Down Payment Assistance Program for First Time Homebuyers

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Summary of the strategy

Alachua County provides funding to assist first time homebuyers with down payment, closing cost assistance to eligible first time homebuyers as well as home repairs, necessary to meet minimum housing code.

Income Categories to be served

Very Low, Low Income, and Moderate Income depending upon funding availability.

Award Limits

Maximum loan is approximately $8,000 depending on available funding.

Terms of Loan

Funding is provided in the form of a 30 year deferred second mortgage. Mortgage is due on sale, refinance or transfer of property, or satisfaction of term.

Recipient Selection Criteria

Recipients must:

  • Be a first-time home buyer as defined by the applicable program.
  • Have successfully completed a SHIP-certified or equivalent Home Buyer Education Course prior to closing.
  • Be qualified for an affordable first mortgage through a lending institution.
  • Meet other requirements depending on funding source.
  • Must obtain a home inspection from an approved inspection service.

Resources for Down Payment Assistance