The Down Payment Assistance is a second mortgage subsidy to assist borrowers who may be struggling with down payment obligations. The subsidy offers up to $7,500 to cover 100% of down payment and closing costs. Furthermore, eligible active duty and retired military personnel, reserves, law enforcement officers, corrections officers, and educators (private or public), as well as the unremarried spouses of deceased employees in these industries, may qualify for up to $10,000 in assistance. This program can be combined with the new first mortgage SPCP solution, maximizing savings and easing the financial burden for aspiring homeowners.
The SPCP is specifically designed to make homeownership more attainable for individuals and families. This comprehensive solution offers 100% financing, no private mortgage insurance (PMI), and is not limited first-time homebuyers. It can also be utilized in conjunction with the DAP, providing a holistic approach to home financing.
"At First Federal Bank, we are dedicated to advancing homeownership opportunities and empowering individuals and families to build a brighter future," said John Medina, President and CEO of First Federal Bank. "With the introduction of our new community focused down payment assistance and first mortgage products, we are reaffirming our commitment to making the dream of owning a home a reality for more individuals."
Eligibility for these programs is based on where the applicant resides, as well as income and location of the home being purchased. Applicants must reside in a census tract designated as low or moderate income, or as being majority-minority. They must also demonstrate an income level of 80% or less of the Area Median Income (AMI) for county in which the property is being purchased. The property being purchased must be located in the following Florida counties: Alachua, Baker, Bay, Clay, Columbia, Duval, Hamilton, Holmes, Jackson, Lafayette, Marion, Nassau, St. Johns, Suwanee and Washington.
First Federal Bank remains steadfast in its mission to provide accessible and affordable financial solutions that cater to the diverse needs of its customers. The launch of these products underscores the bank's ongoing efforts to promote financial inclusion and broaden access to homeownership across the communities served in northern Florida.