5 Local Grants or Down Payment Assistance Programs You May Qualify For

Purchasing a home is a significant milestone, but the upfront costs can be daunting. Fortunately, numerous local grants and down payment assistance programs are available to help first-time homebuyers and those looking to relocate. At Rapid Home Loan, we specialize in connecting you with these resources to make homeownership more accessible.

Here are five local programs that might be available in your area:

1. Hallandale Beach First-Time Homebuyer Grant (Florida)

If you’re considering purchasing a home in the Hallandale Beach Community Redevelopment Area (CRA), you could qualify for up to $50,000 in down payment and closing cost assistance. This loan may be forgiven after ten years if you meet the program’s requirements.

Eligibility Criteria:

First-time homebuyer status
Credit score of 640 or higher
Income not exceeding 120% of Broward County’s median income
Completion of an 8-hour HUD-certified homebuyer education course

Note: This program is specific to Hallandale Beach and may not apply to other areas.

2. Own a Home Opportunity Grant Program (Florida)

Available in counties such as Broward, Palm Beach, and Sarasota, this program offers up to 5% of the total loan amount to assist with down payment or closing costs.

Eligibility Criteria:

Credit score of 640 or higher
Income below county-specific limits
Purchase of a primary residence within the eligible county
Completion of a homebuyer education course

Note: Program availability and terms may vary by county.

3. Good Neighbor Next Door Program (Nationwide)

This federal program offers a 50% discount on the list price of homes in designated revitalization areas to law enforcement officers, teachers, firefighters, and emergency medical technicians.

Eligibility Criteria:

Employment in a qualifying profession
Commitment to live in the property for at least 36 months
Purchase of a home in a HUD-designated revitalization area

Note: Homes available under this program are limited and subject to availability.

4. HOME Homebuyers Program (Florida)

Offered in Escambia and Pensacola counties, this program provides a $25,000 zero-interest loan for down payment and closing costs. The loan is deferred and forgiven if you remain in the home for a specified period.

Eligibility Criteria:

First-time homebuyer status
Income within program limits
Purchase of a home built after 1978
Completion of a homebuyer education course

Note: Program details and availability may change; contact local authorities for current information.

5. Polk County Down Payment Assistance Program (Iowa)

In Polk County, Iowa, a program funded by federal pandemic allocations offers up to $5 million in assistance to first-time homebuyers. Nearly 44% of recipients have been families of color.

Eligibility Criteria:

First-time homebuyer status
Income within program limits
Purchase of a home within Polk County
Completion of a homebuyer education course

Note: This program has been in high demand and may have limited funding.

🧭 How Rapid Home Loan Can Help

At Rapid Home Loan, we understand that navigating the homebuying process can be complex, especially when it comes to securing financial assistance. Our team is dedicated to:

Identifying programs you may qualify for
Assisting with application processes
Providing guidance on eligibility requirements
Connecting you with trusted partners for homebuyer education

Note: Program availability and eligibility criteria can change. It’s essential to consult with a mortgage professional to get the most current information.