Florida Down Payment Assistance and Grant Locator

No Max Income Limits, Zero Down Loan Programs, Purchase Prices up to Ten Million Dollars

Loan Programs

CBC offers Zero down Conventional and FHA loans with no Income Limits as well as reduced interest loans with income limits.

Unison Home Ownership Investors offer matching down payment loans for purchase prices up to Ten Million Dollars.

FIRST MORTGAGE PROGRAMS

Conventional Loans

CBC Conventional 97 Loan Program
The CBC Conventional 97 program is a conventional first mortgage with no max income limit for qualifying. This loan is fully amortized for a 30-year term and is combined with the CBC down payment assistance loan for closing costs. You can own a home and use this program to buy a new primary residence.

CBC Conventional Loan Program
The CBC Conventional program is a conventional first mortgage with reduced interest rates. This loan has income limits that are 100% of the AMI. This loan is fully amortized for a 30-year term and is combined with the CBC down payment assistance loan for closing costs.

Government Insured Loans

CBC DPA Edge Loan Program
The CBC DPA Edge program is a FHA first mortgage with no max income limit for qualifying. This loan is fully amortized for a 30-year term and is combined with the CBC down payment assistance loan for closing costs. Max Purchase price is equal to FHA Loan Limit for the county.

CBC Rate Advantage Loan Program
The CBC Rate Advantage program is a FHA first mortgage with 115% AMI income limit for qualifying. This loan is fully amortized for a 30-year term and is combined with the CBC down payment assistance loan for closing costs. Max Purchase price is equal to FHA Loan Limit for the county.

DOWN PAYMENT ASSISTANCE PROGRAMS

The money you put “down” or the down payment on your home loan can be one of the largest hurdles for many first-time home buyers. That’s why CBC offers several options for down payment and closing cost assistance. This type of assistance is often called a second or subordinate loan. CBC’s subordinate loans can be “soft seconds” or “repayment seconds” depending on what is best for the buyers situation.

CBC Soft Second
The CBC soft second can be forgiven after 36 on time payments on your first mortgage. If you miss a payment the 36 on time payments start over from zero.

CBC Repayment Second
The CBC repayment second can be one of the following. 10 year at zero interest, 30 year at 5% interest, 10 year at 2% higher rate than the CBC first mortgage or 10 year at 8%. The type of second you can use depends on which 30 year fixed first mortgage product you are using.

MORTGAGE CREDIT CERTIFICATE TAX CREDIT PROGRAM

Mortgage Credit Certificate Tax Credit Program (MCC)
A federal credit which can reduce potential federal income tax liability, creating additional net spendable income which borrowers may use toward their monthly mortgage payment. This MCC Tax Credit program may enable first-time homebuyers to convert a portion of their annual mortgage interest into a direct dollar for dollar tax credit on their U.S. individual income tax returns.

Buying a first home in Florida?

Florida Down Payment Assistance programs can help.


Florida First Mortgage (bond)	First-time homebuyer requirement includes non-borrowing spouse FHA/VA/USDA Max DTI: 45% Household income considered Cannot be paired with an MCC
Florida First – Military Heroes (bond)	Borrower must be a veteran whose discharge status is anything other than dishonorable, or active duty personnel from the military (Air Force, Army, Coast Guard, Marine Corps, Navy, National Guard, or the Reserves) Follows Florida First Mortgage guidelines 25 bps lower rate Max DTI: 45% Household income considered First-time homebuyer requirement unless using Veteran’s Exemption Includes non-borrowing spouse Cannot be paired with MCC
FL Housing HFA Preferred (bond)	Cannot be used with grant or Plus program DPAs Bond version of HFA Preferred (distinct from TBA product) Max DTI: 50% First-time homebuyer requirement includes non-borrowing spouse Household income considered DU only Cannot be used with MCC
FL Housing HFA Preferred (TBA)	Max DTI: 50% Qualifying borrower income considered First-time homebuyer requirement Non-purchasing spouse does not need to be a first-time homebuyer DU only
FL Housing HFA Preferred Plus (TBA)	Max DTI: 50% Qualifying borrower income considered Includes a 3% or 4% grant (of sales price) Cannot be combined with FL Assist for FL Homeownership 2nd mortgage programs First-time homebuyer requirement Non-purchasing spouse does not need to be a first-time homebuyer DU only
FL Assist 2nd Mortgage	Can be used with all Florida Housing 1st mortgage programs 30-year term, deferred payment at 0% interest 2nd mortgage Up to $7500
FL Homeownership Loan Program 2nd Mortgage	Can be used all all Florida Housing 1st mortgage programs except FL Housing HFA Preferred Plus 15-year term at 3% interest 2nd mortgage Up to $10,000
4% Grant Program	4% bond grant (of sales price) Only available with FL First mortgage Military heroes and HFA Preferred Bond programs ineligible
MCC	Cannot be used with bond programs Only loan officers who reside in the state of Florida may originate MCC loans Household income considered First-time homebuyer requirement Includes non-borrowing spouse Homebuyer education required for borrower and any party appearing on note Includes non-borrowing spouse Pre-compliance review required and must be uploaded to Lender Online Portal (separate from eHousingPlus) Compliance checklist Underwriter certification form Mortgagor Affidavit Executed Notice to Buyer Executed Notice Regarding Collection of Social Security Number Seller Affidavit Final 1003 Sales Contract Appraisal Hombuyer education certificate 3 years’ signed tax returns/transcripts for borrower(s) Required for non-borrowing spouses DD-214 (only if qualifying veteran)