If you want to buy a home and save money, why not take advantage of a down payment and closing cost assistance program? You could save thousands of dollars initially and over the life of your home loan (like winning the lottery!). Let's look at down payment assistance options in Florida, Connecticut, and New York and get you into a new house.
Low- to moderate-income households in Central Florida may be eligible for up to $20,000 in down payment and closing cost assistance. HANDS (Housing and Neighborhood Development Services) of Central Florida offers financial assistance for eligible homebuyers based on their income. They administer SHIP (State Housing Initiatives Partnership Program) funds to individuals who qualify for the program and have secured first mortgage financing. Funds are received annually and are available on a first-come-first-served basis. If you live in the areas listed below, talk to your lender about securing SHIP funds to help with your down payment and closing costs when buying a home.
- Winter Haven City Limits
- Lakeland City Limits
- Unincorporated Polk County
- Lakeland Midtown
SmartMove Connecticut offers first-time home buyers up to 25% funding toward their mortgage for down payment and closing assistance. Individuals who qualify for the program must pay 1% of the home's purchase price and participate in a free 8-hour homebuyer education program. Through this program, you will have a 20-year fixed-rate mortgage. If you last owned a home at least three years ago, you qualify for the program as a first-time home buyer. Click here to learn more about the program and eligibility requirements.
- Select Counties in New York
In Oswego County, New York, first-time home buyers can apply for grants to cover the down payment, closing costs, as well as some home rehabilitation of a newly purchased home. The Oswego Housing Development Council, Inc (OHDC) offers the grant to first-time, low- to moderate-income home buyers who can secure a mortgage and qualify for the program. Income limits vary based on family size. Click here to learn more about the OHDC program and to fill out the application.
Take advantage of down payment and closing cost assistance with these programs across the U.S. Talk to your real estate agent and mortgage lender to learn more about your home-buying options. We hope you find a home to buy soon!
If you need help finding a local real estate agent, please email us at info@reazo.
Take advantage of more home-buying tips in Reazo's guide: