By Phil Ganz
Edited by Ryan Skerritt
The HOME Homebuyers Program, a collaboration between the City of Pensacola and Escambia County, is designed to make homeownership affordable for low-income families.
Through this initiative, eligible homebuyers can access up to $12,500 in down payment and closing cost assistance.
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With favorable loan terms and specific eligibility requirements, this down payment assistance program provides valuable support to those aiming to buy a home within the area.
The HOME Homebuyers Program: An Overview
The HOME Homebuyers Program offers a zero-interest deferred payment loan to qualifying families who need assistance with down payments and closing costs.
By providing up to $12,500 in financial support, this program opens the door to affordable homeownership.
The loan terms are highly advantageous, as repayment is deferred until the property is sold, refinanced, or when the first mortgage is paid off, making it manageable for families with limited income.
To qualify, applicants must meet specific requirements, including income limits and property location guidelines.
Homes eligible under this program must be either newly constructed or built after 1977 and located within the City of Pensacola or Escambia County.
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Benefits for Florida Homebuyers
The HOME Homebuyers Program provides meaningful financial support to help make homeownership affordable.
With up to $12,500 available for down payment and closing costs, the program offers significant assistance for families needing help to cover initial expenses.
The loan is structured as a deferred payment, meaning homeowners do not need to make monthly payments until the home is sold, refinanced, or the first mortgage is paid off.
Additionally, the program includes an educational component.
Buyers are required to complete a HUD-certified homebuyer education class.
This course helps homebuyers understand the basics of managing a home, budgeting, and maintaining their property, which supports a stable start in homeownership.
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Requirements for Eligibility
To qualify for the HOME Homebuyers Program, applicants must meet the following criteria:
- Property Location: The property must be within Escambia County or the City of Pensacola.
- Property Age: Only newly constructed homes or existing homes built after 1977 are eligible.
- Income Limits: Applicants must meet income limits as set by the program to ensure that assistance reaches low-income families.
- Financial Qualifications: Sufficient income and creditworthiness are necessary to secure primary financing from a participating lender.
- Homebuyer Education: Completion of an eight-hour HUD-certified homebuyer education class is required prior to closing.
- Primary Residence Requirement: Buyers must make the home their principal residence.
- Purchase Price Limits: The sales price cannot exceed the HUD-provided HOME Homeownership Value Limits.
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Current Status of the HOME Homebuyers Program
As of July 17, 2024, the HOME Homebuyers Program is currently closed to new applications, and those interested are encouraged to check back for updates on future funding.
Program details and availability can change, so it’s a good idea to contact the City of Pensacola or Escambia County housing departments directly for the latest information.
Don’t worry if you’re seeking assistance, as Florida has many other down payment assistance (DPA) programs that can also provide thousands in support to help with your home purchase.
Additionally, an update for 2025 is expected, so keep an eye out for new opportunities in the coming year.
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Frequently Asked Questions
Below are answers to common questions about the HOME Homebuyers Program and similar assistance options.
What type of assistance does the HOME Homebuyers Program provide?
The program offers up to $12,500 in financial support for down payment and closing costs. This assistance is provided as a zero-interest deferred payment loan, meaning payments are not required until certain conditions, like a sale or refinance, occur.
When is repayment required for the assistance loan?
Repayment is only due when the home is sold, the mortgage is refinanced, or the first mortgage is fully paid off. This structure provides flexibility for new homeowners by deferring payments.
What types of homes qualify for the program?
Eligible properties include newly constructed homes or existing homes built after 1977. Additionally, the home must be located within Escambia County or the City of Pensacola.
Are there income limits for applicants?
Yes, applicants must meet specific income limits set by the program to ensure that the assistance is directed toward low-income families. Contact the housing department for the most current income guidelines.
What are the education requirements for the program?
Applicants are required to complete a HUD-certified homebuyer education class before closing. This course provides essential information on budgeting, home maintenance, and long-term financial planning for new homeowners.
Is this program currently accepting applications?
No, as of July 17, 2024, applications for the HOME Homebuyers Program are closed. Updates on funding availability are expected, so be sure to check back for any changes.
Are there other down payment assistance programs available in Florida?
Yes, Florida offers several other down payment assistance programs that can provide thousands in additional support. If the HOME Homebuyers Program isn’t an option, you may find other programs to help make homeownership affordable.
Will there be an update for this program in 2025?
Yes, an update is expected for 2025, which may reopen funding or adjust program details. Keep in touch with the City of Pensacola or Escambia County housing departments for the latest updates.
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Bottom Line
The HOME Homebuyers Program provides valuable financial assistance and support for low-income families looking to buy a home in Pensacola or Escambia County.
Although the program is currently closed to new applicants, it has been a reliable resource for many families.
For those interested in homeownership, Florida offers various down payment assistance programs, many of which can provide thousands in funding to help with initial home costs.
Additionally, an update to the HOME program is expected in 2025, so keep an eye out for new opportunities.
Contacting local housing departments can also provide current information and additional resources for homebuyer support.
With over 50 years of mortgage industry experience, we are here to help you achieve the American dream of owning a home. We strive to provide the best education before, during, and after you buy a home. Our advice is based on experience with Phil Ganz and Team closing over One billion dollars and helping countless families.
About Author - Phil Ganz
Phil Ganz has over 20+ years of experience in the residential financing space. With over a billion dollars of funded loans, Phil helps homebuyers configure the perfect mortgage plan. Whether it's your first home, a complex multiple-property purchase, or anything in between, Phil has the experience to help you achieve your goals.
About Editor - Ryan Skerritt
Ryan Skerritt has over 10+ years of experience in the residential financing space. With over two hundred and fifty million of funded loan volume, Ryan has the skill set to help any homebuyer configure the perfect mortgage plan.
