First Time Homebuyer Program:

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First Time Homebuyer Program:

The purpose of the First Time Homebuyer Program is to assist qualified families to become home owners in Citrus County. Funding for this program is through the State Housing Initiative Partnership Program (SHIP).

Down Payment/Closing Cost Assistance:

When funding is available SHIP provides up to $10,000 to be used toward down payment and closing costs in an effort to make homes affordable for first time home buyers. Qualified applicants will be required to contribute 3% of the purchase price of the home or $2,000, whichever is greater. (Amount of assistance provided is subject to change.)

Requirements include:

Owner occupied homes. Applicant must be a first time homebuyer by definition and verify anticipated 12 months' income and meet income guidelines. Household income can be as high as 80 percent of Citrus County's median income. Applicant must qualify with a financial institution for mortgage financing. Monthly mortgage payment including taxes and insurance must be affordable. Mobile homes are not eligible for assistance with this program.

Eligible Properties:

Eligible properties may be single-family homes and condominiums. Two to four family units may be eligible if the home buyer uses one unit as a principal residence. Mobile homes are not eligible. Properties may be located within the incorporated or unincorporated areas of Citrus County. The sales prices cannot exceed:

• On Existing homes: $110,000.00

Repayment:

The subsidy is in the form of a soft second mortgage with zero-interest and no monthly payments. The entire amount of assistance will be due and payable if the home is sold; or, the home is no longer the primary residence of the client; or, the first mortgage is paid in full or refinanced; or, a home equity line of credit is obtained.

Funding Availability:

All guidelines, funding amounts, client required investment, etc. are subject to change at any time without notice.