufactured homes.
  • Buyers must occupy within 60 days of Closing.
  • This program does not require entire family Household income if the Military personnel is the only one on the loan. It would be considered 1003 Qualifying Income only.
  • Either FHA or Conventional version of program, income is ONLY Borrower income calculated from 1003 Income required by Borrower ONLY, if there is no other Borrower, no additional Borrower no other income will be used for qualification or household income limitation.
  • Primary Residences only, no second homes or investment properties.
  • No Prepayment Penalty Fee if either 1st or second mortgage loans are paid out early.
  • No cash back at closing, any excess funds will be used to pay down first mortgage.
  • Borrowers are permitted a reimbursement of prepaids and reimbursement of overage of earnest money deposit to the extent any minimum contribution has been satisfied and permitted by FNMA guidelines.
  • Program is exempt from documentary stamp tax and intangible tax. Mortgage Deeds are not exempt.
  • FHA version, bankruptcies must be discharged over 2 years, and/or foreclosures, short sales or deed in lieu 3 years, minimum 2 trade lines with no late's in last 12 months, No NSF's in last 12 months.
  • Conventional version, bankruptcies must be discharged over 4 years, and/or foreclosures, short sales or deed in lieu 7 years, minimum 2 trade lines with no late's in last 12 months, No NSF's in last 12 months.
  • Either FHA or Conventional Versions of program, Borrowers must be employed full time with 2 years continuous (not necessarily with the same company). Income must be supported by: 3 years Federal Tax Returns, W-2's, pay stubs and 2 year history of continuous employment. Gaps in employment can be considered.
  • Refinances: Not permitted.

2020 AFR Advantage FHA Financing 3.5% Grant program - (100% Financing)

  • Minimum middle FICO scores 620 or above.
  • Competitively priced FHA loan.
  • 3.5% Grant from Non-Profit 96.5% eligible FHA approved mortgage.
  • Mortgage must meet FHA loan guideline eligibility.
  • Maximum Back End DTI Ratio = 48.99%.
  • FHA loan amounts only.
  • Primary Residences only. No Investment properties. No 2-4 units.
  • Manufactured Housing allowed.
  • Must be either a First Time Homebuyer, or anyone involved in the Healthcare administration, Civil Servant in a Federal, State or Local Municipality, Law Enforcement administration, Military Veterans, Firefighters and administration and Municipal School Administration.
  • FHA Acquisition price limits.
  • Can be used with FHA 203B, FHA Repair Escrow, FHA Limited & Standard 203K Renovation Loans
  • Co-Signors/Non-occupying Co-Borrowers allowed if related by blood, marriage or law and Agency guidelines.
  • Borrower may have a NON-FHA ownership interest in other property under certain conditions).
  • HUD approved Homebuyer education required before Closing.
  • Borrower(s) 1003 Income must be less than 140% of HUD Median Income for County where the property is located.

2020 UNLIMITED INCOME DPA Edge 100% Mortgage Financing

  • Provides 3.5% in down payment assistance in ALL Florida Counties for both FHA and Conventional FNMA Loans.
  • 3.5% down payment assistance is in the form of a forgivable 0%, "silent second" mortgage. 36 months of consecutive on-time payments must be made for "silent second" mortgage to be forgiven.
  • 30 year fixed term.
  • For all Florida counties.
  • Buyer does not need to be first time Home Buyer.
  • Unlimited income.
  • Back end debt to ratio less than 49.99% on all mortgages.
  • Must be primary residence, no Investors.
  • Must NOT have other concurrent residential real estate.
  • Stick built homes or manufactured homes allowed for Conventional and Government Agency loans (FNMA, FHA, VA and USDA).
  • Non-Owner Occupant Co-Borrowers allowed for Credit only, NOT income.
  • Competitive mortgage Interest rates.
  • Can be used with Conventional mortgages (3.5%), VA mortgages (3.5%), FHA mortgages (3.5%) and USDA mortgages (3.5%)
  • Supplemental Alternative credit NOT allowed. No manual underwrites.
  • Borrower must qualify for Conventional, FHA, USDA or VA Loan.
  • Duplexes ARE allowed. NO triplexes or quadraplexes.
  • NO Income limit.
  • Maximum loan amount of FHA limits in area purchased. Generally the lesser of $424,100 (not including MI) or maximum loan amounts permitted by HUD.
  • Home Buyer Education required.
  • Minimum middle FICO credit score is 620 or higher.
  • Maximum debt-to-income 50% or higher depending on credit score, compensating factors and Automated Underwriting findings.
  • 47% LTV or higher must have 12 months documentation rental history.
  • No Prepayment Penalty Fee if loan is paid out early.
  • No cash back to Borrower/Buyer
  • Seller can contribute up to 6% towards FHA, VA or USDA and 3% for all conventional Buyers closing costs.
  • No 203k Renovation loans allowed.

2020-City of Palm Bay Florida First Time Homebuyers Down Payment Assistance

  • First-time home buyers only; (not owning or having ANY ownership interest in a home in previous 3 years).
  • Must have ability to secure first mortgage financing: Conventional, FHA & VA are all acceptable.
  • MUST be a 30-year fixed rate; MORTGAGE LOAN MUST BE AT CURRENT MARKET INTEREST RATES.
  • Must attend a 5-hour Homebuyer Education Workshop.
  • Proposed monthly mortgage payments cannot exceed buyer’s affordability ratios (front-end 34% / back-end 42%).
  • No NSF’s in prior 12 months.
  • Property must be located within the Palm Bay City Limits.
  • Clear WDO Report is required prior to Closing.
  • Property must be Owner Occupied, Investment mortgages not available with this program.
  • City Housing Authority will conduct separate Inspection of resale houses prior to Closing.
  • No property with Lead Based Paint is eligible for this program.
  • Mobile, manufacture properties ARE NOT eligible.
  • No property may have a swimming pool or similar amenity, UNLESS property is a condominium with a community pool.
  • Applicants must make a minimum financial GOOD FAITH CONTRIBUTION, based upon their income bracket:
  • Income = 50% or less of AMI: MINIMUM REQUIRED FINANCIAL CONTRIBUTION:$750, Income = 51%-80% or less of AMI: MINIMUM REQUIRED FINANCIAL CONTRIBUTION:$1250.
  • Household Size & Maximum Household Income Limits below:
  • 1-Person= $38,750, 2-Person=$44,300, 3-Person=$49,850, 4-Person=$55,300, 5-Person=$59,800, 6-Person=$64,250, 7-Person=$68,650, 8-Person=$73,100
  • Maximum Amount of Assistance Levels below:
  • 50% or less of AMI=$ 17,600, Minimum of $10,000 can for DP,CC Only, Remaining Funds of $7,600 can be used for Repairs/Additional DP/CC.
  • 51% or less of AMI=$ 12,600, Minimum of $7,500 can for DP,CC Only, Remaining Funds of $5,100 can be used for Repairs/Additional DP/CC.
  • Each homebuyer purchasing an EXISTING home is eligible for repair funds. The actual amount of rehabilitation assistance provided will be based upon the repairs identified by Community Housing’s inspector and the costs of those repairs as evidenced by three (3) price estimates.
  • Please note that the actual amount of assistance provided will be the minimum needed to get you into an affordable housing unit. WE WILL NOT OVER SUBSIDIZE ANY HOUSEHOLD.
  • At closing, the minimum contribution must be satisfied; the buyer cannot receive cash back at closing.
  • This Deferred Down Payment Assistance becomes a Second Mortgage on the property: The assistance provided to each homebuyer, at the time of closing, will be in the form of a second mortgage.
  • This is a ten-year (10) year mortgage recorded in the Public Records of Brevard County. It is a Deferred Payment Loan (DPL) at zero percent (0%) interest

2020 - Titusville Florida Down Payment Assistance for First Time Home Buyers.

  • Borrowers and Spouse cannot have owned a home within 3 years.
  • Total Closing Costs may not exceed 5% (excluding Prepaids (Tax and property Insurance Escrows).
  • Proposed monthly mortgage payment cannot exceed buyer’s affordability ratios (front-end 34% / back-end 42%).
  • Must have ability to secure 30-year first mortgage financing: Conventional, FHA, VA are all acceptable; 30 year fixed rate.
  • Liquid assets (savings, checking, CD’s, treasury bonds, money market, savings bonds, etc.) that exceed $8,000.00 must be applied towards the purchase of the home.
  • No NSF in at least the last 6 months for program, may be additional restrictions for First Mortgage.
  • TOTAL INCOME AND ASSETS FOR ALL HOUSEHOLD MEMBERS MUST NOT EXCEED THE FOLLOWING LIMITS FOR FAMILY SIZE:
  • 1 Person Household Income = $38,750, 2 Person HI = $44,300, 3 Person HI = $49,850, 4 Person HI = $55,350, 5 Person HI = $59,800, 6 Person HI = $64,250, 7 Person HI = 68,650, 8 Person HI = $73,100
  • Home must be within the city limits of Titusville, Florida.
  • Home cannot be a mobile home.
  • Pre-1978 homes are eligible but if lead is found in home, lead must be abated prior to Closing.
  • Purchase only, no construction to permanent loans.
  • Owner Occupants only, no Investors allowed.
  • 2-years of Federal Tax returns required for Self-Employed, income will be averaged over two year period.
  • For existing homes, C.H.I. will conduct a home inspection to identify code-related repairs. All repairs identified during the inspection must be completed and approved prior to closing.
  • Must attend a Homebuyer Education workshop. HUD Approved Buyers Education classes are NOT allowed to be used for this down payment assistance program.
  • Gift Funds from family allowed.
  • All major systems in the home must have at least a five-year life prior to purchase.
  • A clear Wood Destroying Organism (WDO) Report is required prior to closing.
  • If Buyers income falls between 51%-80% of HUD Median Income for county, Buyer must have at least $1,250 of their own money in the transaction.
  • If Buyers income falls between 51%-80% of the HUD Median Income for county. The actual assistance amount will be up to $32,400 or the minimum needed to get the home buyer into an affordable unit.
  • The assistance funds are made up of down payment and closing costs.
  • Essential Services Personnel (Teachers, law enforcement, fire/EMS, health care professionals, security,and government personnel) are eligible to receive an additional $5000 which would be forgiven if they remain with current Employer for at least 5 years.
  • If all of the $5,000 is not needed for repairs, the remaining balance can be applied towards additional down payment/closing costs assistance, IF needed. WE WILL NOT OVER SUBSIDIZE ANY HOUSEHOLD.
  • The Assistance funds provided by the City of Titusville will become a SECOND MORTGAGE. The second mortgage will be recorded in the Public Records of Brevard County.
  • It is a ten (10) year, Deferred Payment Loan (DPL) at zero percent (0%), but forgiven at a rate of 20% per year AFTER the first 5 years if the Borrower stays in the house *.
  • The property must remain the principal residence of the homebuyer for entire lien period (5 years / less than $15000, 10 years/ $15,001- 15 years/ $40,000) or the full down payment assistance would be repaid plus a prorated share of the difference between the new sales price and the initial price of the house. CHI to calculate amount prior to acceptance in the program.
  • If DPA is less than $15,000, no portion of the $15,000 is forgiven and is required to be paid back to City of Titusville.
  • Leasing the premises for any period of time, moving out of the premises is deemed a default.
  • Property must be maintained and in good repair.
  • Death of the mortgagor: Passing of title due to the death of the mortgagor to other than a spouse or co-mortgagor is deemed a default.
  • If the property is sold or the title is transferred at any time during the lien period, the City of Titusville will require that the Owners must sell the unit in accordance with provisions of the DPA
  • Home Purchase Assistance Program Resale guidelines. The Resale Option described at 24 CFR 92.254 is triggered in the event that the house is sold or occupied by anyone other than the Owners during the affordability period. Non-compliance with the residency requirement will require the immediate payback of HOME funds invested into the property unless the house is sold.
  • RESALE PROVISIONS:
  • When Owners sell the property, either voluntarily or involuntarily, during the Lien period, it is considered a default.

2020-City of Cocoa Beach Florida Down Payment Assistance

  • Cannot have owned a home within 30 days of Closing your next house.
  • Any net proceeds from the sale of a previous home should be applied to the purchase of new home prior to receiving down payment
  • Proposed monthly mortgage payment cannot exceed buyer’s affordability ratios (front-end 34% / back-end 42%). Contact Shemiah Schene for these amounts, Shemiah@usa-dpa.com.
  • Must have ability to secure 30-year first mortgage financing: Conventional, FHA, VA are all acceptable; 30 year fixed rate.
  • Liquid assets (savings, checking, CD’s, treasury bonds, money market, savings bonds, etc.) that exceed $4,000.00 must be applied towards the purchase of the home.
  • No NSF in the last 12 months.
  • TOTAL INCOME AND ASSETS FOR ALL HOUSEHOLD MEMBERS MUST NOT EXCEED THE FOLLOWING LIMITS FOR FAMILY SIZE:
  • 1 Person Household Income = $38,750, 2 Person HI = $44,300, 3 Person HI = $49,850, 4 Person HI = $55,350, 5 Person HI = $59,800, 6 Person HI = $64,250, 7 Person HI = 68,650, 8 Person HI = $73,100
  • Home must be within the city limits of Cocoa.
  • Home can not be a mobile or modular home.
  • Pre-1978 homes are not eligible.
  • Property can be a new home or an existing home. The maximum purchase price for an existing home is $185,000. The maximum purchase price for a new construction home is $238,000.
  • Purchase only, no construction to permanent loans.
  • Owner Occupants only, No Non-Owner Occupied Co-Signors allowed. No Investors allowed.
  • 2-years of Federal Tax returns required for Self-Employed, income will be averaged over two year period.
  • For existing homes, C.H.I. will conduct a home inspection to identify code-related repairs. All repairs identified during the inspection must be completed and approved prior to closing.
  • Must attend a Homebuyer Education workshop. HUD Approved Buyers Education classes are NOT allowed to be used for this down payment assistance program.
  • Gift Funds from family allowed.
  • All major systems in the home must have at least a five-year life prior to purchase.
  • A clear Wood Destroying Organism (WDO) Report is required prior to closing.
  • Buyer must have at least $750 of their own money in the transaction.
  • The actual assistance amount will be the minimum needed to get the home buyer into an affordable unit.
  • The assistance funds are made up of down payment, closing costs and rehabilitation assistance.
  • The actual amount of repair assistance will be based upon the actual repair costs as determined by obtaining three (3) bids.
  • If all of the $5,000 is not needed for repairs, the remaining balance can be applied towards additional down payment/closing costs assistance, IF needed. WE WILL NOT OVER SUBSIDIZE ANY HOUSEHOLD.
  • ASSISTANCE BECOMES A SECOND MORTGAGE.
  • The assistance funds provided by the City of Cocoa will become a SECOND MORTGAGE. The second mortgage will be recorded in the Public Records of Brevard County.
  • It is a ten (10) year, Deferred Payment Loan (DPL) at zero percent (0%), forgiven at ten percent (10%) per year.
  • The property must remain the principle residence of the homebuyer for entire lien period (five or ten years).
  • Leasing the premises for any period of time is deemed a default.
  • Property must be maintained and in good repair.
  • Interest is zero percent (0%) on the loan EXCEPT in the case of default, at which time the remaining balance shall accrue interest at five percent (5%).
  • Death of the mortgagor: Passing of title due to the death of the mortgagor to other than a spouse or co-mortgagor is deemed a default.
  • If the property is sold or the title is transferred at any time during the lien period, the City of Cocoa will require that the Owners must sell the unit in accordance with
  • HOME Purchase Assistance Program Resale guidelines. The Resale Option described at 24CFR 92.254 is triggered in the event that the house is sold or occupied by anyone other than the Owners
  • during the affordability period. Non-compliance with the residency requirement will require the immediate payback of HOME funds invested into the property unless the house is sold.
  • RESALE PROVISIONS:
  • When Owners sell the property, either voluntarily or involuntarily, during the affordability period:
  • The property shall be sold to another eligible low-income homebuyer who will use the property as his or her principal residence throughout the period of affordability.
  • The Owners receive a fair return on investment. "Fair Return" is defined as the return of the homeowner's original investment plus any capital improvements, with copies of receipts, not to exceed the
  • Newly assessed value at the time of sale. Capital Improvements exclude maintenance;
  • The property is sold at a price that is "affordable to a reasonable range of low-income buyers." The City's definition of affordable to a reasonable range of low-income homebuyers is defined as a family
  • at 70 to 80 percent of area median income paying no more than 30 percent of income for principal, interest, property taxes, and insurance.

2020 - 97% LTV First Time Home Buyers with $0 Mortgage Insurance available for most of the State of Florida.

  • 10/1 Adjustable Rate Mortgage 97% LTV first mortgage loan with low interest rate.
  • Minimum FICO credit score of 620 possible, but not guaranteed. Loan is Manually Underwritten. All Sponsor's manual lending guidelines must be met.
  • Low mortgage payments for first 10-years. No balloon payments required at the end of the initial term.
  • Able to refinance before or after initial 10-year term or continue on the adjusted payment schedule for the next 20 years.
  • In 10/1 ARM version, last 20 years of loan can adjust every year up 2% and no more than aggregate total of 6% over the course of entire 30 year life of the loan.
  • No upfront or monthly mortgage insurance is required by Borrower.
  • No Prepayment penalty.
  • The program is available to First Time Home Buyers only. Must not have owned a home in last 3 years.
  • Income limit is 200% of the HUD Family Median Income for county property is in.
  • Finance 97% of the purchase price.
  • Maximum loan amount is $350,000.
  • This program allows for higher borrower income limits of 200% of the HUD Median Income for the county where the property is located.
  • This program can be used in many Florida counties, with the EXCEPTIONS of Miami-Dade, Okeechobee and several of the most northern counties, please ask for which counties qualify.
  • Maximum front end Housing ratio is 33% and maximum back end (all combined debts including PITI + HOA vs qualifying income) debt-to-income ratio is 41%.
  • 1 unit only - Single Family Residence, Townhouses or Condos, no modular or mobile homes.
  • NO mortgage insurance for Borrower with this loan program.
  • Seller contribution towards Buyer Closing Costs is maximum 3% towards Buyers closing costs.
  • There are no targeted areas for this loan program.
  • Purchase only, no construction to permanent loans - no investment properties.
  • Owner Occupants only, No Non-Owner Occupied Co-Signers allowed. No Investors allowed.
  • 3-years of Federal Tax returns required and/or acceptable Student Transcripts.
  • Borrower(s) must have a minimum of 1% of own funds in the transaction. 2% Gift funds from family can be used for rest of down payment.
  • HUD approved Buyers Education Classes required.
  • Possible Lender credit of $1000 is given to help with Closing Costs.
  • Acceptable Termite report required by licensed pest control company.
  • No Intangibles tax required in Closing Costs.
  • No cash back at closing.

House 2 Home FHA Grant

Provides up to 4% in down payment assistance in ALL Florida Counties for FHA Loans House 2 Home FHA Income/Mortgage Limits

  • Down Payment Assistance is forgiven at the Closing table.
  • Buyer does not need to be first time Home Buyer.
  • Provides up to 4% in down payment assistance in ALL Florida Counties for FHA Loans. The 4% Grant includes covering 1% of the mandatory 1.5% Lender Origination fee
  • Origination fee 1.75% for FHA and USDA. 1% Maximum Origination fee for VA Loans.
  • No Investment properties, Primary residence only.
  • Traditional frame-block-cement siding-built homes or manufactured homes allowed for Government Agency loans. Government Agency Loans include FHA, VA and USDA Rural Development homes.
  • 1-4 Units allowed, SFR, Duplexes, Triplexes, Quadraplexes.
  • Buyer may own other properties in or outside of Florida. No First Time Home Buyer restrictions apply.
  • Non-Owner Occupant Co-Borrowers ARE allowed.
  • 30-year fixed rate term. No Adjustable Rate Mortgages allowed.
  • Maximum amount to be used with VA Mortgages (4%), FHA Mortgages (4%) and USDA Mortgages (3%)
  • Borrower must qualify for FHA, USDA or VA Loan run through Automated Underwriting Systems.
  • Credit information from approved Tri-Merged Credit Vendors. Alternative credit NOT allowed.
  • Maximum Income Limits set at 140% HUD Area Median Income for FHA, VA or USDA of Florida County the house is located. Conventional HUD Area Median Limits acceptable below 115%
  • Income limit is based off Qualifying income reported on the 1003, regardless of household size. Bonuses, supplemental commissions, Alimony, and Child support payments are optional and are not required providing the base income satisfies the AUS requirements.
  • Maximum loan amount of FHA Loan limits in area purchased. The lesser of $424,100 (not including MI) or maximum loan amounts permitted by HUD/FHA.
  • There are no Acquisition price limits provided the loan amount does not exceed the area FHA/HUD Guidelines for 1st mortgage loan amounts.
  • Home Buyer Education required.
  • Lender credit not available cannot be used to pay for Closing Costs.
  • Minimum middle FICO credit score is 620 for FHA version.
  • Maximum debt-to-income 45%-50% Depending on credit score and compensating factors.
  • No Borrower Prepayment Penalty Fee if loan is paid out early and all payments were made on time prior to pay-off.
  • Seller can contribute up to 6% towards Buyers Closing Costs. Seller cannot contribute to Buyers down payment.
  • No FHA Renovation loans allowed.

Chenoa Fund FHA Mortgage and Grant program

  • Maximum Debt-to-Income back end ratio 50% or less depending on Automated Underwriting Approval or Manual Underwriting Approval of less than 50%.
  • Minimum middle FICO score is 620
  • First Mortgage must be a fixed rate.
  • Second Mortgage Grant for Down Payment Assistance or Closing Cost of 3.5% of purchase price.
  • The Grant will be forgiven after initial 36 months per on time scheduled first mortgage payments.
  • Single Family Fee Simple Homes only-No Condo's, No Mobile Homes
  • Combined Loan to Value cannot exceed 105%.
  • Income Limits to Grant program equals 115% of HUD Area Median Income, Non-Occupant Co-Borrower income not included.
  • FHA 203B allowed. FHA 203K Full Renovation loan NOT allowed.
  • Co-Borrowers allowed for qualifying Income and that Co-Borrower income is NOT subject to income limit of less than 115% of HUD Area Median Income restrictions.
  • Primary residences only. No second homes or Investment properties.
  • Maximum Loan Amount compliant with FHA Guidelines.
  • Sponsorship Admin fee of $399 to Cedar Band Corporation Mortgage Agency

2020 Florida Bond FHA Down Payment Assistance Program for All Florida Counties

  • 30-year, fixed-rate first mortgage loans can be used throughout the State of Florida. The program is offered to all borrowers who meet income, purchase price and other program guidelines, and can otherwise qualify for a loan. Borrowers who qualify for this first mortgage program are automatically qualified for one of Florida Housing down payment assistance programs.
  • Buyer hasn't owned a property for at least 3 years. May have owned and sold a primary residence prior to 3 years.
  • The down payment assistance loan comes in the form of either a 2nd mortgage $10,000 (15 year fully amortizing loan) or a $7,500, 0% interest deferred 2nd mortgage loan. The down payment assistance can be used for the down payment, Buyers mortgage closing costs, or in the case of a Conventional mortgage split pay mortgage insurance premium to lower mortgage insurance cost. This money must be paid back.
  • No Investment or second homes allowed. Must be primary residence only.
  • Middle FICO 8 credit score must be at least 640 for all Borrowers. No exceptions.
  • Veterans no longer pay Origination points at closing.
  • 1 unit only - Single Family Residence, Townhouses with 95% LTV or below. No Manufactured Homes , no condominiums.
  • Only Applicant income from 1003 used for qualification purposes.
  • FHA version (Debt to Income) back end ratio 44.99% or less for FICO scores 679 or less.
  • FHA version with 680 FICO may qualify for 49.99% back end ratio (Debt to Income).
  • Allows up to 6% Seller contribution maximum towards Buyers closing costs.
  • Purchase only No Construction to Perm loans, no refinances.
  • Purchase price limits determined by 115% of HUD county median income limits.
  • Owner Occupants only, must occupy within 60 days.
  • Mandatory 8-hour Buyers Education Class for all Borrowers or any 8 hour HUD approved agency (online or in-person) or approved mortgage insurance education class.
  • Florida e-housing fee's $225 compliance fee + $300 US Bank funding fee + $85 tax service fee calculated subtracted from the $7,500 down payment assistance.
  • No Intangibles tax or property deed stamps on HUD or Closing Disclosure.
  • FHA guidelines apply to this product. This loan program is not a Conventional loan product.
  • No Co-Signers
  • No Lender Credits permitted.
  • This program can be used anywhere in the State of Florida.
  • The FL Assist offers a 30-year, 0% fixed rate, deferred but accelerated upon any of the following - the sale, transfer or other disposition of the property (including involuntary transfer by or because of foreclosure or judicial sale or operation of law), The Florida Assist 2nd mortgage must be repaid when the first mortgage has been paid off.

2020 FHA - (HFA) Housing Finance Authority "Home Sweet Home" Down Payment Assistance program for Hillsborough, Brevard, Clay counties and city of Jacksonville ONLY

  • 30-year, fixed-rate FHA first mortgage loans originated by trained and approved lenders throughout the State of Florida. The Down Payment Assistance program is offered to all borrowers in Hillsborough, Brevard, Clay Counties and Jacksonville City Florida who meet income, purchase price and other program guidelines, and can otherwise qualify for an FHA mortgage loan.
  • Maximum Purchase price for per county:
  • Hillsborough County $ 253,809
  • Duval County $199,999
  • Clay County $298,192
  • Maximum Household Income per County
  • Brevard (1-2-person household = $ 61,700) (3+ person household = $70,995)
  • Hillsborough (1-2 person household = $ 59,800) (3+ person household = $ 68,770)
  • Jacksonville (1-2 person households = $ 70,178) (3+ persons $ 80,705)
  • Clay (1-2 person household = $69,176) (3 + persons = $79,552)
  • The down payment assistance comes in the form of a $10,000 - 0% interest, fixed-rate second mortgage Loan for Hillsborough County, and $7500 for Clay, Brevard and Duval Counties.
  • Only one Florida down payment program can be used by the borrower per transaction.
  • The Down Payment Assistance loan is immediately repaid if the homebuyer sells the home, transfers ownership, satisfies or refinances the first mortgage, or ceases to occupy the home.
  • First Time Homebuyer's or Borrowers or Spouse have not owned a home in the last 3 years.
  • Doc Stamps NO longer exempt on this program.
  • FHA version (Debt to Income) back end ratio 44.99% or less for FICO scores 660 or higher.
  • Conventional version with 680 FICO may qualify for up to 49% back end ratio (Debt to Income).
  • Veterans no longer pay Origination points at closing.
  • Must be First Time Home Buyers or not have owned a home in past 3 years. Must present last 3 years Federal tax returns as proof.
  • Low fixed mortgage interest rates
  • Can purchase new or resale homes
  • Single Family Residences, Townhouses, Villas and Program FHA APPROVED Condos (for FHA Loan version), NO Manufactured homes.
  • Buyers must Occupy within 60 days of Closing.
  • No more than 15% of home to be used in connection for home based business, such as child care, or similar type endeavors.
  • 8 hour Face to Face or online HUD approved Mortgage Counseling course required.
  • Primary Residences only, no second homes or investment properties.
  • No Prepayment Penalty Fee if 1st mortgage loan is paid out early.
  • No cash back at closing, any excess funds will be used to pay down first mortgage. In excess money will be used as a Principal Reduction.
  • Borrowers are permitted a reimbursement of prepaids and reimbursement of overage of earnest money deposit to the extent any minimum contribution has been satisfied and permitted by Agency guidelines.
  • Credit restrictions:
  • Minimum 660 FICO scores credit score to qualify for Hillsborough, Brevard, Clay and Duval counties.
  • Bankruptcies discharged over 2 years and/or foreclosures, short sales or deed in lieu, 3 years, minimum 2 trade lines with no late's in last 12 months, No NSF's in last 12 months.
  • Co-Signers income allowed in this program under Agency guidelines.
  • Lender credit not available.
  • No Manual underwrites or alternative credit allowed.
  • Borrowers income must be 2 years continuous but not necessarily with the same company. Income must be supported by pay stubs and 2 year history of continuous employment. Gaps in employment can be considered. 2 year overall employment required.
  • Mortgage Credit Certificates MUST be used with this program in Hillsborough MCC and Jacksonville HFC MCC program, not required for Brevard County
  • Refinances: Not permitted.

2020 OWN A HOME OPPORTUNITY
(Broward, Volusia, Lee, Sarasota, Charlotte, Collier, DeSoto, St Johns & Palm Beach Counties ONLY)

  • 30-year, fixed-rate FHA first mortgage loans originated by trained and approved lenders throughout the State of Florida. The program is offered to all borrowers who meet income, purchase price and other program guidelines, and can otherwise qualify for a Freddie Mac (FHMLC) Conventional, and Government Agency mortgage loan.
  • Maximum Purchase price:
  • Charlotte County = $ 271,165
  • Collier County = $ 415,058
  • Broward County = $ 317,646
  • Desoto County = $ 271,165
  • Lee County = $ 271,165
  • Palm Beach County = $ 317,646
  • Sarasota County = $ 275,294
  • St Johns County = $ 316,589
  • Volusia County = $ 271,165
  • The assistance comes in the form of a 3%, 4% or 5% Grant at Closing. Amount is dependent on credit scores.
  • Freddie Mac Advantage Conventional mortgage loans, FHA mortgage loans, USDA mortgage loans and VA mortgage loans
  • Maximum Household Income for OWN program:
  • Charlotte County $ 93,750
  • Collier County = $ 112,500
  • Broward County = $ 99,550
  • Desoto County = $ 93,750
  • Lee County = $ 95,550
  • Palm Beach County = $ 111,450
  • Sarasota County = $ 105,450
  • St Johns County = $ 104,850
  • Volusia County = $ 93,750
  • No First Time Home Buyer restriction.
  • NO work visa, student visa, any temporary visas qualify for this program
  • Intangible Tax NOT exempt.
  • Documentation Stamps STILL exempt.
  • Minimum Funds directly from Buyer of $1000.00 to Close on Home
  • Minimum 640 FICO credit score on FHA, VA, USDA to qualify for 2% grant, 660 FICO to qualify for 3% FHA grant, and minimum 640 FICO for Freddie Mac (FHLMC) Conventional loans to receive either 3%, 4% or 5% grant at Closing table.Outcome to determine if loan is qualified for conventional loans is determined exclusively by LP Automated Underwriting findings, (AUS).
  • ALL bank deposits OUTSIDE of payroll require detailed explanations.
  • 44.9% Debt to Income ratio or less on FHA, VA and USDA loans. Up to 49.99% DTI for FHMLC conventional loans.
  • Low fixed mortgage interest rates are determined by program guidelines, NOT by individual local Lender.
  • Can purchase new or resale homes
  • 8 hour face-to face or online HUD approved Mortgage Counseling course required.
  • No Bankruptcies in last 2 years, no foreclosure last 3 years for Government Agency loans (FHA, VA, USDA) or 4 years bankruptcy and/or 7 years foreclosures, short sales, or deed in lieu for conventional loans.
  • Primary Residences only, Single Family Residences and Fee Simple town homes, conventional financing of condos must be approved by USB ONLY, no manufactured or mobile homes allowed.
  • No Prepayment Penalty Fee if 1st mortgage loan is paid out early
  • While there is no cash back in this program, the borrower may be reimbursed for any over payment of escrow to the extent permitted by Agency (FHA, VA, USDA) or FHMLC guidelines.
  • Pay stubs and W2's required.
  • Buyers CANNOT own any residential property at time of Closing on this program.
  • No possibility of Recapture Tax.
  • Credit restrictions: No Manual Underwrites, 3 trade lines with no late’s in last 12 months, No NSF's in last 12 months, Non-traditional credit allowed.
  • Cosigners Permitted for FHA loans under very specific conditions. Follow FHA guidelines for credit purposes only. Treat Consignor credit/income as directed by FHA. Consignor’s are allowable in an FHA transaction when meeting the following conditions (1) A Consignor cannot have any ownership interest in the property (they cannot be on the Mortgage/Deed) and (2) The Consignor cannot reside in the property being purchased. A Co-Signors income is not considered for program purposes, tax returns/transcripts are not required and Consignor’s do not sign any program documents.
  • Income must be supported by paystubs and 2 year history of continuous employment.
  • Grant forgiven at Closing, No second mortgages remain.
  • Refinances: Not permitted.
  • Lender credit not available.
  • Appraisal must indicate that the home has at least a 30 year remaining useful life.
  • Lot size cannot exceed basic livability standards. Example 4 acre lot properties not allowed.
  • No Prepayment Penalties if mortgage is paid out early for whatever reason.

Federal Home Loan Bank Down Payment Assistance Matching Grant

  • Provides 4:1 matching funds up to $5,000 for Borrowers not involved in the occupations below.
  • Provides 4:1 matching funds up to $7,500 for those involved in Public Safety, Medical, or Education.
  • The Grant is completely forgiven if the Buyer resides in the home for 5 full years. The Grant is forgiven at a rate of 20% per year.
  • Buyer must be First Time Homebuyer or hasn't owned a home in 3 years.
  • Primary Residences only.
  • Lender credit available.
  • No Bank Statements needed.
  • Maximum purchase price not to exceed the FHA limits in the counties being considered.
  • Household Income must be at or under 80% of the HUD Median Income for the county where the property is located.
  • 1 hour Mortgage Counseling conversation required.
  • Co-Signors/Non-occupying Co-Borrowers allowed if related by blood, marriage or law and Agency guidelines.
  • No Bankruptcies in last 2 years and no foreclosure last 3 years.
  • Minimum middle credit score 620
  • Can be used with Conventional Freddie MAC LP AUS only not Fannie Mae DU AUS.
  • Maybe combined with VA Loans written by same Lender.
  • No Prepayment Penalty Fee if loan is paid out early.

2020 - Brevard County Florida First Time Home Buyers Down Payment Assistance program

  • 10-year 0% Deferred second mortgage loan coupled with an VA, FHA, USDA or Conventional 30 year fixed rate amortized First Mortgage.
  • Borrower(s) must have Household income of less than 80% of HUD Median Income for Brevard County.
  • Max Deferred borrowed amount for Down Payment Assistance is $12,400 on the second mortgage.
  • The actual amount of Down Payment Assistance would be the minimum amount required to successfully purchase a home.
  • The program is available to anyone who can qualify for an VA, FHA, USDA or Conventional mortgage.
  • Home Buyer contribution must be at least $1000 if Borrower AMI is between 51%-%120%.
  • Minimum Borrower contribution can be in the form of a appraisal fees, credit reports, EMD deposit, homeowners insurance premium.
  • Assistance may not exceed more than 35% of purchase price of the property.
  • Borrowers Liquid Assets may not exceed $8000.
  • No Non-Sufficient Fund (bounced checks) allowed from checking account for at least 6 months.
  • This program can be used in all Brevard County UNINCORPORATED Taxing Districts including Cocoa Beach, Indialantic, Indian Harbour Beach, Melbourne Village, Merritt Island, Palm Shores, Rockledge and Satellite Beach.
  • 1 unit only - Single Family Residence or Townhouses only. No Investment properties, Mobile Home, Manufactured or multifamily properties.
  • Seller contribution 3% to 6% depending on Loan Guidelines on First Mortgage.
  • For existing Homes, there will be an Inspection done by Brevard Community House Initiative. All required repairs must be completed prior to Closing.
  • The property is not eligible if Lead based paint is found in the Property. If built prior to 1978 a LBP Disclosure is required.
  • No Investors allowed.
  • 2-years of Federal Tax returns required for Self-Employed, Net income will be averaged over two year period.
  • A Clear Wood Destroying Inspection report is required.
  • First Time Home Buyer requirement for all Borrowers. Must not have Owned a home in past 3 years.
  • 5 Hour Community Housing Initiative Buyers Education Classes required. HUD, Mortgage Insurance companies nor FNMA Buyers Education classes are allowed to be used for this down payment assistance program.
  • Gift Funds from family allowed.
  • Loan must be approved with Automated Underwriting. No Manual Underwriting allowed. No non-traditional credit can be used.
  • No cash back at closing with only exceptions being Earnest Money deposit, Appraisal money and Home Inspection funds with receipt and evidence of home inspection.
  • Purchase only, no construction to permanent loans.

2020 - Titusville Florida Down Payment Assistance for First Time Home Buyers.

  • Borrowers and Spouse cannot have owned a home within 3 years.
  • Total Closing Costs may not exceed 5% (excluding Prepaids (Tax and property Insurance Escrows).
  • Proposed monthly mortgage payment cannot exceed buyer’s affordability ratios (front-end 34% / back-end 42%).
  • Must have ability to secure 30-year first mortgage financing: Conventional, FHA, VA are all acceptable; 30 year fixed rate.
  • Liquid assets (savings, checking, CD’s, treasury bonds, money market, savings bonds, etc.) that exceed $8,000.00 must be applied towards the purchase of the home.
  • No NSF in at least the last 6 months for program, may be additional restrictions for First Mortgage.
  • TOTAL INCOME AND ASSETS FOR ALL HOUSEHOLD MEMBERS MUST NOT EXCEED THE FOLLOWING LIMITS FOR FAMILY SIZE:
  • 1 Person Household Income = $38,750, 2 Person HI = $44,300, 3 Person HI = $49,850, 4 Person HI = $55,350, 5 Person HI = $59,800, 6 Person HI = $64,250, 7 Person HI = 68,650, 8 Person HI = $73,100
  • Home must be within the city limits of Titusville, Florida.
  • Home cannot be a mobile home.
  • Pre-1978 homes are eligible but if lead is found in home, lead must be abated prior to Closing.
  • Purchase only, no construction to permanent loans.
  • Owner Occupants only, no Investors allowed.
  • 2-years of Federal Tax returns required for Self-Employed, income will be averaged over two year period.
  • For existing homes, C.H.I. will conduct a home inspection to identify code-related repairs. All repairs identified during the inspection must be completed and approved prior to closing.
  • Must attend a Homebuyer Education workshop. HUD Approved Buyers Education classes are NOT allowed to be used for this down payment assistance program.
  • Gift Funds from family allowed.
  • All major systems in the home must have at least a five-year life prior to purchase.
  • A clear Wood Destroying Organism (WDO) Report is required prior to closing.
  • If Buyers income falls between 51%-80% of HUD Median Income for county, Buyer must have at least $1,250 of their own money in the transaction.
  • If Buyers income falls between 51%-80% of the HUD Median Income for county. The actual assistance amount will be up to $32,400 or the minimum needed to get the home buyer into an affordable unit.
  • The assistance funds are made up of down payment and closing costs.
  • Essential Services Personnel (Teachers, law enforcement, fire/EMS, health care professionals, security,and government personnel) are eligible to receive an additional $5000 which would be forgiven if they remain with current Employer for at least 5 years.
  • If all of the $5,000 is not needed for repairs, the remaining balance can be applied towards additional down payment/closing costs assistance, IF needed. WE WILL NOT OVER SUBSIDIZE ANY HOUSEHOLD.
  • The Assistance funds provided by the City of Titusville will become a SECOND MORTGAGE. The second mortgage will be recorded in the Public Records of Brevard County.
  • It is a ten (10) year, Deferred Payment Loan (DPL) at zero percent (0%), but forgiven at a rate of 20% per year AFTER the first 5 years if the Borrower stays in the house *.
  • The property must remain the principal residence of the homebuyer for entire lien period (5 years / less than $15000, 10 years/ $15,001- 15 years/ $40,000) or the full down payment assistance would be repaid plus a prorated share of the difference between the new sales price and the initial price of the house. CHI to calculate amount prior to acceptance in the program.
  • If DPA is less than $15,000, no portion of the $15,000 is forgiven and is required to be paid back to City of Titusville.
  • Leasing the premises for any period of time, moving out of the premises is deemed a default.
  • Property must be maintained and in good repair.
  • Death of the mortgagor: Passing of title due to the death of the mortgagor to other than a spouse or co-mortgagor is deemed a default.
  • If the property is sold or the title is transferred at any time during the lien period, the City of Titusville will require that the Owners must sell the unit in accordance with provisions of the DPA
  • Home Purchase Assistance Program Resale guidelines. The Resale Option described at 24 CFR 92.254 is triggered in the event that the house is sold or occupied by anyone other than the Owners during the affordability period. Non-compliance with the residency requirement will require the immediate payback of HOME funds invested into the property unless the house is sold.
  • RESALE PROVISIONS:
  • When Owners sell the property, either voluntarily or involuntarily, during the Lien period, it is considered a default.

Florida Down Payment Assistance Questionnaire

The response to our programs has been overwhelming! For that reason, we are asking people who are seriously considering purchasing a home in the next 1-5 months take the time to fill out the questionnaire below so we can prioritize the people that really want and need our help.



We will NOT pull credit data from the 3 Credit Bureaus nor will we ask for account numbers or social security numbers. That authorization can only come from you after you have filled out an official Mortgage Loan Application from one of our fully licensed Florida Mortgage Lending Partners.



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Thank you for taking the time to complete this form. By doing so, you agree to allow our Agents to discuss your qualifications with one or more of our Mortgage Lending Partners to determine which mortgage program allows you the best available platform to secure financing for your new home. We do not charge any fees for this service. This information is never sold and remains confidential. As soon as we can process this information, we'll get back in touch with you and you can move to the next step in the Home Buying process! Please note, we are not mortgage lenders, but we work with a variety of Licensed Florida Mortgage Lenders who specialize in a wide variety of Florida Down Payment Assistance programs. As your trusted Realtors, we want to make sure your home buying process is as easy as possible.

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