Downpayment Assistance

Downpayment Assistance: A Game Changer for Home Buyers

Buying a home is a huge financial decision, and for many, the biggest hurdle is coming up with the downpayment and closing costs. Thankfully, there are programs available to help buyers overcome this obstacle and achieve their homeownership dreams.

Downpayment assistance programs are designed to help homebuyers with the costs of purchasing a home. These programs offer assistance for both closing costs and downpayment, making it easier for buyers to secure a mortgage and close on their new home.

For buyers who are struggling to save for a downpayment, downpayment assistance programs can be a game changer. These programs can provide up to 5% of the purchase price of a home, which can really add up. For example, on a $200,000 home, that’s $10,000 in assistance. This can make all the difference for buyers who are struggling to save on their own.

In addition to downpayment assistance, there are also programs available to help with closing costs. Closing costs can add up quickly and can be a barrier for some buyers. Downpayment assistance programs can provide up to 3% of the purchase price for closing costs, which can be a significant amount of money.

One thing to keep in mind is that downpayment assistance programs typically have income and credit requirements. Buyers will need to meet certain criteria to be eligible for these programs. However, for those who do qualify, downpayment assistance can be a huge help in achieving their homeownership goals.

If you think this is your case or know someone who can take advantage of this programs, feel free to explore this opportunity that the State of Florida offers you starting in July 2023. 

https://www.floridahousing.org/live-local-act/hometown-heroes-program