$15K Down Payment Assistance coming back?!
In 2018 the down payment assistance program commonly referred to as the bond program was changed in many counties that were considered “Hardest Hit Counties.” Tampa Bay Area area changed from being eligible for up to $15k to $7,500. It went from being forgivable over 5 years to remaining on as a second mortgage for the life of the loan. It’s been rumored for many months that we would be going back to $15k in down payment assistance that is forgiven if you stay in the home 5 years. Starting March 4th it is back for Hillsborough and Pasco County!
Here are the basics you need to qualify.
Haven’t owned a home in the last 3 years. That makes you a first time home buyer.
A middle credit score of 640 or higher
Some Income restrictions based on household size
Here is the announcement:
“Good morning,
TALLAHASSEE - On March 4, 2019, the Florida Housing Finance Corporation (Florida Housing) will relaunch the Florida Hardest-Hit Fund Down Payment Assistance Program (HHF-DPA) in five approved counties.
This federal program provides up to $15,000 in down payment and closing cost assistance to eligible first-time home buyers and is forgivable 20% per year over five years. The March 4th launch date is for new locks/reservations made in the Program's eHousing Lender Portal. The Program Income and Purchase price limits are the same as those in our current guides, however we will update and post HHF DPA Guides in the next few weeks.
Florida Housing has successfully disbursed 100 percent of the over $1 billion in HHF program funds allocated by the US Department of Treasury (Treasury) two years ahead of schedule and is now using approximately $20 million in repayments of HHF program loans to assist additional Floridians.
Previously, HHF-DPA was available in eleven Florida counties. For the relaunch, Florida Housing used the latest market data to conduct a Treasury-mandated assessment of lingering negative effects in local housing markets. Based on this assessment, Florida Housing will assist eligible first-time homebuyers in the following five counties: Clay, Duval, Hillsborough, Osceola and Pasco.”