Florida Government Mortgage Down Payment Assistance Programs

Florida has been one of the hardest hit states when it comes to foreclosures. Listed in the top five states for foreclosures, cities such as Miami and Orlando have been hit considerably hard. In an effort to combat the ever increasing vacant property, the State of Florida has a few programs that can be used in conjunction with federal programs for down payment assistance.

The Florida Assist Loan program will provide potential buyers with up to $10,000 dollars in down payment assistance. This loan is a no interest, non amortizing loan given to the purchaser to help buy the property. This loan is set up as a second mortgage on the home, though no monthly payments are required. This loan is repaid only when you sell the house, pay off the first mortgage or refinance the home at a later date. Recipients must be at or below 80% of the areas median income to qualify for the program.

The Homeowner Assistance for Moderate Income (HAMI) Loan program offers people the opportunity to borrow up to $5,000 to use toward their down payment or closing costs. This loan is repaid at a standard 5% interest rate. You must qualify under certain income guidelines to receive this loan.

Because the housing crisis affecting Florida is so great, many county and city governments are also offering home buying incentives. Cities such as Orlando have devised incentives to encourage home ownership in their city. This is especially true for first time home buyers. Anyone that is interested in purchasing a home in Florida should research their local governments to see if any additional credits or programs are available.

The State of Florida has also established an Office of Community Affairs. This office was developed to help the citizens of Florida take advantage of any available program that would enhance their lives. Through this office you will be able to locate many programs that can assist you in purchasing a home.

Florida has realized that the state needs to make home buying easier for its citizens. With this in mind, they have created, or extended, many assistance programs that will help anyone purchase their own home. Foreclosures are still continuing to happen in the state at an alarming rate. This has forced home prices to record lows. Now is the perfect time for someone interested in buying a home to find a fantastic deal.

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