Lee County Human and Veteran Services – HOME Down Payment Assistance Program

Special Alert

Maximum Purchase Price

$245,000

Contact Info:

https://www.leegov.com 2440 Thompson St, Fort Myers, FL 33901 239-533-7938

Limitations

Credit Score Requirements

Based on 1st mortgage requirements. Lee County does not require a minimum credit score for HOME program approval.

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, USDA / RD

Homeowners Education Class:

Required

Is Forgivable?

The ten year second mortgage is forgiven at 10% per year.

Location:

1 County: Lee This program is for the purchase of existing homes located anywhere in Lee County.

Income Limitations:

Yes, based on Compliance Income (including household income) Income limits from HUD 2022 80% AMI guidelines Income cannot exceed 80% AMI. All assets will be considered when calculating annual income (i.e.: checking/savings accounts, IRA’s, 401(k)’s, CD’s, cash value life insurance, etc.)

Maximum Assistance

10% of Purchase Price up to $24,500 Minimum of $1,000 Maximum assistance in any case is 10% of the purchase price or $24,500, whichever is less. The home must appraise at or above the sales price in order to qualify for assistance. (minimum assistance $1,000)

Education Requirements Info:

Must attend a HUD-approved homebuyer education class. Program flyer contains agencies that you may contact for courses: https://www.leegov.com/dhs/Documents/Housing/HOME%20Application%206.1.21.pdf

Eligible Property Types:

Single Family Detached Condo Townhome/PUD

Income By Household Size:

None

Qualifying Ratios:

Housing Ratio: Up To 35% Total DTI: Up To 45% Maximum front-end ratio is 35% (total housing payment plus homeowner’s association fees, if any, divided by gross monthly income cannot exceed 35%). Maximum back-end ratio is 45% (total housing payment, plus homeowner’s association fees, if any, AND other recurring debts such as credit card payments, car payments, student loans, etc. divided by gross monthly income cannot exceed 45%). There are NO exceptions to these maximum debt-to-income ratios. We use the income of all occupying household members to calculate the debt-to-income ratio. Another debt-to-income consideration is that the property taxes are based on the current year’s (most recent) tax bill, regardless of the property status.

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