How does the program work?
Funds are limited and available on a first-come, first-qualified basis.
- Most areas up to $80,000 available
- The buyer must contribute three percent (3%) of the purchase price; not applicable for VA loans
- A comprehensive Home Inspection report is required
- You may purchase an existing home or a new construction home
- You must owner occupy the home as your primary residence
- Eligible properties include single-family residences, condominiums, villas and townhomes located within Broward County service areas. Mobile homes and cooperatives are not eligible
Pinellas County’s Down Payment Assistance Program can help. The Down Payment Assistance Program offers up to $50,000 in an interest-free, deferred loan. Click here for full program details.
Under the HOME Down Payment Assistance Program, households earning less than 50 percent of the area median income (AMI) are considered very low-income and can receive up to $17,881.50 in total assistance. A minimum of $10,881.50 must be put toward the down payment and closing costs, and the remaining $7,000 can also be directed toward the down payment and closing costs or, if needed, be spent on assistance for code-related rehabilitation work on the house.
This assistance comes in the form of a deferred, multi-year loan forgiven at the end of the applicable affordability period. The amount does not need to be repaid as long as the home is owner-occupied and the title is not transferred. Click here for full program details.
BUYING A HOME IN FLORIDA
Most major cities have at least one down payment assistance program. They’re all likely to have similar eligibility requirements, including that you’ve completed a homeowner education course; use an approved lender; and meet local income limits. Check with your Refined Lending loan officer for other loan terms and conditions.