Down Payment Assistance for the First Time Home Buyer 

Thinking about buying a home for the first time? Are you deterred because of mounting student loans or lack of down payment funds? Let me let you in a little secret…

Did you know you can receive down payment and closing cost assistance? 

 


This is a game changer.

Home ownership is within your grasp. Home ownership might be the answer to YOUR financial independence. According to self-made millionaire David Bach, the average homeowner is 38 times wealthier than a renter. Do I have your attention?

It makes sense. When you rent you are paying someone else’s mortgage (plus interest, and profit). When you rent, you sign a check every month and you never see it again. 

When you buy, in essence, you sign a check to yourself every month in the form of paying down your mortgage. Every mortgage payment you make contributes to your equity, also known as the value of your ownership. Usually this number is found from taking the current market value less your remaining mortgage amount. {Scroll to the bottom for an example with numbers}.

Convinced home ownership is a good idea yet? We hope so. We haven’t even scratched the surface as to why home ownership is a wise financial decision…but for now we’ll move on to the real reason you’re reading – The FREE $15,000! 

Like everything in life, nothing is free so there are a few caveats. But well worth it.  Like any mortgage, you must first, qualify for a Mortgage Loan and have a qualifying FICO Credit Score.  


PROGRAM 1: Florida Housing’s First Time Homebuyer (FTHB) Program:

Complete a Homebuyer Education Course
Assistance is determined by County, Income, and Purchase Price limits

Duval County

  • 1-8-person house hold
  • Down Payment Assistance: $15,000 (Forgivable after 5 years)
  • Purchase Price Limit: $298,192 (Non-Targeted Area); $364,457 (Targeted Area)

Clay County

  • 1-8-person house hold
  • Down Payment Assistance: $15,000 (Forgivable after 5 years)
  • Income Limit: $88,620
  • Purchase Price Limit: $364,457

Nassau County*

  • 1-2-person house hold
    • Down Payment Assistance: $7,500
    • Income Limit: $69,176 (Non-Targeted Area); $72,795 (Targeted Area)
    • Purchase Price Limit: $298,192 (Non-Targeted Area); $364,457 (Targeted Area)
       
  • 3-8-person household
    • Down Payment Assistance: $7,500
    • Income Limit: $75,960
    • Purchase Price Limit: $298,192 (Non-Targeted Area); $364,457 (Targeted Area)

St. John’s County*

  • 1-2-person house hold
    • Down Payment Assistance: $7,500
    • Income cannot exceed: $69,176 (Non-Targeted Area); $72,795 (Targeted Area)
    • Purchase Price Limit: $298,192
       
  • 3-8-person household
    • Down Payment Assistance: $7,500
    • Income cannot exceed: $75,960
    • Purchase Price Limit: $298,192

*FL Assist is not forgivable in Nassau or St. John’s County. Repayment is deferred except in the event of the sale, transfer, satisfaction of the first mortgage, refinancing of the property or until such a time the mortgagor ceases to occupy the property at which time, the Florida Assist will become payable in full.

Want more details? Call or email us (904-627-4457, team@firstcoastheroes.com

PROGRAM 2: Head Start to Home Ownership (H2H) Program

Complete a Home Buyer Education Course (8 Hours)
Eligible Geographic Area: Duval County
Down Payment: $500.00 and $375 Home Inspection Fee
Down Payment Assistance: Up to $15,000 (Forgivable after 10 years)

Income Limits based on Household Size:


If you’d like to consider these First Time Home Buyer Programs, let us know and we can help you find a participating lender. 

(E-mail Team@firstcoastheroes.com)

Real Life Example:

 

Paul and Sally bought a home in Jacksonville for $279,000 in 2005. They sold it in 2017 for $315,000.

I want you to notice a couple things here. Over the course of 12 years:

House appreciated (increased in value) $36,000 or +12%.  

 

Built up over $80,000 in Equity (12 years of monthly mortgage payments)

Together, Appreciation + Equity = $116,000 (That’s profit!)

Do you see how their monthly payments came back to Paul and Sally when they decided to sell their house? The Real Estate market ebbs and flows but traditionally trends to increase in value over time.

Still need more convincing? That’s ok, we know it’s a big step for some. But we are here to offer FREE information and advice. If you learned just one thing new by reading this article, you owe it to yourself to find out more. Make the first step to getting out of the rat race.

Be a Landlord, not a Tenant.

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