City of Gainesville Down Payment Assistance Program
Special Alert
Maximum Purchase Price
$227,000
Contact Info:
http://www.cityofgainesville.org/HousingCommunityDevelopment/HomeownershipPrograms.aspx 200 East University Ave, Gainesville, FL 32601 352-334-5000
Limitations
Credit Score Requirements
Based on 1st mortgage requirements.
Deferred Payments?
Yes
Accepted First Mortgage Type:
Freddie Mac, Freddie Mac HFA Advantage, Freddie Mac Home Possible, Fannie Mae, Fannie Mae HFA Preferred, Fannie Mae HomeReady, FHA 203(b), VA
Homeowners Education Class:
Required
Is Forgivable?
At the end of the 5-year period, the loan is forgiven and the lien is satisfied.
Location:
Gainesville Property must be located in the city of Gainesville, FL
Income Limitations:
Yes, based on Compliance Income (including household income) Income limits from HUD 2022 80% AMI guidelines Income Categories to be served: Very low, low and moderate. Income cannot exceed 80% MFI.
Maximum Assistance
$15,000 A maximum of up to $15,000 will be available to assist with downpayment and/or closing costs.
Education Requirements Info:
For dates and times, please contact Margaret Thomas: (p) 353-393-8617 (e) brantleyme@cityofgainesville.org
Eligible Property Types:
Single Family Detached Condo Townhome/PUD
Income By Household Size:
HH1HH2HH3HH4HH5HH6HH7HH8 $45,850$52,400$58,950$65,500$70,750$76,000$81,250$86,500 *Income limits as of 05/10/2023
Qualifying Ratios:
Determined by first mortgage product or lender.
