Hey there! Navigating the journey to homeownership can feel overwhelming, but knowing about the right programs can make all the difference. Let’s explore some opportunities available in Fort Myers and the broader Lee County area that could assist you in purchasing your first home.

Lee County FirstPlus Program

The Lee County Housing Finance Authority offers the FirstPlus Program to support first-time homebuyers with down payment and closing cost assistance.

• Provides a second mortgage of up to $10,000 at 0% interest over 30 years.
• Repayment is deferred until you sell, refinance, transfer the title, or rent out the home within the first 30 years.
• Eligible properties include those in Lee County and several neighboring counties.
• Minimum credit score requirement: 640.
• Homebuyer education is recommended but not required.

Learn more

Housing Choice Voucher (HCV) Homeownership Program

If you’re currently receiving assistance through the Housing Choice Voucher Program, there’s an opportunity to transition from renting to owning.

• Participants can use vouchers toward monthly homeownership expenses.
• Eligibility requirements include specific income and employment criteria.
• Must be a first-time homeowner and complete a homeownership counseling program.

Learn more

Important Note

Previously, the City of Fort Myers offered a Home Purchase Assistance Program, providing up to $35,000 for eligible homebuyers. However, as of July 17, 2024, this program has been suspended. It’s always a good idea to check the city’s official website for the most current information.

Check for updates

Program Availability

• Lee County FirstPlus Program: Available in Lee County and neighboring counties, including Broward, Charlotte, Collier, DeSoto, Glades, Hendry, Palm Beach, and Sarasota.
• Housing Choice Voucher Homeownership Program: Available to current HCV participants within the Lee County area.

Pros and Cons

Lee County FirstPlus Program

Pros:

• Provides substantial assistance ($10,000) toward down payment and closing costs.
• A deferred, zero-interest second mortgage eases immediate financial pressure.
• No asset limits, allowing more flexibility for applicants.

Cons:

• Repayment is required if the property is sold, refinanced, transferred, or rented within 30 years.
• Requires a minimum credit score of 640, which may be a barrier for some applicants.

Housing Choice Voucher Homeownership Program

Pros:

• Enables transition from renting to owning using existing voucher assistance.
• Provides ongoing monthly assistance for homeownership expenses.
• Includes mandatory counseling to prepare participants for homeownership.

Cons:

• Limited to current HCV participants, excluding those not already in the program.
• Participants must meet specific income and employment requirements.

Application Process

Lee County FirstPlus Program

1. Determine Eligibility: Ensure you meet the first-time homebuyer criteria, credit score, and income requirements.
2. Contact an Approved Lender: Reach out to a participating lender to begin the mortgage application process.
3. Complete Homebuyer Education: While not mandatory, it’s recommended to attend a homebuyer education course.
4. Apply for Assistance: Work with your lender to apply for the FirstPlus down payment assistance.

Housing Choice Voucher Homeownership Program

1. Verify Eligibility: Confirm you meet the income, employment, and first-time homeowner requirements.
2. Complete Counseling: Attend and complete the required pre-assistance homeownership and housing counseling program.
3. Find a Home: Locate a suitable property that meets program guidelines.
4. Purchase the Home: Utilize your voucher assistance to support monthly homeownership expenses.

Program Type

• Lee County FirstPlus Program: Down payment assistance.
• Housing Choice Voucher Homeownership Program: Monthly homeownership expense assistance.

Program Availability Dates

• Lee County FirstPlus Program: Ongoing.
• Housing Choice Voucher Homeownership Program: Ongoing.
• City of Fort Myers Home Purchase Assistance Program: Suspended as of July 17, 2024.

Post Category and Subcategory

• Category: Florida First Time Homebuyer Program
• Subcategory: Lee County