The Sarasota Down Payment Assistance Program was established to encourage home ownership by paying a portion of down payment and closing costs associated with the purchase of a home for low-income first time homebuyers. Down payment assistance is crucial to low-income homebuyers due to the difficulty they encounter saving money as a large percentage of their monthly income must be spent on rent.
The program provides second mortgage loans to purchase new and existing single-family homes, and condominiums. Homebuyers agree to reside in the home as their primary residence, or repay the loan in full. Homebuyers between 80% to 70% of the area median income adjusted to household size are eligible for $37,000 in Down Payment Assistance.
Homebuyers who earn less than 70% of the area median income adjusted for family size will be eligible for $50,000 in Down Payment Assistance. Both income ranges may also apply for the Impact Fee Program if building a new home.
The purchase price for any home cannot exceed $216,000. The interest rate on the second mortgage is 0% and no monthly payments are required. Repayment of the loan is required if the home is sold, the property is transferred, the home is no longer owner- occupied or 30 years has passed.
Roxanne Moore, Realtor
Shannon Moore, Realtor
Prudential Florida WCI
North Port, Port Charlotte, Venice