Down Payment Assistance is Already Available!!

Down Payment Assistance Programs: Making Homeownership Accessible

Thinking about buying a home in Florida? Whether you’re eyeing a cozy condo in Cape Coral or a family-friendly house in Fort Myers, saving for a down payment can be one of the biggest hurdles. But here’s the good news—there are numerous programs designed to help make homeownership more attainable by offering down payment assistance. Let’s break down the options available to you on a Federal, State, and local level in Lee and Charlotte Counties, and the cities of Cape Coral, Fort Myers, and North Fort Myers.

Federal Programs 🏛️

1. FHA Loans

• The Federal Housing Administration (FHA) offers loans that require as little as 3.5% down. Plus, you can often receive down payment assistance through state or local programs alongside FHA loans.

2. VA Loans

• If you’re a veteran, active-duty service member, or eligible family member, the VA loan program offers 100% financing, meaning no down payment is required.

3. USDA Loans

• For those looking to buy in rural areas, USDA loans can provide 100% financing, which means no down payment is required.

4. HomeReady and Home Possible Programs

• These programs, backed by Fannie Mae and Freddie Mac, offer reduced down payments (as low as 3%) for low-to-moderate income buyers, and they allow down payment assistance from state or local programs.

State of Florida Programs 🌴

1. Florida Housing’s First Time Homebuyer Program

• Offers 30-year fixed-rate loans for first-time buyers, veterans, and others, with down payment assistance through the Florida Assist program, which provides up to $10,000 as a deferred second mortgage.

2. HFA Preferred and HFA Advantage Programs

• These state-backed programs provide low down payment loans combined with down payment assistance options to help you get into a home with as little as 3% down.

3. Florida Bond Program

• Provides government-backed loans to eligible buyers and offers down payment and closing cost assistance to help you move into your new home sooner.
• Down Payment Assistance Programs
• Florida Housing offers down payment and closing cost assistance in the form of a second mortgage loan to assist eligible homebuyers with their down payment and closing costs. Down payment assistance is only available when used with Florida Housing’s first mortgage loan. Down payment assistance is NOT available as “stand alone” down payment assistance. Florida Housing offers the following Down Payment Assistance Programs to eligible buyers:
• The Florida Assist (FL Assist)
• Offers up to $10,000 on FHA, VA, USDA and Conventional Loans.
• 0%, non-amortizing, deferred second mortgage.
• The FL Assist is not forgivable. Repayment is deferred, except in the event of the sale, transfer, satisfaction of the first mortgage, refinancing of the property or until such a time the mortgagor ceases to occupy the property at which time, the Florida Assist will become due and payable, in full.
• The Florida Homeownership Loan Program (FL HLP) Second Mortgage
• Offers $10,000.
• 3% fully-amortizing, second mortgage.
• 15-year term.
• The FL HLP Second Mortgage carries a monthly payment. The remaining unpaid principal balance (UPB) is deferred, except in the event of the sale, transfer of deed, satisfaction of the first mortgage, refinancing of the property or until such a time the mortgagor(s) ceases to occupy the property as his/her primary residence at which time, the FL HLP Second Mortgage will become due and payable, in full.
• Since the FL HLP Second Mortgage carries a monthly payment, this payment may need to be considered in a borrower’s debt-to-income (DTI) ratio when credit underwriting.
• 3%, 4% and 5% HFA Preferred and HFA Advantage PLUS Second Mortgage
• Borrowers utilizing these down payment and closing cost programs receive 3%, 4% or 5% of the total loan amount in a forgivable second mortgage. This second mortgage is forgiven at 20% a year over its 5-year term when used with Florida Housing’s conventional HFA Preferred for TBA or HFA Advantage for TBA first mortgage products. The “PLUS” Second Mortgage is available only with these conventional first mortgage products.
• For more information, please visit our Homebuyer Program Wizard.
• Special Programs
• Florida Hometown Heroes Housing Program
• The Florida Hometown Heroes Housing Program makes homeownership affordable for eligible frontline community workers such as law enforcement officers, firefighters, educators, healthcare professionals, childcare employees, and active military or veterans.

Lee and Charlotte Counties Programs 🌞

1. Lee County Down Payment Assistance Program

• Offers deferred-payment loans to qualified first-time homebuyers who need help with their down payment and closing costs. This can be a game-changer for families looking to settle in Lee County.

2. Charlotte County SHIP Program

• The State Housing Initiatives Partnership (SHIP) program provides down payment and closing cost assistance to eligible low-income and moderate-income homebuyers in Charlotte County. Grants and low-interest loans are available to help you purchase your dream home.

City-Specific Programs 🌆

1. Cape Coral Down Payment Assistance Program

• Cape Coral offers a first-time homebuyer program that provides up to $10,000 in down payment and closing cost assistance to eligible buyers purchasing a home within city limits. The loan is forgivable after a certain period of time, making it a valuable option.

2. Fort Myers First-Time Homebuyer Program

• The city of Fort Myers offers a down payment assistance program that helps cover up to $25,000 for qualified buyers. This can be used towards the down payment, closing costs, or principal reduction.

3. North Fort Myers Housing Finance Authority

• While specific to Lee County, this program serves North Fort Myers as well and provides first-time homebuyers with low-interest loans and down payment assistance.

Conclusion and Call to Action

Navigating the world of down payment assistance programs can feel overwhelming, but remember, there are many options out there to help you achieve your homeownership dreams. Whether you’re buying in Cape Coral, Fort Myers, or anywhere else in Lee or Charlotte County, understanding these programs is the first step toward securing your new home.

Ready to take the next step? Let’s explore which of these options best fits your needs and get you closer to owning your dream home. Contact me today, and let’s make homeownership a reality for you! 🏡✨