Florida is home to 10 percent of the nation’s 2392 down payment assistance programs. Although the national numbers shrunk three percent over last quarter, 88 percent have funding available for homebuyers who need help. In Florida, 238 housing assistance programs are available for individuals and families ready to become homeowners instead of renters.
Who uses down payment assistance programs and who do these programs serve? If you think you’re not eligible, think again.
Who the Down Payment Programs Help
Home buyers come from all walks of life and from every situations. Down payment assistance programs are designed to help a lot of people. Here’s what we know about the average person who applies for assistance:
- 2.75 – average household size
- $53,846 – average yearly income
- $180,084 – average home purchase price
What Programs are Available
We talk a lot about down payment assistance programs for first time home buyers, and the majority of them are, but those aren’t the only buyers who can find help when they’re ready to own a home.
- 70% offer down payment or closing cost assistance
- 64% are for first time homebuyers which HUD defines as someone who hasn’t owned a home in three years
- 76% are available in specific areas, towns, counties, and even neighborhoods
- 24% of programs are statewide
- 6% help educators, police officers, firefighters, healthcare workers, and other community service workers
- 5% benefit veterans and active duty military and can be used with zero down payment VA loans
Homeownership doesn’t have to be a dream that feels out of reach. With a bit of searching and a little effort, many buyers especially first time buyers can find help to get out of the renting rut.
To find a program in your area, try these resources:
Escambia County Housing Finance Authority (serving from Escambia to Walton counties)
Down Payment Resource (a national search of all available programs)
Leave a Reply