Effective July 3rd, the employment requirements have been removed for this program, and anyone working for a Florida corporation is eligible. If there is a brick-and-mortar location in Florida, someone who works for a corporation outside the state would also be eligible. Amazon and FedEx employees, for example, are eligible.
The program is a down payment assistance, interest-free loan, and no monthly payments. The loan is paid back when the home sells or is refinanced. It is a loan of up to 5% of the loan amount. VA, FHA, Fannie, and Freddie all participate in the program. There is an income limit of $130,350. For a buyer that borrowers $500,000, they may qualify for $25,000 in down payment assistance that can be used towards the down payment and/or closing cost and prepaid.
This program has 100 million to lend; once the funds are gone, they are gone. We expect it will take nine months to use up all the funds. Now is a great time to buy and take advantage of this program. Save your money and use an interest-free loan to buy your next home. The money saved can be used to improve the home or pay off other debt. Give me a call to discuss all lending options available for you at 813-230-3433.