Down Payment Assistance
There are a variety of financing programs designed to support individuals in particular professions, especially those in critical fields such as education, healthcare, and public safety. Other programs are based on income, being a first-time home buyer or military service. Often, they include special loan options, down payment assistance, and other incentives to help purchase homes and achieve financial stability.
- The Home Sweet Home Program helps income-eligible applicants by offering down payment and closing cost assistance. Assistance is offered as a 30-year deferred, 0.00% second mortgage, and up to $20,000 that must be used for down payment and closing costs.
- A physician or “doctor” mortgage is a special loan program allowing doctors and dentists to secure a mortgage with fewer restrictions. The applicant can put down less than 20% and still avoid paying Private Mortgage Insurance (PMI). Physician mortgages only look at the total required student loan payment, not the total amount owed, and they will generally accept a signed employment contract as proof of income, rather than requiring tax stubs.
- The Hometown Heroes Housing Program helps eligible frontline community workers, including teachers, with down payment and closing cost assistance. It provides up to 5% of the first mortgage loan amount (maximum $25,000) in assistance. It serves full-time workers in these careers: K-12 public school employees, including teachers, counselors, and support staff, healthcare professionals such as nurses, paramedics, and other and other healthcare professionals, and first responders like firefighters, law enforcement officers, and emergency medical technicians (EMTs).
- The VA Home Loan Program is a federal program offering home loans guaranteed by the U.S. Department of Veterans Affairs (VA). With no down payment requirement, competitive interest rates, and no private mortgage insurance (PMI), it serves active-duty military personnel, veterans, and certain members of the National Guard and Reserves.
- The Florida Assist Second Mortgage Program offers down payment assistance to first-time homebuyers and public service workers. It provides up to $7,500 as a 0%, non-amortizing, deferred second mortgage. Income and purchase price limits apply, along with other criteria set by the program.
More programs are available. Call Traditions today to discuss your possibilities.