Florida UWM 0% Down Homebuyer Program | Up to $15K in Assistance

The brand new Florida UWM 0% Down Homebuyer Program offers up to $15,000 in down-payment assistance to help you achieve homeownership in the Sunshine State.

This program allows you to buy a home without needing money for a down payment.

In this article, we’ll explain how the program works, who qualifies, and how to apply.

Program Overview

The Florida UWM 0% Down Homebuyer Program helps people buy their first home without a big initial cost. It offers up to $15,000 in help for the down payment, making it easier to buy a home without needing money upfront.

The two distinct ways to qualify for this program are by meeting income limits or being a first-time homebuyer.

The Florida UWM 0% Down Homebuyer Program comes as a second mortgage that has no interest and doesn’t need monthly payments.

This program is designed to help you buy a home and manage your money during purchase.

Benefits

The Florida UWM 0% Down Homebuyer Program provides significant advantages to ease home-buying and reduce financial strain.

Here are the key benefits that make this program an excellent choice for eligible homebuyers:

• Zero Down Payment: This allows you to purchase a home without an upfront down payment, removing a major financial barrier.

• Up to $15,000 Assistance: Receive as much as $15,000 to cover your down payment, significantly reducing the amount you need to save before buying.

• No Interest: The down payment assistance comes in the form of a second mortgage with no interest, which means you don’t pay more than you borrow.

• Deferred Payments: You do not have to make monthly payments on the second mortgage until you refinance or pay off the first mortgage, offering financial flexibility.

• Enhanced Home Affordability: By reducing upfront costs, the program makes homeownership more accessible for first-time buyers and those with limited savings.

• Support for First-Time Buyers: Specifically targets first-time homebuyers, providing them with an easier pathway to owning their first home.

• Credit Flexibility: Accepts applicants with a minimum 620 credit score, making it accessible to a wider range of borrowers.

• High Loan-to-Value Ratio: You can qualify with loan-to-value ratios as high as 97%, maximizing the purchasing power of your home loan.

How to Qualify

To be eligible for the Florida UWM 0% Down Homebuyer Program, you can qualify through one of two paths depending on your financial situation and home-buying history:

Path 1: For Low to Moderate-Income Homebuyers

• Meet Income Limits: Your yearly earnings should be 80% or less of the Area Median Income (AMI) where you want to buy your home.

• Extra Help for Lower Incomes: If your earnings are at or below 50% of the AMI, you also get a $2,500 credit to help even more, and you don’t have to pay this back.

• Credit Score and Home Loan Details: You need a credit score of at least 620. The loan for the home must cover between 95% and 97% of the home’s price.

Path 2: For First-Time Homebuyers

• Who Qualifies as a First-Time Homebuyer: If you haven’t owned a home in the last three years, you’re considered a first-time homebuyer.

• Credit Score and Home Loan Details: You need a credit score of at least 700. The loan should cover more than 95% of the home’s price, up to 97%.

If you don't fit into either of these paths, don't worry! There are various ways to achieve homeownership with 0% down in Florida.

There are 25 additional first-time homebuyer grants and programs in the state of Florida, notably the Florida Hometown Heroes Program, which has less strict requirements.

FAQ: UWM 0% Down Purchase Program

Here are 10 of the most common questions about the program:

What is the UWM 0% Down Purchase Program?

The UWM 0% Down Purchase Program is an exclusive offering where qualified borrowers receive a 3% down payment assistance loan, up to $15,000, with no interest and no monthly payments required on the second lien mortgage.

How does the down payment assistance work?

UWM provides a second lien mortgage for 3% of the purchase price, up to $15,000. This second lien has no monthly payment requirement and no interest. The balance is due when the first lien loan is refinanced or paid off.

Who is eligible for the program?

Borrowers must be at or below 80% of the Area Median Income (AMI) for the property's address and meet Home Possible® guideline requirements. Alternatively, first-time homebuyers who meet HomeOne® and UWM guidelines can qualify.

What defines a first-time homebuyer?

A first-time homebuyer is defined as someone who has not had an ownership interest in a home in the last three years.

What are the credit score requirements?

A minimum credit score of 620 is required for borrowers meeting the AMI requirements, and a minimum credit score of 700 is required for first-time homebuyers.

Are there any additional benefits for very low-income borrowers?

Yes, borrowers with qualifying incomes at or below 50% AMI will receive a $2,500 credit for the 3% assistance. This credit does not need to be repaid and lowers their debt obligation from the second lien.

What loan-to-value (LTV) ratios are accepted?

The loan should cover between 95% and 97% of the home’s price for both paths.

Are there any restrictions on the second lien mortgage?

The second lien bears a 0% interest rate, has no minimum monthly payment requirements, and is fully due as a balloon payment upon the refinance or payoff of the first lien, or the final payment of the first lien's amortization schedule.

How can I apply for the UWM 0% Down Purchase Program?

Visit MakeFloridaYourHome.com to check eligibility, gather necessary documents, and submit the online application form. Once verified, you can receive up to $15,000 for your down payment.

What should I do if I have more questions or need assistance?

Schedule a meeting with MakeFloridaYourHome through our website for more information or assistance.

How to Apply

Follow these steps to start your journey toward homeownership with zero down payment.

• Verify Eligibility with MakeFloridaYourHome: Fill out our form to verify eligibility for the Florida UWM 0% Down Homebuyer Program.

• Gather Documents: Prepare necessary documents, including income verification, credit score reports, and identification.

• Submit Application: Complete and submit the application form with MakeFloridaYourHome.

• Get Verified: Await verification of your eligibility.

• Receive Assistance: If approved, receive up to $15,000 for your down payment with no interest and deferred payments.