According to Florida’s Down Payment Assistance Program, selected Florida counties have the most lucrative and easiest guidelines for homebuyers, according to a press release.
“One of the nice things about this loan is that a buyer doesn’t have to be a first-time homebuyer to receive the grant,” the release said. “This program allows a buyer to not only receive the downpayment but also pays a good portion of the closing costs.”
This program is available only in the following Florida counties” Lee, Collier, Charlotte, Sarasota, Desoto, St Johns, Volusia, Palm Beach and Broward.
Manatee County has a very similar program, the release stated.
”I think the most advantageous program with the least restrictions, the highest income limits and allows for the most financial help is the Lee County Own a Home Opportunity grant program,” said Roger Lazzarino, the author of FloridaDownPaymentAssistance.com and managing broker of Mid Florida Realty.
The grant program allows from 2 percent to 5 percent of the purchase price to be used for the downpayment and/or closing costs. The amount received depends on the buyer’s credit scores and whether the loan is a conventional loan or backed by the Federal Housing Administration. The grant is forgiven at the closing table.
For instance, if someone wanted to purchase a $225,000 primary residence, the forgivable grant might be as much as $11,250.