If you’re a first time buyer and looking to buy in a home in 2019, we have some great news as the Florida bond money program is back, but only for a limited time.
The Florida Housing Finance Corporation, which is the state’s housing finance agency that administers state and federal resources to help provide affordable homeownership just re-launched the Florida Hardest-Hit Fund down Payment Assistance Program or (HHF-DPA) in five Florida counties on March 4th. This includes Duval and Clay counties in Northeast Florida.
The bond money program provides up to $15,000 in down payment and closing cost assistance to eligible first time home buyers.
Whenever bond money becomes available, it’s like Christmas in the real estate community. Everyone is a flutter trying to get their buyers approved as the funds are only available for a limited time.
So what qualifies as a first time buyer? Buyers may be eligible if they have never owned a home, or have not owned a home in the past three years. Also, the funds are forgiven by 20% each year over a 5 year period. So if you stay in your home for at least 5 years, there is no repayment of the funds.
There are other qualifying requirements such as a minimum FICO score, household income and purchase limits, so please check with your lender or reach out to me for specifics.
Florida Housing was created by the Legislature more than 35 years ago. They are the state’s housing finance agency (HFA) that administers state and federal resources to help provide affordable homeownership and rental housing options for the citizens of Florida. For more information, please visit www.floridahousing.org.