Hey there! I know that buying your first home can feel like a daunting journey, but there’s a fantastic program in Duval County that might just make things a bit easier for you. Let’s dive into the details of the Home Sweet Home Program.

Program Details

• Program Name: Home Sweet Home Program
• Source of Funding: Administered by the Jacksonville Housing Finance Authority (JHFA)

Eligibility Criteria

• First-Time Homebuyer: You must be a first-time homebuyer (haven’t owned a home in the last three years), except for veterans and those purchasing in targeted areas.
• Income Limits: Total household income cannot exceed 120% of the area median income (AMI). For a family of four in Duval County, the limit is $106,200. (Source)
• Credit Score: Minimum of 640 required. (Source)
• Homebuyer Education: Completion of a HUD-approved homebuyer education course is mandatory.

Benefits

• Down Payment and Closing Cost Assistance: Up to $20,000 for qualified applicants. (Source)
• Zero-Interest Deferred Loan: Assistance is provided as a zero-interest, deferred second mortgage. Repayment is required only if you sell, refinance, transfer the title, or rent out the home within 30 years.

Potential Drawbacks

• Repayment Requirement: The assistance is a deferred loan, not a grant. Repayment is required under certain conditions.
• Property Restrictions: The home must be in Duval County and serve as your primary residence. Investment properties and second homes do not qualify.

Application Process

1. Pre-Approval: Obtain pre-approval for a mortgage through an approved lender.
2. Homebuyer Education: Complete a HUD-approved homebuyer education course.
3. Application Submission: Work with your lender to submit the necessary documents.
4. Property Selection: Find a qualifying property in Duval County.
5. Closing: Upon approval, finalize your home purchase using the assistance funds.

Additional Information

• Program Availability: The Home Sweet Home Program is continuously funded. (Source)
• Geographic Availability: Duval County, Florida.
• Type of Assistance: Down payment and closing cost assistance in the form of a deferred loan.

Pros and Cons

Pros:

• Significant financial assistance for down payment and closing costs.
• Zero-interest loan reduces the financial burden on homebuyers.
• No monthly payments required on the assistance amount until a triggering event occurs.

Cons:

• The assistance is a deferred loan, requiring repayment under certain conditions.
• Strict eligibility criteria, including income limits and credit score requirements.
• Property must remain the primary residence; renting out the property triggers repayment.

Conclusion

I hope this information brings you one step closer to turning the key to your new home. Remember, while the process can seem overwhelming, programs like Home Sweet Home are designed to support and guide you along the way. Happy house hunting!