Buying your first home is an exciting milestone, but it can also feel overwhelming. Thankfully, the City of Lakeland offers a fantastic program to make homeownership more affordable for first-time buyers. Let’s dive into the details!

Program Name

City of Lakeland First-Time Homebuyers Program

Source of Funding

This program is funded through a combination of federal, state, and local sources, including:

• Community Development Block Grant (CDBG)
• HOME Investment Partnerships Program (HOME)
• State Housing Initiatives Partnership (SHIP)
• Lakeland Community Redevelopment Agency (LCRA)

Eligibility Criteria

• First-Time Homebuyer Status: You must not have owned a home in the past three years.
• Income Limits: Household income must be at or below 140% of the area median income (AMI).
• Employment History: A stable employment history of at least two years is required.
• Credit Score: A minimum credit score of 650 is necessary.
• Homebuyer Education: Completion of a HUD-approved homebuyer education class is mandatory.

Benefits

• Down Payment Assistance: Provides up to 20% of the home’s purchase price, with a maximum of $50,000.
• Closing Cost Coverage: Up to $8,000 is available to assist with closing costs.

Potential Drawbacks

• Property Restrictions: Mobile homes and properties with pools are not eligible.
• Primary Residence Requirement: The property must be maintained as the applicant’s principal residence; renting or leasing is not permitted.

Application Process

1. Homebuyer Education: Enroll in and complete a HUD-approved homebuyer education seminar.
2. Pre-Approval: Secure pre-approval for a first mortgage from a participating lender.
3. Application Submission: Submit a completed application to the City of Lakeland’s Housing Office, including required documentation.
4. Program Review: The Housing Office will review your application and determine the assistance amount.
5. Closing: Proceed with the home purchase using the granted funds upon approval.

Program Availability

This program is available exclusively within the city limits of Lakeland, Florida.

Pros and Cons

Pros

• Financial Assistance: Significant support for down payment and closing costs.
• Educational Support: Mandatory homebuyer education equips applicants with essential knowledge.

Cons

• Property Limitations: Excludes mobile homes and properties with pools.
• Residency Requirement: Applicants must maintain the property as their primary residence.

Program Type

This initiative offers both down payment assistance and grants to eligible first-time homebuyers.

Program Timeline

• Availability: The program is currently active and accepting applications.
• Inactivity: No end date has been specified.

Post Category and Subcategory

• Category: Florida First-Time Homebuyer Program
• Subcategory: Polk County

For more information and to access the application, visit the City of Lakeland’s official Homebuyers page.

Note: Program details are subject to change. For the most current information, consult the official program website or contact the City of Lakeland’s Housing Office.