Tallahassee Lenders’ Consortium (TLC) – City of Tallahassee Down Payment Assistance Program

Special Alert

Maximum purchase price limits vary depending on whether you are purchasing a new construction vs. existing home. Review program guidelines for relevant details.

Maximum Purchase Price

$256,000

Contact Info:

Municipality

Limitations

Retail

Credit Score Requirements

Based on 1st mortgage requirements.

Deferred Payments?

Determined by first mortgage product or lender.

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?

No forgiveness

Location:

Tallahassee Must be within the Tallahassee city limits.

Income Limitations:

Yes, based on Compliance Income (including household income) Income limits from HUD 2022 80% AMI guidelines Cannot exceed 80% AMI.

Maximum Assistance

20% of Purchase Price Eligible applicants could qualify for up to 20% of the purchase price for down payment and closing cost assistance. The intake counselor will determine whether you meet these guidelines. NOTE: The down payment assistance (DPA) is a LOAN.

Education Requirements Info:

You must attend the 2-hour Home Buyer Readiness Workshop and 8-hour Home Buyer Education Class. Homebuyer Readiness: https://www.tallahasseelenders.org/buyer-readiness-workshop.html Homebuyer Education Classes: https://www.tallahasseelenders.org/home-buyer-education-course.html Contact Provider for additional information regarding Post-Closing Education Requirements.

Eligible Property Types:

Single Family Detached Condo Townhome/PUD

Income By Household Size:

HH1HH2HH3HH4HH5HH6HH7HH8 $45,500$52,000$58,500$64,950$70,150$75,350$80,550$85,750 *Income limits as of 05/24/2023

Qualifying Ratios:

Determined by first mortgage product or lender.

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