Buying a home regardless of what the media says is still the American dream. Despite stricter regulations there are still resources available to help individuals in deed of closing and downpayment assistance.
The Tallahassee Lenders’ Consortium (TLC) provides down payment assistance from the City of Tallahassee to first-time home buyers like you.
Down payment assistance through TLC can pay for down payment, prepaids and all other buyer’s closing costs up to $7,125 for homes purchased in the City limits. If the client is in the very low-income category, down payment assistance can be expanded to $12,050 for homes purchased within the City limits, if needed. The loan is secured by a second or third mortgage loan at zero interest and no required payments. The loan is due and payable upon 1) sale, transfer, bankruptcy or foreclosure, 2) refinance of the first mortgage, 3) the borrower no longer occupies as primary residence or 4) maturity of first mortgage (not more than 30 years).
This is just one of several options on the market. In the future I’ll discuss the others.