Down Payment Assistance Limits
The Tallahassee Lenders' Consortium provides down payment assistance from the City Of Tallahassee. The down payment assistance (DPA) is a LOAN. The loan pays for some of the down payment and closing costs for homes purchased in the City limits. The homebuyer is required to contribute $500 toward the purchase of the home. In addition, the homebuyer will need to have available approximately $2,000 for other out of pocket pre-purchase expenses such as the binder deposit (good faith estimate), home inspection, appraisal, and homeowner's insurance.
Eligible applicants could qualify for up to 20% of the purchase price for down payment and closing cost assistance. The intake counselor will determine whether you meet these guidelines.
The down payment is secured by a second or third mortgage loan at 0% interest with no required payments. However, if either of the following events happen, the loan has to be paid back in full.
At the end of the 30 year mortgage, a balloon payment of the balance is due in full. You can make payments any time at any amount. The best practice is to make throughout your 30 years.
Sales Price Limits
The program limits the sales price of homes. Existing homes may not exceed the price of $197,000 and new home construction may not $256,000.
|Persons in Household|
|Extremely Low||30% of AMI||$17,050||$19,500||$21,950||$24,350||$26,300||$28,250||$30,200||$32,150|
|Very Low||50% of AMI||$28,450||$32,500||$36,550||$40,600||$43,850||$47,100||$50,350||$53,600|
|Low||80% of AMI||$45,500||$52,000||$58,500||$64,950||$70,150||$75,350||$80,550||$85,750|
Effective June 15, 2022
How to Apply
To initiate the application process, click on the following link: City DPA Application. Once registered, select To Apply for Down Payment Assistance. You must have a commitment from anApproved Member Lenderbefore starting your application for down payment assistance. For additional information or help completing the online application, contact:
Loan Originator, NMLS# 1621367