Down payment and closing cost assistance for Florida first time home buyers.

Florida family
If you meet the income requirements*, have not owned a home within the past three years and satisfy the customary approval guidelines, you might be eligible for a $5,000 down payment and/or closing cost assistant loan from the Federal Home Loan Bank of Georgia.

The assistance grant is a four to one matching grant up to a maximum subsidy of $5,000. The home buyer must contribute at least $1,000 towards the home purchase. Each year, 20% of the assistance grant is forgiven. There is no repayment after 5 years of ownership. No monthly payment is required on the assistance loan.

Eligible Properties
• Owner-occupied 1-4 family properties
• Townhouses, condos
• Foreclosed properties
• Cooperatives
• Manufactured and Mobile Housing
• New construction (within 30 days of closing)

* Home buyers must meet the definition of a first time home buyer. Generally, a non-homeowner within the past three years. Home buyers are required to meet the HUD median income based on 80% of the family size for the area. See Median Income Limits.

Purchased home must be used as the home buyer's primary residence

Mortgage Options

Conventional/Conforming Mortgage

The conventional mortgage is a loan that is not backed by the Federal government. The eligibility requirements are stricter than FHA, VA, or USDA home loans, however, no mortgage insurance are required when there is a 20% down payment or when equity is 22% or more. Read more

FHA – Federal Housing Administration

The FHA mortgage is one of the mortgage options that can be used with the FHLB assistance program. The FHA loan only requires a 3.5% down payment and borrowers are allowed to receive gift money from eligibility donors not covered by the grant. Read more

House with a sold sign
USDA Mortgages

The USDA loan is no down payment mortgage offered through the Department of Agriculture. The USDA loan has income and area restrictions.

Veteran’s mortgage

No down payment is required for the VA mortgage and the Veteran’s Administration limits lenders to reasonable closing costs. In other words, no junk fees. Read more