In Florida, the percentage of qualifying home buyers is as high as 97% in many counties, with an average range to the high 80’s to a low of 77%. This puts Florida 7th in the nation for the total number of down payment assistance qualifying homes. Although, the percentage of qualifying home owners is just a single piece to the puzzle.
This data is based on the maximum price requirement for a county’s down payment assistance program, and the county’s estimated property values. There are over 2,200 down payment programs that have been found through the Down Payment Resource’s Home Ownership Program Index.
* 91% of many down payment programs have available funds at this moment.
* The average down payment assistance amount across the state of Florida ranges around $11,565.
* 54% of down payment programs are Community Seconds, where the Housing Financing Agency (HFA), or a non-profit organization issues a second mortgage with a very low, or no interest rate. The payment on the second mortgage can sometimes be deferred or forgiven in increments for each year that the buyer remains in the home. In a typical situation, this could reduce the cash that is needed to close from $20,000 to only $400.
* Other major down payment program types include: First mortgage loans with 100% financing or below market interest rates, Mortgage Credit Certificates (MCC) that can provide up to $2,000 in annual tax credits for the life of the loan, and Neighborhood Stabilization Programs (NSP) grants and loans that were created to revitalize communities that have suffered from high unemployment, foreclosures, and other concerns that have slowed housing recovery.
* Many programs can be layered with each other and used with many other loan products, including FHA and VA home loans.
* 24% of down payment programs are available statewide rather than in specific counties or neighborhoods.
* Florida is one of the top states with the highest number of down payment programs.
Historically low home ownership rates across almost all of the age demographics have led to a public policy push in order to lower the barrier of home ownership through down payments as low as 3%, but the truth is, that particular barrier to home ownership is often quite lower for the borrowers who take advantage of the countless down payment assistance programs that are available nationwide.
If buyers are willing to put in a little time to find out what type of programs are available for them, they will be in a better position to buy a home with very little of their own money.
Give us a call if you would like more information on downpayment help in Tampa Bay, Florida. Please visit our website at www.tampa2enjoy.com.