You could qualify for a down payment assistance program if you’re living in Lake City or any of the surrounding communities and you’re ready to buy a home.
What is a Down Payment Assistance Program?
A down payment assistance program helps people who want to buy a home but can’t come up with a 20 percent down payment. The down payment—if you were paying 20 percent, which is fairly standard among major lenders—on a $200,000 home is $40,000. That’s a lot of cash, and most people don’t have that just lying around.
That’s where down payment assistance programs come in.
List of Down Payment Assistance Programs Available in Lake City and Other Florida Cities
Some of the most common down payment assistance programs used in North Florida include:
- Community Grants
- State Housing Agencies
- Local Housing Agencies
- Lender Specific Community Reinvestment Act Programs
- Fannie Mae
- Freddie Mac
- Federal Housing Administration
You can check out this list, compiled by the U.S. Department of Housing and Urban Development, to get started:
- HUD-approved housing counseling agencies
- Florida Association for Community Action – local agencies provide low-income emergency home repair (LEHRP) and weatherization assistance (WAP). Select those programs under their Quick Directory Links for help.
- Florida Department of Community Affairs funding goes to local agencies to help homeowners and renters
- Florida Housing Finance Corporation – call (800) 814-HOME (4663) for info on first-time homebuyer programs, lower interest rate loans and purchase assistance
- Habitat for Humanity – home construction using sweat equity, assisted financing
- HUD’s Community Development Block Grants (CDBG) recipients may offer homebuyer assistance in your area
- HUD’s HOME Investment Partnership Program provides funding to local agencies to help you purchase or repair your home
- State Housing Initiatives Partnership (SHIP) Program
- USDA Rural Housing Service – direct loans and grants for building, purchasing or repairing
Requirements for Most Down Payment Assistance Programs
Most down payment assistance programs require you to be a first-time buyer, live in the property as your primary residence, and complete some type of homebuyer education counseling (and get a certificate to prove it). You’ll still have to meet the lender’s requirements, and your income must fit within the program’s limits. The home you’re buying has to fit within the program’s limits, too.
What if I Don’t Qualify for Down Payment Assistance?
If you don’t qualify for down payment assistance, you may be interested in seller financing. In seller financing, you make your house payments directly to the seller. The terms of your agreement are between you; because the seller is the “lender” in this scenario, you’re free to work out an arrangement that meets your needs rather than sticking to a big bank’s requirements.
(You can look for seller-financed properties in North Florida here.)
Are You Buying a Home in North Florida?
When you’re ready to start exploring Florida land for sale or homes for sale in Lake City, we’re here to help.
Call us at 386-243-0124 or if it’s easier, contact us online. We’ll begin searching for your new home right away.
You can also explore these links to start your search:
- Waterfront residential
- Waterfront Land
- Bank Owned and Foreclosures
- Short Sales
- Paved Road Frontage
- Non-Deed-Restricted Land
- Wooded Oak Tree Land
- Land for Land Home Combo