Down Payment Assistance Program to open in September
The lender/realtor workshop will cover requirements, eligibility, property inspections, application process and website navigation.
The Sarasota Down Payment Assistance Program, which was established to assist first-time homebuyers, is possible because of funding received from the State Housing Initiatives Partnership Program.
“We have $650,000 budgeted to fund this program,” said Jane Hindall, the program’s manager. “The program pays a portion of a down payment and the closing costs associated with the home purchase.”
Applications will be accepted for the program starting Sept. 2 and will be processed on a first-come, first-served basis. The eligibility requirements, lender and applicant forms and brochures are available on the Sarasota Office of Housing and Community Development website at www.ohcd.sarasotagov.com.
Highlights of the program include:
- The maximum sales price of a single family home or condominium cannot exceed $175,000
- Maximum down payment assistance is $30,000
- Buyer must contribute 3 percent of purchase price (including closing costs and pre-paid expenses).
- Applicants must attend a qualified community homebuyer class presented by a Department of Housing and Urban Development approved counseling service prior to receiving assistance.
- The maximum amount of closing costs and prepaid expenses paid through the program may not exceed $4,375.
For more information, contact the Sarasota Office of Housing and Community Development at 941-951-3610.
