Spring is a vibrant time for the real estate market in Lakeland, FL, with blooming flowers and warmer weather making it an ideal season for home buying. One of the biggest hurdles for many potential homeowners is coming up with a down payment. Fortunately, there are numerous down payment assistance programs available to help you make your dream of homeownership a reality this spring. Here’s a comprehensive guide to the options available for spring buyers in Lakeland, FL.

“At S&D Real Estate, we understand that coming up with a down payment can be challenging. That’s why we’re committed to helping our clients explore all available options to make their homeownership dreams come true,” says Dee McDonough, owner of S&D Real Estate.

Florida Housing Finance Corporation (FHFC) Programs

The FHFC offers several programs designed to assist first-time homebuyers with down payments and closing costs. These include:

Florida Assist (FL Assist): Provides up to $10,000 in down payment assistance in the form of a deferred second mortgage. The loan is forgiven if the borrower stays in the home for a specified period.

HFA Preferred and HFA Advantage PLUS Second Mortgage: Offers down payment assistance ranging from $7,500 to $10,000, repayable over a 10-year term with low interest rates.

Lakeland Housing Authority Programs

The Lakeland Housing Authority offers assistance programs for low-to-moderate-income families looking to buy a home. These programs often provide financial aid for down payments and closing costs, as well as homebuyer education courses to prepare you for homeownership.

Polk County SHIP Program

The State Housing Initiatives Partnership (SHIP) Program in Polk County provides funds to assist with down payments and closing costs. Eligibility is based on income, and priority is given to very low and low-income households. This program also offers funds for housing rehabilitation and emergency repairs.

NeighborhoodLIFT Program

Sponsored by Wells Fargo in collaboration with local nonprofit organizations, the NeighborhoodLIFT program offers eligible homebuyers $15,000 in down payment assistance. This program is available to those purchasing homes in specific areas, including Lakeland. It also includes homebuyer education to ensure long-term success.

City of Lakeland Homebuyer Assistance

The City of Lakeland offers homebuyer assistance programs aimed at helping residents purchase their first home. These programs often include financial aid for down payments and closing costs, as well as educational resources to guide buyers through the home buying process.

Federal Programs

Several federal programs can also assist with down payments:

- FHA Loans: Federal Housing Administration (FHA) loans require as little as 3.5% down, and you can use down payment assistance to cover this requirement.

- VA Loans: Veterans Affairs (VA) loans offer zero down payment options for eligible veterans and active-duty service members.

- USDA Loans: The U.S. Department of Agriculture (USDA) offers zero down payment loans for rural homebuyers, which can include areas in and around Lakeland.

Employer-Assisted Housing Programs

Some employers offer down payment assistance as part of their benefits package. Check with your employer to see if they provide any housing-related benefits that could help you with your down payment.

How to Apply for Down Payment Assistance

Research Programs: Start by researching the programs mentioned above to see which ones you qualify for.

Complete Homebuyer Education: Many programs require completion of a homebuyer education course, which provides valuable information on the home buying process and managing your finances.

Gather Documentation: Be prepared to provide documentation of your income, employment, and financial status.

Work with a Real Estate Agent: Partner with a knowledgeable real estate agent from S&D Real Estate who can guide you through the application process and help you find homes that qualify for these programs.

Submit Applications: Apply for the programs you qualify for and follow up on the status of your applications.

With the variety of down payment assistance programs available, spring buyers in Lakeland, FL, have numerous opportunities to achieve their homeownership dreams. Whether you’re a first-time homebuyer or looking to move into a new home, these programs can provide the financial boost you need to get started. At S&D Real Estate, we’re here to help you navigate these options and find the perfect home this spring. Contact us today to learn more about how we can assist you in your home buying journey.