What is The Florida Own a Home Opportunity Grant? | 5% Down Payment Assistance

Are you dreaming of owning a home in Florida but struggling to save enough for the down payment? The Florida Own a Home Opportunity Grant could help you turn that dream into reality.

This program provides up to 5% of the loan amount in down payment assistance to eligible buyers in select Florida counties.

Check Your Eligibility for the Florida Own a Home Opportunity Grant

If you don't qualify for this grant, don't worry. There are 25 other DPA programs in Florida that could help you become a homeowner.

What is The Florida Own a Home Opportunity Grant?

The Florida Own a Home Opportunity Grant is a down payment assistance program that offers financial help to first-time homebuyers in several Florida counties.

The program provides up to 5% of the total loan amount as a grant, which means it does not need to be repaid.

It can be paired with a variety of loan types, including FHA, VA, RD, and Freddie Mac HFA Advantage Conventional loans. If you're planning to buy your first home in Florida, this grant could provide the financial boost you need.

Here are the key features:

• Grant Amount: Up to 5% of the total loan amount.
• No repayment required.
• Compatible with FHA, VA, RD, and Freddie Mac HFA Advantage Conventional loans.
• Paired with a 30-year fixed-rate first mortgage from a participating lender.
• Available in select Florida counties.

Check Your Eligibility for the Florida Own a Home Opportunity Grant

Program Benefits

The Florida Own a Home Opportunity Grant offers several benefits to eligible applicants:

• Provides up to 5% of the total loan amount as a grant.
• No need to repay the grant.
• Can be used with various loan types, including FHA, VA, RD, and conventional loans.
• Paired with a 30-year fixed-rate mortgage, ensuring long-term stability.
• Available in multiple Florida counties, giving residents access to homeownership in their local area.
• Helps cover both down payment and closing costs.
• Provides a financial boost to first-time homebuyers, reducing the initial burden of buying a home.
• Requires minimal upfront contribution from buyers.
• Allows buyers to combine with other funding sources or programs if needed.

Check Your Eligibility for the Florida Own a Home Opportunity Grant

Eligibility Requirements

To qualify for the Florida Own a Home Opportunity Grant, applicants must meet the following criteria:

• Be first-time homebuyers (haven’t owned a home in the past three years).
• Must occupy the purchased property as their primary residence within 60 days of closing.
• Have a minimum credit score of 640.
• Meet income limits based on the county where the home is located.
• Must obtain a 30-year fixed-rate mortgage from a participating lender.
• Complete a homebuyer education course approved by the program.
• Be a U.S. citizen or permanent legal resident.

The Florida Own a Home Opportunity grant is available in these counties:

1. Broward
2. Charlotte
3. Collier
4. DeSoto
5. Lee
6. Palm Beach
7. Sarasota
8. St. Johns
9. Volusia

Check Your Eligibility for the Florida Own a Home Opportunity Grant

Income and Purchase Price Limits

Income and purchase price limits are essential when applying for the Florida Own a Home Opportunity Grant.

These limits vary by county and determine your eligibility based on your household size and the price of the home you want to purchase.

Income Limits

Purchase Price Limits

Check Your Eligibility for the Florida Own a Home Opportunity Grant

Frequently Asked Questions

Here are answers to some common questions about the Florida Own a Home Opportunity Grant.

What is considered a first-time homebuyer?
A first-time homebuyer is defined as someone who has not owned a home in the last three years.

How much assistance can I receive through this program?
You can receive up to 5% of the total loan amount as a grant, which does not need to be repaid.

Do I have to repay the grant?
No, the assistance is provided as a grant and does not require repayment.

What are the income limits for the program?
Income limits vary by county. For example, in Palm Beach County, the limit is $105,420 for a household.

Can I use this program for any type of home?
Eligible properties include primary residences, such as new or existing homes, condos, townhomes, and one-to-four-unit properties.

Is there a minimum credit score requirement?
Yes, a minimum FICO credit score of 640 is required to qualify for the program.

Do I need to complete a homebuyer education course?
Yes, all applicants must complete a HUD-approved homebuyer education course, either in person or online.

Can I combine this grant with other funding sources?
Yes, you are encouraged to seek additional funding from other programs as long as the Florida Own a Home Opportunity Grant remains in a subordinate position to the primary mortgage.

How long does the application process take?
The process can take several weeks to a few months, depending on individual circumstances and the completeness of your application.

What happens if I sell my home before a certain period?
There are no repayment requirements because the assistance is in the form of a grant.

Check Your Eligibility for the Florida Own a Home Opportunity Grant

Ready to Get Started? Apply Online Today

To apply for the Florida Own a Home Opportunity Grant, follow these steps:

1. Check your eligibility online with MakeFloridaYourHome. This quick pre-screening will help you determine if you meet the basic requirements.
2. Complete the official application form.
3. Submit your application and all required documents.
4. Wait for approval and instructions from the participating lender.

Check Your Eligibility for the Florida Own a Home Opportunity Grant

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