Market Rate Program
Lee County Housing Finance Authority provides First-time homebuyers and Non-First-time homebuyers down payment and closing cost assistance through the Market Rate TBA program. Program funds are first-come, first serve and are continuously funded.
Program Summary:
- Down Payment Assistance in the form of a non-repayable grant, 3% or 5% of the note amount
- Competitive 30-year fixed mortgage rate
- No asset limits for homebuyers
- Eligible Loan Types: FHA, VA, USDA-RD
- Home must serve as the primary residence
- Borrower(s) must occupy property within 60 days of closing
- Homebuyer education not required but recommended (links)
- Eligible Areas: Lee, Collier, DeSoto, Palm Beach and Sarasota Counties in Florida
Who Qualifies:
- No first-time Homebuyer requirement
- Must be able to permanently reside in the U.S.
- Maximum income limits for eligibility
- FICO Score must be 640 or higher, DTI requirement is 45%, and borrower(s) must meet normal FHA, VA or USDA-RD underwriting requirements
Getting Started:
If you would like to see if you qualify for one of these programs, please click here (http://www.firsthome4u.com) to view more details and find contact information for approved participating lenders.