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. It pays for some of your down payment and closing costs up to $7,000 for homes purchased in the City limits. As the homeowner, you are required to put $500.00 of  your own monies in. It’s best to save around $1200- $2000 for other out of pocket pre-purchase expenses related to the purchase.

Very low-income clients (50% or below AMI) may qualify for down payment assistance up to $12,000. The intake counselor will determine whether you meet these guidelines.


The down-payment is secured by a second or third mortgage loan at zero interest with no required payments. However, if either of the events listed happens the loan has to be paid back in full.

1. Sale                                                    
2. Refinance    
3. No longer occupies as primary residence 
4. Maturity of first mortgage (Typically 30 years)
5. Abandonment

6. Bankruptcy

7. Foreclosure


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 $179,000 and new home construction may not $243,000.


Income Limits

Income Category

Persons in Household


12345678
Extremely Low30% of AMI $15,300   $17,450   $21,720 $26,200$30,680$35,160$39,640 $44,120
Very Low50% of AMI$25,450 $29,100$32,750 $36,350 $39,300$42,200 $45,100   $48,000
Low80% of AMI$40,750$46,550$52,350$58,150$62,850$67,500$72,150$76,800










       

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 an Approved Member Lender before starting your application for Down Payment assistance.  For additional information or help completing the online application, contact:

Jose Barreiros

850.222.6609 x109 

jbarreiros@tallahasseelenders.org


 Voicemail and email messages will be answered no later than the close of business the next day.

​​

   NMLS #372580

​​​​​Tallahassee Lenders' Consortium, Inc

dba TLC 

Escambia Bond Homeownership Program

Down Payment Assistance Programs Available

TLC administers the City of Tallahassee and Leon County down payment assistance programs.  Eligibility for down payment assistance require that you meet the guidelines for household income, sales price and geographical area limits.  In addition, must attend the 2-hour Home Buyer Readiness Workshop and 8-hour Home Buyer Education Class, as well as use one of TLC's approved Member Lenders and Home Inspectors.

Other non-TLC Down Payment Assistance programs available:

Escambia County Housing Finance Authority


Offers down payment assistance to Jefferson, Gadsden, Leon, Wakulla and many other counties.

They will loan you up to $7,500 DPA

They have there own member lenders and their income limits are higher than ours
.


www.escambiahfa.com

USDA Rural Development

Caters to Franklin, Gadsden, Leon and Wakulla County. They will loan you funds as long as you fall in their income guidelines. Their office is located in Marianna. Dial (850) when contacting.

Contact 850-526-2610


www.usda.gov

Big Bend Habitat for Humanity

In order to qualify for them, it is mandatory that you are currently in substandard housing. They also have income limits.

Contact 850-574-2288


www.bigbendhabitat.org

Florida Housing Finance Corporation

They offer some down payment assistance programs. Their income guidelines are higher than ours. They have certain lenders.

Contact 850-488-4197


www.floridahousing.org 

Down Payment Assistance Limits

The Tallahassee Lenders' Consortium (TLC) provides down payment assistance from Leon County to first-time home buyers. It pays for some of your down payment and closing costs up to $7,000 (120% AMI or below) and up to $10,000 (80% AMI or below) for homes purchased in the County (Leon) limits. As the homeowner, you are required to put $500.00 of  your own monies in. It’s best to save around $1200- $2000 for other out of pocket pre-purchase expenses related to the purchase.

If 203K (Renovation) loan, amounts go up to $15,000 (50% AMI or below) and up to $10,000 (max AMI limit 120%). The intake counselor will determine whether you meet these guidelines.

The down-payment is secured by a second or third mortgage loan at zero interest with no required payments. The loan is due back in payments of $500 or greater, and payable upon :

1. Sale                                                    
2. Refinance    
3. No longer occupies as primary residence 
4. Maturity of first mortgage (Typically 30 years)
5. Abandonment

6. Bankruptcy

7. Foreclosure


Sales Price Limits
The program limits the sales price of homes.  Existing homes may not exceed the price of $294,601 and new home construction may not $294,601.


Income Limits


Income CategoryPersons In Household









12345678
Extremely Low30% of AMI $15,300 $17,450$21,720$26,200$30,680$35,160$39,640$44,120
Very Low50% of AMI $25,450 $29,100 $32,750$36,350$39,300 $42,200$45,100 $48,000
Low80% of AMI $40,750 $46,550 $52,350 $58,150$62,850 $67,500$72,150 $76,800
Moderate120% of AMI $61,080 $69,840 $78,600 $87,240 $94,320 $101,280 $108,240

 $115,200















Ifyour annual household income exceeds the limits listed above, you will not qualify for the County's down payment assistance program.


Funding for applicants with household income that exceeds 80% of the Area Median Income (Moderate) is extremely limited and may not be available at this time. 


Certificate of Occupancies for new homes must be provided prior to closing.  Existing homes must receive repairs or rehabilitation required for safe and sanitary habitation, correction of substantial code violations, or the construction of additional living space.  The repairs or rehabilitation may be paid by an FHA 203K loan, the seller, the buyer or another source within 12 months prior to closing or within ninety (90) days after closing.


How to Apply

The first step is to complete the Leon County Housing Services online application via its Neighborly systemYou must use one of TLC's approved Member Lenders. Your lender will know how to apply for the Leon County Down Payment Assistance program. You just need to make sure you let your lender know that you wish to utilize down payment assistance through The Tallahassee Lenders' Consortium. Your lender will submit to us a Reservation Packet on your behalf and one of our Homeownership Specialist will contact you to schedule your first appointment for DPA.  For questions, contact:


Jose Barreiros

jbarreiros@tallahasseelenders.org

850-222-6609 x109