by Ann Huskey
For first time homebuyers in Tallahassee, the TLC’s Down Payment Assistance (DPA) program offers a no-interest loan to help pay for closing costs and the home’s initial downpayment. The loan covers costs in an amount up to $7,000 for homes that are purchased within Tallahassee city limits.
Homeowners who take advantage of the program are required to put forth $500.00 out of pocket towards the purchase. It is advisable to save an additional $1200- $2000 for pre-purchase expenses, such as inspections and surveys.
Some low-income clients qualify for additional monetary assistance of up to $12,000. A qualified intake counselor will help determine if you meet the guidelines for downpayment assistance.
The loan is secured at zero interest with no payments required. Additionally, it is payable upon:
- Sale
- Refinance
- No longer primary residence
- Maturity of first mortgage (Depends Upon Terms)
- Abandonment
- Bankruptcy
- Foreclosure
For more information about downpayment assistance click here or contact a local Tallahassee REALTOR® ANN HUSKEY – 850 212 1982 – ANNHUSKEY@HOTMAIL.COM
