First Time Home Buyer in Florida? Up to $15,000 in Down Payment Assistance is Back!
On March 4th 2019, the Florida Housing Finance Corporation is relaunching its Florida Hardest Hit Fund Down Payment Assistance Program (HHF-DPA) in Hillsborough and Pasco Counties. HHF-DPA provides up to $15,000 in down payment and closing cost assistance to eligible first-time home buyers and is forgivable over five years.
The program was originally implemented to prevent foreclosures by jump starting home purchase activity and stabilizing neighborhoods in certain counties that demonstrated high levels of housing market distress. It is estimated that approximately 1,500 eligible first-time home buyers will be assisted with this additional funding.
“Statistics show that foreclosures have drastically decreased in Florida and that our state has recovered from the housing crisis,” said Trey Price, executive director of Florida Housing. “This funding will further assist with the continued stabilization of recovering, distressed neighborhoods.”
According to the Florida Housing website, the Home buyer Loan Program offers 30-year fixed rate FIRST mortgage loans to first time home buyers through participating lenders and lending institutions throughout the State of Florida. Eligible borrowers may also participate in one of Florida Housing’s second mortgage or grant programs to assist borrowers with down payment assistance and closing costs.
If you are not a first time home buyer, you may still be eligible to participate if you are purchasing a home in a federally designated targeted area or if you are a qualified Veteran.
The First Time Homebuyer Program uses income and purchase price limits to determine eligibility. Additionally, potential borrowers must:
- Complete a Homebuyer Education Class
- Qualify for a Mortgage Loan and have a qualifying FICO Score of 640 or greater.
Interested in learning more on how you can take advantage of the down payment assistance program to purchase your first home here in Tampa Bay? Reach out to one of our NextHome associates today!