Florida Down Payment Assistance Programs

Florida Down Payment Assistance Programs - Florida Down Payment Assistance Programs

Alachula County State Housing Initiatives Parnership Program (SHIP) $9,500 (352) 374-5249


Baker County- State Housing Initiatives Partnership (SHIP)
$5,000 (904) 259-3613


Bay County State Housing Initiatives Partnership Program (SHIP)
$15,660 (850) 234-6358


Boca Raton State Housing Initiatives Partnership Homebuyer Assistance Program (SHIP)
$40,000 (561) 393-7758


Bonita Springs Area Housing Development Corporation- SHIP Down Payment / Closing Cost Assistance (SHIP)
$15,000 (239) 652-7938


Bradenton Housing Assistance Program (HAP)
$4,000 (941) 714-7509


Brevard County First Time Home Buyer Program
$12,500 (321) 633-2075


Cape Coral Down Payment Assistance Program (DPAP)
$4,500 (239) 573-1222


Citrus County SHIP Downpayment Closing Costs Assistance Program (DCCAP)
$5,500 (352) 527-5377


Clearwater Down Payment/Closing Cost Assistance Program (DPCCA)
$15,000 (727) 562-4030


Columbia County State Housing Initiatives Partnership Program (SHIP)
$10,000 (386) 362-4115

Deltona SHIP Purchase Assistance Program
$22,000 (386) 561-2200


DeSoto County State Housing Initiative Program (SHIP)
$5,000 (863) 993-4858


Escambia County- SHIP Affordable Housing Initiative Program New Construction (AHIP)
$15,000 (850) 458-0464


Flagler County State HousingInitiatives Partnership Program (SHIP)
$10,000 (386) 437-7484


Gainesville Central Florida Community Action Agency, Inc. HOME Purchase Deferred Grant Assistance Program (HOME)
$40,000 (352) 373-7667

Gainesville Neighborhood Housing & Development Corporation (NHDC) HOME Subsidy Program (HSP)
$10,000 (352) 380-9112


Gainesville SHIP Downpayment Assistance Program (SHIP)
$3,500 (352) 334-5026


Hardee County, State Housing Initiatives Partnership Home Ownership Assistance Program (SHIP)
$5,000 (863) 773-6349

Hendry County State Housing Initiative Partnership Program (SHIP)
$15,000 (863) 675-5297

Hernando County SHIP Down Payment Assistance Program (DPAP)
$12,500 (352) 754-4160


Hillsborough County Heritage Housing Inc First Time Homebuyer Program (FTHP)
$5,000 (813) 961-5990


Hillsborough County Housing & Education Alliance First Time Homebuyers Program
$5,000 (813) 744-5557

Hillsborough County Housing & Education Alliance First Time Homebuyers Program
$15,000 (813) 744-5557

Hillsborough County Tampa Bay CDC Assistance Program (AP)


Also See:

Hillsborough CountyHillsborough County
$5,000 (813) 744-5557


Lakeland Keystone Challenge Fund Inc State Housing Initiatives Partnership Program (SHIP)
$30,791 (863) 682-1025

 

Lee County SHIP Down Payment/Closing Cost Assistance
$15,000 (239) 652-7938


Levy County SHIP Purchase Assistance (SHIP)
$20,000 (352) 486-5268


Manatee County Infill Assistance Program
30000 (941) 749-3030


Manatee County SHIP Down Payment & Closing Cost Assistance Program (DAP)
$15,000 (941) 749-3030


Melbourne Purchase Assistance Program (PAP)
$12,670 (321) 253-0053


Monroe County First Time Homebuyer Program (SHIP)
$36,000 (305) 292-1221


Multi County Autographed Book Give-Away for Inner City Youth Inc Affordable Housing Program
$25,000 (407) 426-8597
Multi County Clearwater Neighborhood Housing Services, Inc. Down Payment Assistance Program (DPAP)
$8,000 (727) 442-4155


Okaloosa County Okaloosa Community Development Corporation Down Payment/Closing Cost Assistance Program
$10,000 (850) 651-7376


Okeechobee County State Housing Initiatives Partnership Program (SHIP)
$25,000 (863) 763-6731


Orange County Down Payment Assistance Program (DPAP)
$10,000 (407) 836-4240


Orlando Downpayment Assistance Program (DAP)
$10,000 (407) 246-2708

Osceola County State Housing Initiatives Partnership Housing Assistance Program (SHIP)
$10,000 (407) 343-3105


Palm Bay Down Payment Assistance Program (DPAP)
$7,853 (321) 409-8181


Palm Beach County Hardship "B" Second Mortgage Subsidy Program (SMS)
$17,500 (561) 233-3650


Pasco County Homebuyer Assistance Program (HAP)
$9,250 (813) 847-8970


Pinellas CountyTampa Bay Community Development Corporation Homeownership Assistance Program (HAP)
$7,000.00 (727) 442-7075


Polk County Keystone Challenge Fund Inc State Housing Initiatives Partnership Program (SHIP)
$29,291 (863) 682-1025


Santa Rosa County SHIP Deferred Program Loan
$5,000 (850) 595-8910


Sarasota CountyDown Payment Assistance Program (DPAP)
$6,000 (941) 951-3640

St. Cloud Deer Creek Subdivision Affordable Housing Program (AHP)
25000 (850) 488-4197


St. Cloud Deer Creek Subdivison HOME Ownership Program (HOME)
25000 (850) 488-4197


St. Petersburg Hope VI Program (HVI)
$25,000 (727) 893-7615


St. Petersburg W.I.N Homebuyers Downpayment & Closing Cost Assistance Program (WIN)
$14,000 (727) 893-7247


Tampa Deferred Payment Loan (DPL)
$29,900 (813) 274-7977

Union County Suwannee River Economic Council Inc SHIP Program (SHIP)
$12,000 (386) 362-4115

Volusia CountyState Housing Initiatives Partnership Down Payment Assisstance Program (SHIP)
$27,000 (386) 736-5955


Winterhaven Keystone Challenge Fund Inc State Housing Initiatives Partnership Program (SHIP)

Down payment assistance - There are down payment assistance programs available for those who want to own a home but cannot afford the down payment or closing costs. Most down payment assistance programs are used in conjunction with FHA loans.

How the down payment assistance programs generally work is that the program operators provide the down payment for the qualified home buyer and then the seller reimburses the program for the amount of the down payment that was provided. In essence, the seller gave a 3 per cent (in the case of an FHA loan) discount off the purchase price but the selling price was listed as the full price and the discount was used for down payment assistance.

A first time home buyer is defined as an individual, who has not had an ownership interest in a home within the last three years. If you fit this definition, you might be eligible for a home buyer grant, that can be used toward the partial or full down payment.

In some of the local or state government down payment assistance programs there involves what is known as an equity share or "silent second mortgage" on the title. In this arrangement the purchaser agrees to share the future equity from market appreciation with the government entity. Such "silent seconds" can often cause roadblocks when the property owners go to refinance their first mortgages.

Each State also has its own Government run programs available on the county and city level that can help home buyers get into a home with grants and down payment assistance.

Florida mortgage brokers - It is important to make sure that you are working with a licensed and professional mortgage broker. In the state of Florida you can contact the Florida Office of Financial Regulations to make sure the mortgage broker you are working with, or planning to work with, is licensed.
Call the Compliance and Licensing Division at 1-800-848-3792.

You can also check to see if your mortgage broker is licensed on their website at:ww.flofr.com/licensing/download.htm

To find out if you are working with an honest, reputable mortgage broker in the state of Florida you can contact the FAMB (Florida Association of Mortgage Brokers). All members are bound by a strict code of ethics to which they must adhere to continue their membership. You can contact the FAMB by calling 1-800-289-9983 or by visiting the online at famb.org.

Contact the NAMB (National Association of Mortgage Brokers) to find a reputable mortgage broker to do business with in your area of Florida. The NAMB has a strict code of ethics that its' members must abide by to continue their membership. The NAMB can be contacted by calling 703-342-5870 or visiting them online at namb.org.

401K for downpayment - Many home buyers today opt to use funds from their employer’s 401(K) program to come up with the down payment on a house. Ordinarily, you cant take money from your 401(K) plan unless you retire, leave the company or become disabled, but many company plans permit certain “hardship withdrawals” when there is an immediate and heavy financial need, including the purchase of the employees principal residence.

The drawback to a hardship withdrawal is that you will pay taxes and penalties on the amount withdrawn from your plan, which often must be paid in the year of withdrawal. And while hardship withdrawals are allowed by law, your employer is not required to provide them in your plan. Check with your employer’s human resources department if youre not sure if your 401(K) plan allows hardship withdrawal.

Another approach may be to borrow against your 401(K) – often as much as 50 percent of your account balance. You pay interest on the loan, but the interest goes back into your account. The money you receive is not taxable as long it is paid back and plans can give you anywhere from five to 30 years to pay back your loan.

There are risks involved in borrowing from your 401(K). If you lose your job or leave your employer, you must pay back the loan in full within a short period, sometimes as little as 60 days. If the money is not paid back in that time, it is considered a withdrawal from your plan and subjected to the same taxes and penalties. And while 401(K) accounts can usually be rolled over into a new employer’s 401K without penalties, loans from a 401K cannot be rolled over.

In addition, because the funds withdrawn from your account are no longer earning compound interest, your account will be smaller when you retire. And you’ll be replacing pretax money with after-tax money.

Some lenders will count the money you borrowed from your 401(K) as an additional debt that will go along with your car payments, student loans and credit cards. While it may seem unfair since you are borrowing your own money, most lenders view it as a payment obligation that affects your debt-to-income ratio in qualifying for a home loan. It may be a factor in whether you decide to make a hardship withdrawal from your 401(K) and pay tax penalties or borrow against it.

Rather than actually borrowing money against your retirement account, you can also use the account as an asset. Having high balance assets makes it easier for a lender to see your credit worthiness in lieu the required down payment.

If down payment is a problem and you don't want to borrow against your 401(k) then consider 100% financing
which requires little or no money down.

Settlement Cost Booklet - This booklet is from HUD and must be given to every buyer. The booklet explains all the cost involved in the real estate transaction. This book as the following information in it: Settlement process and charges, consumers rights, an item by item look at settlement services and cost, how to negotiate a sales contract, and how to choose an attorney.

The Settlement Cost Booklet explains the role of the real estate broker. Usually, the first person you talk to about buying a home is a real estate agent or broker. Although real estate brokers will generally provide helpful advice about home buying and the process, they may serve the interests of the seller instead of your best interests.

earnest money - Earnest money is the amount of money you put down on the home you are purchasing when you initially sign the purchase contract.

This "deposit" shows good faith and that you intend to follow through with the contract. If you back out of the contract for anything other than a major reason, typically earnest money is kept by the seller.

Most contracts have a stipulation or clause that states that earnest money is to be refunded if buyers cannot qualify for a mortgage loan. Stipulations such as this make it very important to seek loan approval as quickly as possible. Some sellers will not except a contract from a buyer without an approval letter.

Earnest money is applied to your down payment and closing costs at settlement. The listing agent holds the earnest money in an Escrow account until closing, and brings a certified check for the amount to closing.

Most states now allow financing contingencies to be written into purchase contracts, such as, contingent upon buyer receiving financing at 6.5%. If the buyer can't qualify, the ernest money must be returned. This is another good reason to get your mortgage professional involved early.
Also, this is another good reason to use a real estate agent when making a purchase. I can refer you to a good real estate agent if you need one.

Earnest money shows interest and the seriousness of making a bid on a property. There is no set amount of earnest money that is required for every home purchase transaction. Earnest money can be as low as $0 or as high as the buyer wants to make it. If you are a serious bidder bidding on a house that should probably sell very quickly or you really want a house very badly it may not be a bad idea to give a large earnest money deposit with your bid. A very large earnest money deposit (say 10K or 20k) shows that you are a very serious bidder and you are very interested in the house. A seller is generally more apt to sell to a bidder with a large earnest money deposit than they are to someone who offers a $100 dollar earnest money deposit. If something happens and the buyer tries to back out of the deal at the end the seller will have a lot more to gain from the large earnest money deposit than the smaller one. This is a good reason to consult with your realtor and mortgage consultant early on so that you can figure out what a good earnest money deposit may be for you and your financial situation.

Money that you give to the home owner to insure an offer to buy the home. The earnest money will be applied to the final price of the house, but will be forfeited if you back out without legal cause.

Earnest money is still needed even if you obtain 100% financing. If so, the money will be applied to the closing costs associated with your loan.