Down Payment Assistance Limits
The Tallahassee Lenders' Consortium (TLC) provides down payment assistance from Leon County to first-time homebuyers. The funds pay for some of the required down payment and closing costs, up to $7,500 (120% AMI or below) and up to $10,000 (80% AMI or below), for homes purchased in the Leon County outside of the Tallahassee city limits. The homebuyer is required to contibute $500 toward the purchase of the home. In addition, the homebuyer will need to have available approximately $2,000 for other other out of pocket pre-purchase expenses such as the binder deposit (good faith estimate), home inspection, appraisal, and homeowner's insurance.
Homebuyers may be eligible for a 203K renovation loan up $15,000 with income levels 50% AMI or below and up to $10,000 with income levels maximum AMI limit 120%. The intake counselor will determine if the homebuyer meets these guidelines.
The down payment is secured by a second or third mortgage loan at 0% interest with no required payments. The loan has to be paid back in installments of $500 or greater if either of the following events happen:
Sales Price Limits
The program limits the sales price of homes. The sales price not exceed the price of $349,525.80 for existing homes or new home construction.
|Income Category||Persons In Household|
|Extremely Low||30% of AMI||$16,050||$18,350||$20,650||$22,900||$24,750||$26,600||$28,400||$30,250|
|Very Low||50% of AMI||$26,750||$30,550||$34,350||$38,150||$41,250||$44,300||$47,350||$50,400|
|Low||80% of AMI||$42,750||$48,850||$54,950||$61,050||$65,950||$70,850||$75,750||$80,600|
|Moderate||120% of AMI||$64,200||$73,320||$82,440||$91,560||$99,000||$106,320||$113,640|
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 system. You 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:
Loan Originator, NMLS# 1621367