The primary goal of a bond program is to lower the barrier to entry for first-time buyers.
: Applicants must typically complete a certified education course (usually 6-8 hours) to ensure they understand the responsibilities of homeownership. 4. Examples of State Programs Program Name Key Highlight Florida Housing First Mortgage 30-year fixed-rate loans with DPA options. Step Up Program Up to 4% of sales price (capped at $10k) for DPA. Home Plus Program bond program for home buying
, for instance, provides up to $10,000 as a 0% interest, deferred loan that isn't paid back until the home is sold or refinanced. The primary goal of a bond program is
: While the funds come from the state, borrowers apply through participating private lenders who are certified to offer these specific products. Examples of State Programs Program Name Key Highlight
: Eligibility is capped based on the Area Median Income (AMI) and the local cost of housing.
: Funding is often limited by annual "caps" on bond issuance; if the state reaches its limit, the program may close until the next cycle.