Down Payment Assistance Programs In Florida
Down Payment Assistance Programs In Florida
What is a Down Payment Assistance Program?
Down payment assistance (DPA) is a way for homebuyers to reduce the amount they need to save for the down payment on a home. DPA is offered through grants or low-interest loans and are available from over 2,000 programs nationwide. Most DPA programs are offered through state, county, and city governments, and the amounts available may vary depending on location. In the Florida area, homebuyers seeking DPA may be eligible for thousands of dollars of assistance if they meet specific qualifications.
0% Down Payment Loans VS. Down Payment Assistance Programs
There are a handful of 0% down payment loan options available, including FHA loans, VA loans, USDA loans, and others, that you may want to consider if you have interest in putting as little money down towards your home purchase as possible
FAQ's About Down Payment Assistance
Florida Down Payment Assistance Programs
There are over several active down payment assistance programs available to homebuyers in the state of Florida, so if you’re a resident of Florida, DPA may be available to you. There are four main ways you can get down payment assistance:
Grants — this is money that is gifted to you that never has to be repaid.
Loans — typically second mortgages that are paid monthly alongside your primary mortgage. These loans help offset the burden of a large down payment requirement.
Deferred Loans — payments for these loans only need to be made when moving, selling, or refinancing your home.
Forgivable Loans — payments for these second mortgages (which are forgiven over a set number of years) only need to be repaid if you move, refinance, or sell the property earlier than expected
Contact our team today to hear more about which down payment assistance programs might be most appropriate for you.
How can I get money for a down payment in Florida?
If you can’t afford a down payment for a home on your own, you can seek out grants or down payment assistance loans from the state of Florida. Check out the Florida's local government’s site on available DPA programs
How can I buy a house with no money saved?
With DPA programs, you may be able to afford the down payment on a home even if you don’t have the cash in hand. Without having money saved up, you can apply for grants, loans, deferred loans, or forgivable loans to secure the funds necessary to purchase your new home. If you’re not sure where to start, reach out to our team to get the conversation started.
How do I get pre-approved for my first house?
You’ll need to provide plenty of documentation to get pre-approved for down payment assistance or a specific type of loan. We ask that you set up an informal interview with one of our mortgage officers to get the ball rolling on your pre-approval.
You can expect to be asked about your credit score, monthly income and expenses, assets, monthly debts, and more. Based on your information, we can usually determine a price range that you can expect to be approved for. Then, it’s up to you to find your Florida
dream home.
Who Qualifies As A First-Time Home Buyer?
If you’ve never owned a piece of property before, you may be eligible for first-time homebuyer down payment assistance. Every applicant is different, but first-time buyers tend to have far more options for DPA than applicants who have previously owned property before. To see if you qualify as a first-time homebuyer, contact our expert team of mortgage professionals who can answer all of your questions.
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FL NMLS: #LO115222
AZ NMLS: #1019689
Groves Capital Inc. NMLS: #1678775
Licensed In: FL, AZ
For licensing information, go to NMLS Consumer Access Portal
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License Info
FL NMLS: #LO115222
AZ NMLS: #1019689
Groves Capital Inc. NMLS: #1678775
Licensed In: FL, AZ
For licensing information, go to NMLS Consumer Access Portal