At Top7 Mortgage, we understand that saving for a down payment can be one of the biggest challenges to achieving homeownership. That’s why we’re proud to offer a variety of Down Payment Assistance (DPA) programs designed to help make your dream of owning a home in Florida a reality. These programs provide valuable financial support to eligible buyers, covering a significant portion of the down payment and closing costs.

Popular Down Payment Assistance Programs

Here are some of the most popular down payment assistance programs available to Florida residents:

Florida Housing Bond Program

• Grant Amount: Up to $10,000
• Maximum Debt-to-Income (DTI) Ratio: 50%
• Income Limits: Vary by household size and county
• Eligible Borrowers: First-time homebuyers

This program offers a forgivable loan to help with down payment and closing costs. It’s an excellent option for first-time buyers who meet the income and eligibility criteria.

Hometown Heroes Program

• Grant Amount: Up to 5% of the loan amount (based on available funds)
• Maximum DTI: 50%
• Income Limits: Apply by household and county
• Eligible Borrowers: First-time homebuyers in eligible community workforce sectors (e.g., law enforcement, firefighters, teachers, healthcare workers)

The Hometown Heroes Program is specifically designed to support those who serve their communities, offering substantial down payment assistance to qualifying public service professionals.

Salvation Army – Pathway to Housing (Osceola County Only)

• Grant Amount: Up to $30,000
• Maximum DTI: 50%
• Income Limits: Apply per household
• Maximum Purchase Price: $350,000

This program provides significant financial assistance for eligible homebuyers in Osceola County, offering up to $30,000 to cover down payment and closing costs.

Private Down Payment Assistance

• Assistance Amount: 3.50% of the purchase price
• Minimum Credit Score: 600
• First-Time Homebuyer Requirement: Not required
• Income Limits: No income limits
• Maximum Purchase Price Limits: Per HUD guidelines

Private down payment assistance programs offer flexibility, with fewer restrictions on income and first-time homebuyer status. This makes them an appealing option for a broader range of buyers.