From floridarealtors.org
According to a RealtyTrac report released this month, 87 percent of U.S. buyers qualify for some type of down payment assistance — if they know where to look.
In Florida, the percent of qualifying buyers goes as high as 97 percent in some counties, with the general range in the mid to upper 80s to a state low of 77 percent.
In Miami-Dade County, for example, 82.25 percent of buyers qualify for down payment assistance, but that includes 589,683 homes, putting the county seventh nationwide for the total number of down payment-assistance-qualifying homes.
Broward County came in at No. 10 with 523,178 qualifying homes (83.39 percent of buyers qualify).
Major findings include:
• About 91 percent of down payment programs have funds available now.
• The average amount of down payment assistance across all counties is $11,565.
• At least one down payment program is available in all 3,143 U.S. counties; more than 2,000 counties have more than 10 down payment programs available to prospective homebuyers.
• 54 percent of the down payment programs are Community Seconds, where a Housing Financing Agency (HFA) or nonprofit organization issues a second mortgage with either no, or a very low, interest rate. The payment on the second mortgage may be deferred or forgiven incrementally.
• Other major down payment program types: 1First mortgage loans with below-market interest rates or 100 percent financing; Mortgage Credit Certificates that provide up to $2,000 in annual tax credits for the life of the loan; and Neighborhood Stabilization Program loans and grants designed to revitalize communities that have suffered from foreclosures, high unemployment and other concerns slowing housing recovery.
• Many programs can be layered with each other and used with most loan products, including VA and FHA home loans.
• 24 percent of programs are available statewide rather than a specific county or neighborhood.
• The states with the greatest number of down payment programs are California, Florida, Texas, Maryland, New York, Georgia, Pennsylvania, Massachusetts, Illinois and Colorado.