FL Bond Program - Up to $7,500 toward Down Payment Assistance
One of the first steps in the home buying process is to consult with a mortgage lender about your financing options. When you know what you can afford, you can focus your home search and make your move more quickly when you find the property you want.
As the consumer, it’s your right to freely choose who you feel most comfortable to work with. We have many vendors whom our team can connect you with; just ask us and we can send you over a full list. Fairway Independent Mortgage Corporation is one of our trusted mortgage lenders.
About the FL Bond Program
1st Mortgage Program
The Florida Bond program allows 1st time home buyers to acquire an FHA, USDA, VA, or Conventional loan that range from 95%-100% LTV (loan-to-value ratio). That means that many 1st time home buyers will be able to secure a low-interest home loan through the FL Bond program with little to no money down.
Here are your down payment options under the FL Bond program:
USDA– 0% down
VA– 0% down
FHA– 3.5% down
Conventional– 3% or 5% down
Down Payment Assistance
Through the Florida Bond program, 1st time home buyers will qualify for the Florida Assist down payment assistance loan, which provides a $7,500 loan with a 30-year term, 0% interest and $0 payments as long as you occupy and do not refinance the property.
Buyers using the Conventional Bond program have the choice to receive a grant equal to 3% of the sale price of the home and is not required to be paid back after 5 years of living in the home.
For example, a buyer buying a $250,000 home using a Conventional loan under the FL Bond program will receive a $7,500 grant that will be forgiven after 5 years.
FL Bond Program
Two ways to use the assistance:
Includes a $7,500 2nd mortgage with 0% interest & no repayment until the end of the 30-year loan term.
ncludes either (1) a $7,500 2nd mortgage or (2) a 3% grant that requires no repayment after 5 years.