The Down Payment Assistance You Didn’t Know About

Here's what you need to know to make the most of your down payment in today's housing market.

Amplify Your Down Payment Potential

For first-time buyers, the name of the game with down payments is ensuring you're taking advantage of all the resources designed to help you. And many of them can get you to your goal faster than you may have thought possible.

For example, loan options, like Veterans, require as little as 3% down or even 0% for specific qualified borrowers. And let's not forget down payment assistance, like grants and other opportunities, that help you cover the upfront cost of your down payment.

If you want to explore those options and what you can use to your advantage, connect with a trusted lender. Because if you don't at least see what's available, you could be leaving money on the table and missing your chance at buying a home. These resources can boost your down payment. A higher down payment could help lower your eventual monthly mortgage payment and even avoid or reduce your fees like private mortgage insurance.

As a Realtor in the Fort Myers area, I want to share all the assistance programs available in our county. Here is a list of down payment assistance programs available in Lee County, Florida, including statewide programs:

1. Lee County Housing Development Corporation (LCHDC) – Down Payment Assistance Program

• Details: Provides up to $10,000 in down payment assistance for first-time homebuyers in Lee County.
• Eligibility: Buyers must meet income limits, attend homebuyer education, and the home must be the buyer's primary residence.

2. Lee County SHIP (State Housing Initiatives Partnership) Program

• Details: Offers down payment and closing cost assistance for low- and moderate-income homebuyers.
• Eligibility: Income limits apply, and the program prioritizes first-time homebuyers. Funds may also be used to rehab existing homes.

3. Florida Housing Finance Corporation – Florida Assist Program

• Details: This program provides up to $10,000 in down payment and closing cost assistance for a deferred second mortgage at 0% interest.
• Eligibility: Available to first-time homebuyers who qualify for Florida Housing's first mortgage loan programs.

4. Florida Housing – HFA Preferred and HFA Advantage PLUS Second Mortgage

• Details: It offers down payment assistance of 3%, 4%, or 5% of the home's purchase price.
• Eligibility: Must meet income limits and credit requirements and complete homebuyer education courses.

5. Florida Bond Program (Homebuyer Loan Program)

• Details: Provides low-interest loans and down payment assistance to first-time homebuyers through participating lenders. The aid comes as a second mortgage that may be forgivable after a certain period.
• Eligibility: Income and purchase price limits apply, and the program requires buyers to be first-time homebuyers.

6. Florida Housing Mortgage Credit Certificate (MCC) Program

• Details: Offers a federal tax credit of up to 50% of the mortgage interest paid each year, up to $2,000 annually. These savings can help homebuyers afford a larger mortgage.
• Eligibility: Must meet income limits, be a first-time homebuyer, and use the home as a primary residence.

7. Lee County Habitat for Humanity

• Details: Offers affordable homeownership opportunities and assistance for down payments through sweat equity and partnership with the organization.
• Eligibility: Must meet income guidelines, participate in Habitat's homebuyer program, and contribute a certain number of volunteer hours.

8. VA Home Loan – Florida

• Details: Offers 100% financing, meaning no down payment is required for eligible veterans, active-duty service members, and certain military spouses.
• Eligibility: Must meet eligibility requirements set by the VA and have a satisfactory credit history.

9. FHA Loans with Down Payment Assistance

• Details: FHA loans only require a 3.5% down payment, and several down payment assistance programs, including the Florida Assist Program, can be paired with them.
• Eligibility: Available to first-time homebuyers or buyers with less-than-perfect credit. Must complete homebuyer education.

10. Good Neighbor Next Door Program (GNND)

• Details: This program offers significant home discounts (up to 50% off) for teachers, law enforcement officers, firefighters, and emergency medical technicians. It also includes a reduced down payment requirement.
• Eligibility: Must be a full-time teacher, law enforcement officer, firefighter, or EMT and live in designated revitalization areas.

Each program has unique requirements; for personalized professional help, reach out to:

239 370 5988 Elizabeth Steele email:esteelerealestate@gmail.com

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