Down Payment Assistance Options

Many home buyers assume they need a large down payment to purchase a home, but several programs exist that may help reduce upfront costs. While not every buyer qualifies for assistance programs, certain loan options and local programs may help make homeownership more accessible. The Bain & Stoner Home Team works with buyers to review available financing options and determine which programs may fit their situation.

Saving for a down payment and closing costs can be challenging. Luckily our in house lending team has a solution — Rate Access

Access provides the full 3.5% down payment for an FHA loan, as well as an additional 1.5% towards your closings costs.

This provides the ability to purchase with little to no out of pocket costs.

100% Financing

BENEFITS OF RATE ACCESS

100% Financing - No Down Payment Required By Borrower

1.5% Towards Closing Costs

Do NOT Have to be a First Time Home Buyer

No Income Restrictions

30 Year Fixed Rate

Multiple Borrowers Permitted

Standard FHA Requirements and Approval

The Florida Hometown Heroes program was created to help eligible community workers purchase homes by providing assistance toward down payment and closing costs. Most recently this consists of Healthcare workers, Law Enforcement, Educational Staff, Military/Veterans, First Responders, and many more.

Hometown Heroes provides 5% of the total purchase of a home that goes towards down payment and closing costs.

This program has helped many buyers access homeownership by reducing upfront costs, although funding availability and eligibility requirements can change over time. Buyers interested in this program should contact us to review the current guidelines to determine whether they qualify.

Hometown Heroes

Some conventional loan programs are designed to help moderate-income buyers purchase homes with lower down payment requirements. Programs such as Fannie Mae HomeReady® and Freddie Mac Home Possible® may offer flexible qualification options for buyers who meet income limits based on area median income (AMI). These programs can allow buyers to purchase a home with a smaller down payment, more competitive interest rates, and reduced mortgage insurance, compared to traditional loan options.

Conventional AMI

Exploring Financing Options With the Bain & Stoner Home Team

Every buyer’s financial situation is different. The Bain & Stoner Home Team works with buyers to review a variety of financing options, including traditional loan programs and potential assistance opportunities. By evaluating credit, income, and overall financial goals, we help buyers identify the loan programs that best fit their situation.

Down Payment Assistance FAQs

What is down payment assistance?

Down payment assistance refers to programs designed to help home buyers cover some of the upfront costs of purchasing a home. These programs may provide forgivable loans or other financing options that help reduce the amount of cash buyers need for a down payment or closing costs.

Who qualifies for down payment assistance programs?

Eligibility for down payment assistance programs typically depends on factors such as income, credit profile, location, and whether the buyer is purchasing a primary residence. Some programs are designed specifically for first-time home buyers, while others may be available to buyers who meet certain income or program guidelines.

Are there down payment assistance programs available in Florida?

Yes. Florida offers several programs that may help buyers reduce upfront home purchase costs. Programs like the Florida Hometown Heroes initiative and certain mortgage financing options may help qualified buyers cover down payment and closing costs depending on eligibility and program availability.

Can I buy a home with little or no down payment?

Some loan programs allow qualified buyers to purchase a home with a very small down payment or potentially no money down. For example, certain FHA financing strategies and VA loans available to eligible veterans may allow buyers to minimize upfront costs depending on their financial qualifications.

What is the Florida Hometown Heroes program?

The Florida Hometown Heroes program was designed to help eligible community workers purchase homes by offering assistance toward down payment and closing costs. Program availability, eligibility requirements, and funding levels can change periodically, so buyers should review the current guidelines to determine whether they qualify.

What are HomeReady and Home Possible loan programs?

HomeReady® and Home Possible® are conventional mortgage programs backed by Fannie Mae and Freddie Mac that may allow qualified buyers to purchase homes with lower down payments. These programs are designed for buyers who meet certain income guidelines based on the area median income (AMI).

How do I know if I qualify for down payment assistance?

The best way to determine eligibility is to review your financial situation. Factors such as credit score, income, employment history, and available savings all play a role in determining which loan programs or assistance options may be available. Speaking with a mortgage professional early can help determine which loan programs and assistance options may be available before beginning the home buying process.

Bain & Stoner Home Team