238 downpayment assistance programs Available in Florida

The amount of U.S. down payment assistance programs decreased 3 % from the previous quarter, according to Down Payment Resource’s Third Quarter 2016 Home ownership Program Index (HPI).

However, of the nation’s 2,392 programs, almost 88% actually have available funds for eligible home-buyers, an increase of 3% from the previous quarter. When seeking help, buyers found, an average of, 8.5 down payment programs per search.

According to Down Payment Resource, 238 programs exist in Florida to assist buyers secure a home, though some programs offer assistance in only selected areas. The only state with more programs to help buyers is California with 380.

The actual drop in the number of programs was primarily due to the expiration of Neighborhood Stabilization Programs (NSP) available from localities after the housing crisis, which had been expected as NSP funding came to a halt after round three in 2010.

Moderate-income workers in high-cost markets often opt out of home ownership as a result of high home prices and market competition. As a result, more areas are launching programs to retain important community service workers. Overall, 6 % of down payment programs are available for community service workers, including educators, police officers, firefighters and healthcare workers.

Typical down payment assistance program buyer

Average household size: 2.75
Average household income: $53,846
Average home purchase price: $180,084
Home-buyers found an average of 8.5 programs per successful searchTo be eligible for a a home ownership program, both the buyer and the property must meet certain criteria, which vary by program. These demographics suggest healthy incomes, growing families and a wide range of home ownership programs available to the next wave of prospective buyers.Down payment program highlights

64% of programs have a first-time home-buyer requirement. HUD defines this as someone who has not owned a home in 3 years.
76% of programs are available in a defined area, such as a city, county or neighborhood.
24% of programs are available statewide through state housing finance agencies.
6% of programs are available for community service workers, including educators, police officers, firefighters and healthcare workers.
5% of programs have benefits for veterans and members of the military. These programs may also be layered with zero down payment VA loans.
Nearly 70% of programs within the database are down payment or closing cost assistance.
9% of programs are first mortgages and 8% of programs are Mortgage Credit Certificates (MCCs).
More than 50 % of programs accept online home ownership education.

Since every down payment assistance program has unique rules – specific geographic areas, income levels, etc. – a master list doesn’t exist. However, the Florida Housing Finance Corporation operates at the state level to funnel money into many programs and can offer some guidance. Additionally, some local lenders often are experts in down payment assistance programs.

Nick & Cindy Davis with RE/MAX Premier Group work with several lenders here in the Tampa Bay area, that can assist you with your home purchase. We are always just a click here or call to 813-300-7116, let’s get started finding you, your new home.

Take a look at a few of the most recent homes that came on the market here in the Tampa Area.

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12425 N Florida Avenue, Tampa, FL

12425 N Florida Avenue
Tampa, FL

$102,000
- Lot Size
  
  16,553 sqft
- Home Size
  
  3,754 sqft
- Beds
- Baths
- Year Built
  
  1980
- Days on Market
  
  2