Florida Down Payment Assistance
More down payment options for first time home buyers in Florida
What is a down payment? That's the portion of your home purchase price that you pay up front. If you take out a mortgage loan, you'll typically pay your down payment on closing day. The remaining cost is paid in the form of monthly mortgage payments. You may think you need 20% of the purchase price as a down payment. While that may work for some, we have many more options that require low to no down payment.
Guild Mortgage Company offers a Homebuyer Program that provides 30-year fixed rate first mortgage loans to first time homebuyers throughout the State of Florida. Eligible borrowers may also participate in one of Guild's second mortgage programs to help with down payment assistance and closing costs.
In order to qualify for the down payment assistance programs options, you must meet the following requirements:
Minimum Credit Score of 640. (Credit scores 680 and above are allowed a higher debt to income ratio)
You must complete a HUD approved Home Buyers Education Course
Your purchase price must be below the limits for the county in which you purchase.
Your income must be below the limits for the county in which you purchase. Area medium income tool
You must meet the IRS definition of a first-time homebuyer which means, you cannot have owned AND occupied your primary residence for the last three years prior to purchase.
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Click Here for a quick easy online application and start your process of buying a home with a Florida down payment assistance program.
Down Payment Assistance Programs
Guild Mortgage Company offers first time home buyers 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. The second loan is only available when used with Florida Housing's first mortgage loan. Down payment assistance is NOT available as "stand alone" mortgage.
Guild Mortgage company offers the following Down Payment Assistance Programs options to eligible buyers:
The Florida Assist (FL Assist)
Offers up to $10,000 (on FHA, VA, or USDA loans) and $7,500 (on Conventional Loans).
0%, non-amortizing, deferred second mortgage.
The FL Assist down payment assistance second loan is not forgivable. Repayment is deferred, except if you sell, transfer, satisfy the first mortgage, refinance the property or until such a time the you 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
3% fully-amortizing, second mortgage.
The FL HLP Second Mortgage has a monthly payment. The remaining unpaid principal balance (UPB) is deferred, except if you sell, transfer, satisfy the first mortgage, refinance the property or until such a time the mortgagor ceases to occupy the property at which time, the second mortgage will become due and payable, in full.
The monthly payment of the FL HLP second mortgage, will 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
A five-year, deferred loan that is forgiven at the rate of 20% per year on the anniversary of loan closing, over the term of the second mortgage loan provided the borrower is not in default. There is no pro-rata forgiveness.
0% interest rate.
Assistance is calculated on a percentage (3%, 4% or 5%) of the TOTAL loan amount
The PLUS Second Mortgage cannot be combined with any of FL Housing’s other down payment programs. The PLUS Second Mortgage carries no monthly payment. Any time before the end of the fifth year, any unpaid balance of the PLUS Second Mortgage Loan will become payable in full in the event of sale, transfer, satisfaction of the first mortgage, refinancing of the property or until such a time the mortgagor ceases to occupy the property as his/her primary residence.
To get started on your application, visit our quick and easy online application.
Special Florida VA Loan Programs
Salute Our Soldiers Military Loan Program
Active duty military personnel and veterans in the state of Florida can receive an affordable 30-year fixed rate mortgage loan through a homebuyer program with options for down payment and closing cost assistance.
Click here to start your application.
How much down payment do you really need to afford a home? Let's break down your options.