Down Payment Assistance Programs in Florida
Down Payment Assistance products offered in Florida include: Escambia County Housing Finance Commission, Florida Housing Finance Corporation, Within Reach Program – Land Home Financial Services, and the Chenoa Fund. To see which program may be right for you, get started on your application today!
Escambia County Housing Finance Commission
Availability: Florida
Description
The Escambia County Housing Finance Commission Program is for both first and second mortgages and is available in Alachua, Bradford, Escambia, Gadsden, Indian River, Leon, Marion, Martin, Okaloosa, Santa Rosa, St. Lucia, Wakulla, Walton, Jackson, Franklin, Bay, Jefferson, Hernando and Gulf Counties of Florida.
Features
- Down payment assistance up to $7500
- 30-year fixed term with full amortization
- Conventional, FHA, VA and USDA loan types available
- Homebuyer education course required
- Credit and income restrictions may apply
Florida Housing Finance Corporation - Conventional Program
Availability: Florida
Conventional FL HFA Preferred PLUS Forgivable Second Mortgage (up to 4% HFA) and Conventional FHFC HFA Advantage PLUS (3 or 4%) Forgivable Second Mortgage after 5 years.
Borrowers qualifying for the FL HFA preferred Conventional Loan program in all counties will qualify for the 2nd Mortgage subsidy FL Assist up to $7,500 and FL HLP up to $10,000.
Borrower(s) qualifying for Bond programs (FHA, VA, and USDA FNMA HFA Preferred) the FL First and Military Heroes First Mortgage Loan qualify for the FL Assist up to $7,500 and FL HLP up to $10,000.
- 30-year fixed term with full amortization on the first mortgage
- Conventional, FHA, VA, and USDA loan types available
- Homebuyer Education course required
- Credit and income restrictions may apply
State Housing Initiative Partnership (SHIP) Gadsden County Florida
Availability: Florida
Description
The State Housing Initiative Partnership (SHIP) program is a home buyer program available to those purchasing a home in Gadsden County, Florida.
Features
- Down payment assistance from $7500 to $15,000 depending on low to moderate household income
- 30-year fixed term with full amortization on the first mortgage
- Conventional, FHA, VA and USDA loan types available
- Homebuyer education is required
- Credit, income, and property locations and restrictions may apply
Within Reach Program - Land Home Financial Services
Availability: Florida
Description
The Within Reach Program is available in Florida!
Features
- Down payment assistance up to 4.5% of the note amount
- NOT limited to first time home buyers
- FHA and USDA loan types only
- Homebuyer education may be required
- Credit and income restrictions may apply
CHENOA Fund Program
Availability: Nationwide
Description
The CHENOA Fund Program is available in Florida.
Features
- Down payment assistance up to 3.5% of the purchase price or appraised value, whichever is less
- 30-year fixed term with full amortization on the first mortgage
- FHA loan types only
- Homebuyer education course NOT required
- Credit and income restrictions may apply
Some program restrictions and requirements apply. Loan program availability is subject to change without notice. Some programs may have a first-time homebuyer requirement. The type of DPA and lien position will vary for each loan program. ONQ0409180681Y000003h6o9
Loan down payment example is based on a 30 year fixed conventional mortgage loan with 4.0% down (provided through the Down Payment Assistance program). Amounts are based on loan amount of $200,000, interest rate of 5.375%, APR of 6.190%, $6,551 due from borrower at closing ($8,000 down payment paid through down payment assistance program). Approximate monthly payment of $1525. All amounts shown are estimates provided for educational and comparison purposes only and will vary for each loan. Borrower will be responsible for down payment beyond what is provided by the program as well as any fees and costs associated with the loan. Down payment assistance may come in the form of a forgivable or non-forgivable lien. Income and geographic restrictions apply. Homebuyer education may be required for certain payment assistance programs. Program availability is subject to change without notice. Additional restrictions may apply. On Q Financial, Inc. is an Equal Housing Lender. Loan amounts and fees will vary based on program used. Loan Amounts on FHA Scenario’s include an FHA 1.75% upfront fee. Loan Amounts on VA scenario’s include a 2.15% VA Funding Fee (Based on Regular Military 1st time usage)-No down payment required unless sales price exceeds appraised value. A USDA Guarantee fee will be charged and financed into the loan. The USDA Guarantee Fee is 1% of the loan amount and the USDA Annual Fee is 0.35% as of 06/01/2018. The USDA Annual Fee is to be paid monthly as part of the mortgage payment.
