Explore Lee County’s FirstPlus Homebuyer Assistance Program
The Lee County Housing Finance Authority has launched the FirstPlus program, a dynamic initiative designed to support first-time homebuyers in their journey toward homeownership. This program offers valuable assistance with down payments and closing costs, operating on a first-come, first-served basis and benefiting from continuous funding.
Comprehensive Financial Assistance for Homebuyers
Under the FirstPlus program, applicants are eligible to receive down payment assistance in the form of a second mortgage, with a maximum value of $10,000. This assistance is structured as a zero-interest, 30-year loan. The loan becomes due under specific conditions: if the home is sold, refinanced, transferred, or rented within the first 30 years of ownership.
In addition to down payment assistance, the program offers a competitive 30-year fixed mortgage rate and does not impose asset limits on homebuyers. It is compatible with various loan types, including FHA, VA, and USDA-RD loans, providing flexibility and options to suit different financial needs.
Eligibility Criteria for Applicants
To qualify for the FirstPlus program, applicants must meet several key requirements:
- They must be first-time homebuyers, defined as borrowers and their spouses (whether occupant or non-occupant) who have not owned a home in the past three years.
- Applicants must be permanent residents of the United States.
- Household income must align with the program’s maximum income limits.
- A minimum FICO score of 640 is required.
- The debt-to-income (DTI) ratio is capped at 45%.
- Borrowers must fulfill standard underwriting requirements as set by FHA, VA, or USDA-RD.
- Completion of a homebuyer education course is mandatory for all applicants.
Property Eligibility and Location
Properties purchased using funds from the FirstPlus program must be the borrower’s primary residence and should be occupied within 60 days of closing. The program is available in multiple counties in Florida, including Lee, Broward, Charlotte, Collier, DeSoto, Glades, Hendry, Palm Beach, and Sarasota Counties.
The FirstPlus program by the Lee County Housing Finance Authority represents a significant effort to make homeownership more accessible and affordable for first-time buyers. By offering a blend of financial assistance, educational resources, and flexible loan options, the program is a valuable resource for individuals and families looking to establish their roots in the community.
