What does my down payment assistance cover?
What counts as income?
You must include the gross (before taxes) income, income on assets or investments, and count ordered child support for everyone who is over 18 and will live in the house when you are deciding whether you fall within the income limits for the program. We count social security, AFDC, SSI and disability. We do not count student loans or Pell Grants.
How long do I have to be on my job?
It's OK if you just started a job after graduating from college, if your job is in the line of work you studied for. It's also alright if you have stayed in the same line of work, but changed jobs to increase your earning or benefits. In either case, you will need to get past the probationary period and be able to show that your chances of continuing your job are good.
What if I am self-employed?
If you are self employed, you must provide us with your last two years tax returns and a current profit and loss statement. Your income will be determined by averaging the net income (not GROSS) on your tax returns.
What if my credit isn't good?
Many times, your credit is better than you think it is, but without looking at your credit report, we cannot tell you anything about it. If you do have problems that need to be resolved before you buy a home, we can help you straighten them out.
My credit is OK, but my spouse has bad credit, what does that mean?
If one partner has bad credit, it maybe possible for the other partner to make the loan application alone. However, if we need both partners income to qualify for the mortgage loan, both credit reports must be submitted. All household income is used to determine program eligibility.
What if I declared bankruptcy?
If you have declared bankruptcy, you must be two years from the date of discharge of the bankruptcy and you must have established two new credit references since that time. There can be no late payments on your credit report.
What if I'm separated from my spouse?
While you may consider yourself separated, in the eyes of the laws of the State of Florida, you are technically still married, there is no such thing as separated. Because the home you are purchasing will be your homestead and you will be placing a lien on it (your mortgage), your spouse will need to be included on the documents.
How expensive a house can I buy?
The amount of sales price of the home you can qualify for is determined by your income and expenses. This is why it's important to be as accurate as possible about your income and expenses.
City of Tallahassee: $151,000 for existing homes (within the city limits)
City of Tallahassee: $228,000 for new construction (within the city limits)