Florida has 231 programs that help low-income buyers
ATLANTA, Ga., Feb. 19, 2016 – Atlanta-based Down Payment Resource, a databank for homebuyer programs, released its fourth quarter 2015 Homeownership Program Index (HPI). According to the company, The U.S. has 2,406 homeownership programs available to help prospective homebuyers, and 84 percent currently have funds available – a one percent drop quarter-to-quarter.
The numbers are even stronger in Florida, however. The state has 231 buyer-aid programs administered by 113 agencies. And while 13 programs are not currently funded, 94.4% have money available to help prospective homebuyers.
The HPI found that 63 percent of buyer-help programs include a first-time homebuyer requirement, which they define as a buyer who has not owned a home in the past three years.
In 15 percent of homeownership programs, specific incentives are available for community heroes, such as special benefits for veterans, educators, protectors, firefighters, healthcare workers and disabled homebuyers.
"Renter surveys reveal the lack of understanding among consumers about downpayments and current requirements," says Rob Chrane, CEO of Down Payment Resource. "It's important for prospective buyers to research their home loan and downpayment options."
One Florida agency, the Florida Housing Finance Corporation, acts as a state clearinghouse for many programs funded by government resources. However, specific programs and rules can vary by state, county and city.
Types of programs