closing costs – Les Couleurs De Luce Sat, 12 Mar 2022 14:15:12 +0000 en-US hourly 1 closing costs – Les Couleurs De Luce 32 32 First-time homebuyers: Down payment assistance programs available to eligible individuals Sat, 12 Mar 2022 14:15:12 +0000

By Johanna Gomez, Lisa Hamilton and Jenny Rodriguez

UF-IFAS Osceola County Extension Services

Down Payment Assistance (DPA) programs help first-time home buyers with loans or grants that reduce the amount they need to save for a down payment. There are more than a thousand of these programs across the country, many of which are run by local governments.

DPA programs may vary by location. If you’re considering buying a home and are looking for these types of assistance, you need to learn more about what’s available in your area, the requirements, and if it’s the right choice for you and your family.

Types of ODA: In general, most PAD programs will be interest-free, can be given as a grant or loan, and the buyer will have to follow the guidelines and requirements. For example, this type of assistance can be:

A grant or donation that never has to be repaid if you qualify under program guidelines, or

A second mortgage. In this category, you can have a combination of a loan that must be repaid alongside your first mortgage or a deferred repayment loan that you will only have to repay if you sell, move, or refinance to cash in the equity. of your property. Another type is a loan in the form of a second mortgage often for five, 10 or 15 years which is canceled over the years and only has to be repaid if you sell, move, rent or refinance your house before the duration of years established by the DPA program. are met.

Important facts to know: To qualify, most DPA programs will require you to be a “first-time home buyer,” meaning that to be considered you must be free of title for at least three years, and also:

  • Must be able to qualify for a mortgage through a lender;
  • Must qualify based on household income, household size, location of home, cost of home, financial status;
  • Must meet the minimum FICO (credit) requirement for the program;
  • Must have, for most DPA programs, at least some equity in your bank account;
  • To apply, most programs will require you to attend a course for homebuyers from a counseling agency approved by the U.S. Department of Housing and Urban Development (HUD), where you will receive a certificate of completion indicating that you have taken at least one eight-hour course. (For courses at the University of Florida/IFAS Extension, visit Upcoming courses visit us here University of Florida / IFAS Extension Osceola County)

Who is eligible? What types of loans are acceptable for down payment assistance?

Every down payment assistance program is different. Some will have income caps and may require the home to be located in certain areas within a certain price range. Qualifying will depend on where you live and what programs are available in your state, county, or city. To be rewarded, most DPAs will seek if:

  • Buyers have low to moderate incomes;
  • The home is located within the DPA program guidelines and within the allowable price range;
  • The home will be used as a primary residence and not as an investment (rental homes, second homes, or vacation homes do not qualify for DPA programs);
  • PAD is used with an approved mortgage program
  • You work with an approved mortgage lender who can run the loan program.

Almost all DPA programs require you to borrow from approved lenders. Most common loan programs such as FHA loans, VA loans, USDA loans and also conventional loans are authorized by DPA programs. A private mortgage referring to a direct purchase financed by a private source in most cases will not qualify for these government programs. Check your local DPA program websites for details.

Costs covered by down payment assistance: Since “down payment” explicitly refers to the initial amount you contribute to your home loan, some DPA programs will allow their funds to be used for your closing costs as well as a down payment. Others may not allow funds to be used for other purposes. When applying for assistance, contact your local DPA programs to see if closing cost subsidies are included.

And, if you live in Osceola County, there’s good news: The Osceola County State Housing Initiative (SHIP) Partnership Program is accepting applications:

To apply for the Osceola County SHIP program, visit SHIP Program Apply Here

Program requirements

  • Applicants must complete an 8-hour homebuyer course;
  • Obtain a pre-approval letter from a participating lender. See our list of preferred lenders here.
  • Not having owned or seized a house in the last 3 years;
  • Must contribute at least $1,000 of own funds toward purchase;
  • Must adhere to all program guidelines
  • $280,000 maximum purchase price of a single family home, townhouse or condominium in Osceola County.

Assistance levels are based on the maximum purchase price of the family’s income level. The family is required to attend post-purchase counseling within 6 months of the date of purchase. For revenue guidelines, visit: Osceola County SHIP Down Payment Assistance Program Flyer

Resources for Finding Down Payment Assistance Programs in Florida

The Florida Housing Finance Corporation (FHFC) has three DPA programs:

  • Three percent HFA Preferred Grant – if eligible, they offer 3 percent of the purchase price of the home as a non-refundable grant
  • Florida Assist – offers up to $7,500 interest-free second mortgage. You don’t have to make any payments on this, as they’re usually only due when you sell or refinance the home.
  • Hardest Hit Fund DPA – Only available to residents of certain counties. She lends up to $15,000 interest-free for five years. Every year 20% of the loan is forgiven, you pay nothing, provided you stay in the house that long.

For more information, visit the FHFC website Florida Housing Finance Corporation

For other DPA resources and programs, visit:

Florida Housing State Housing Initiatives Partnership Program

Homebuyer Loan Programs Wizard

Down Payment Assistance for Osceola County SHIP Homebuyers

Orange County Housing Finance Authority

Remember: When buying a home, there are many steps in the process, as well as many costs involved, and down payment assistance programs can help. Consider that all programs have guidelines to follow and requirements to meet. Plan short-term and long-term goals when deciding to buy a home and whether support is an important factor in making that decision.

Johanna Gómez, UF/IFAS Family and Consumer Sciences, Faculty Extension Officer Osceola County in collaboration with Lisa Hamilton, UF/IFAS Family and Consumer Sciences, Faculty Extension Faculty Volusia County and Jenny Rodríguez, UF/IFAS Family and Consumer Sciences, Orange County Faculty Extension Officer. If you are interested in more of our programs, please contact us at UF/IFAS Extension Osceola County at 321-697-3000. For more information on our programs and events, visit or find your local county UF/IFAS extension office at

FirstBank Mortgage Commits to Providing Additional $500,000 Down Payment Assistance Under Borrower Benefits Program Sat, 19 Feb 2022 04:59:28 +0000

NASHVILLE, Tenn. (TN Tribune) – FirstBank Mortgage has announced that it will provide an additional $500,000 down payment assistance to qualified borrowers under its Borrower Benefits Program. The program, which launched in 2019 with $1 million, is for borrowers buying a single-family primary residence in low-to-moderate income areas within FirstBank’s lending footprint. Funds are available for 5% of the loan amount, up to a maximum of $5,000, for use as a down payment and/or closing costs. Down payment assistance funds will have no interest rate and no associated monthly repayment terms. “We are proud to support our community by providing financial assistance to families looking to buy a home,” said Jeremy Davis, Director of FirstBank Forward. “Homeownership is more than just a place to live and can truly change the trajectory of a family by creating an avenue of generational wealth. Our team is pleased to expand our Borrower Advantage Program financing to help remove as many of the financial barriers to homeownership as possible. Program funds are available to customers in select counties within FirstBank Mortgage’s footprint. The FirstBank Borrower Benefit program is part of the FirstBank Forward community reinvestment initiative which provides support to families in the affordable housing market through loans, education and investments. For more details about the FirstBank Borrower Benefit program, contact your local FirstBank Mortgage Banker. For more information on FirstBank Mortgage Community Initiatives, visit

The FirstGenHomeRI program will offer $25,000 in down payment assistance to first-generation homebuyers Wed, 16 Feb 2022 20:01:06 +0000

Today, Governor Dan McKee joined RIHousing to announce the launch of a new pilot program, FirstGenHomeRI, aimed at helping open the doors to first-generation homeownership.

The program targets first-generation buyers by addressing inequities and barriers to homeownership while improving long-term economic prospects for families who have never sought homeownership. Available to Rhode Island residents currently living in specific areas of the state, the pilot program offers $25,000 towards down payment and closing costs.

More on a press release from Governor McKee’s office;

“Access to homeownership opportunities has important implications for family outcomes,” Governor McKee said. “Down payment assistance programs aimed at opening the doors of homeownership to first-generation buyers can help close the racial wealth gap and are a down payment on our future: the future of families. of Rhode Island and their ability to live and thrive in our state. ”

“First-generation homebuyers deserve the opportunity to put down roots in Rhode Island and enjoy the stability that owning a home can provide,” Lt. Governor Sabina Matos said. “I am honored to stand with Governor McKee as we make this announcement and support an effort that addresses the inequities and barriers to homeownership that exist for low-income and minority communities. .”

The FirstGenHomeRI program was developed to address multigenerational inequities in home ownership and create equity in the housing market by narrowing the property and wealth gaps in the state. Studies show that when parents own a home, their children are more likely to own a home. The wealth and stability that comes from owning a home can open up opportunities for homeowners, their children, and future generations.

“FirstGenHomeRI can make homeownership a reality for families who have historically been denied such opportunities to build wealth and achieve economic stability through housing,” said the Assistant Secretary to the trade for housing, Joshua Saal. “Homeownership is a critical step toward building wealth, and it’s especially impactful when we can advance equity in our state. I commend RIHousing for their leadership in this important program as we continue to roll out additional housing support in the near future.”

“Barriers to home ownership exist for many low-income and minority borrowers. This becomes especially true for first-generation homebuyers,” said Carol Ventura, Managing Director of RIHousing. “Traditionally, these borrowers compete with peers who can tap into family resources to buy a home and who benefit from the lived experience that comes with growing up in a home your family owns rather than an apartment.”

The program is for Rhode Island residents currently residing in specific areas of the state, including Central Falls, East Providence, Pawtucket, Woonsocket, and parts of Providence (excluding residents of zip code 02906) and Newport (residents of census tract 44005040500 only). Eligible communities are those with the highest need for increased homeownership opportunities. Factors such as median housing costs, household size, and income were used to determine eligible communities, which have roughly similar or higher concentrations of minority populations compared to the state average and a higher percentage of median earnings below 80%. ).

“Pawtucket is pleased to welcome the announcement of this important program where we are one of the communities eligible for the FirstGenHomeRI program,” said Pawtucket Mayor Donald R. Grebien. “I want to thank all of the partners who have helped prioritize homeownership and resources like this program. Many Pawtucket residents are eligible for the type of financial support provided by this program and I encourage those interested to contact RI Housing. The opportunity for home ownership is so important, and we know that a program like this can turn dreams into reality.