Hey there! Navigating the journey to homeownership can be a bit overwhelming, but the Tallahassee Lenders’ Consortium (TLC) is here to make it smoother for first-time homebuyers like you. Let’s dive into what this program offers and how it can assist you in securing your dream home.

Program Name

Tallahassee Lenders’ Consortium (TLC) First-Time Homebuyer Program

Source of Funding

This program is funded through a collaboration between the City of Tallahassee and the TLC, utilizing resources such as the State Housing Initiatives Partnership (SHIP) funds.

For more details, visit: Leon County Housing Services

Eligibility Criteria

• First-Time Homebuyer: You should not have owned a principal residence in the last three years.
• Income Limits: Your total household income must be at or below 80% of the area median income (AMI), adjusted for family size, as defined by HUD.
• Location: The property must be within the city limits of Tallahassee, Florida.
• Homebuyer Education: Completion of a homebuyer education program with a HUD-approved counseling agency before closing is required.
• Personal Contribution: Applicants must contribute at least $500 towards the down payment or closing costs.

Benefits

• Down Payment and Closing Cost Assistance: Eligible applicants can receive assistance up to 20% of the purchase price of the home.
• Deferred Payment Loan: The assistance is provided as a zero-interest, deferred payment loan, which means no monthly payments are required.
• Comprehensive Support: TLC offers additional services such as financial literacy education, credit counseling, and guidance throughout the homebuying process.

Potential Drawbacks

• Repayment Conditions: If you sell, transfer, lease, rent, abandon, or cease to occupy the property as your principal residence during the specified period, you may be required to repay the assistance provided.
• Property Restrictions: Mobile homes are not eligible for this program.

Application Process

1. Attend Workshops: Participate in the 2-hour Homebuyer Readiness Workshop and the 8-hour Homebuyer Education Class offered by TLC.
2. Financial Counseling: Engage in one-on-one counseling sessions to assess your financial readiness.
3. Mortgage Pre-Approval: Secure a first mortgage through a qualified lender.
4. Application Submission: Submit your application for down payment assistance through TLC.

Embarking on the path to homeownership is a significant milestone, and programs like the Tallahassee Lenders’ Consortium are designed to support and guide you every step of the way. If you meet the eligibility criteria, this program could be a valuable resource in making your homeownership dreams a reality.

For more detailed information and to begin your application process, visit the Tallahassee Lenders’ Consortium website.