POLK COUNTY, Fla. — Many first-time homebuyers can feel discouraged by low inventory, high prices, and skyrocketing mortgage interest rates, but there are programs to help people and families buy a home.
"Generally, your home buyers can afford a mortgage payment. They don't have the downpayment that the lender requires and the closing costs," Leisha Thompson, a loan underwriter with the Housing and Neighborhood Development Services of Central Florida (HANDS), said. "So, we commonly refer to our program as gap; it closes the gap between the purchase of the home and the buyer's inability to put down the down payment and closing costs. And that's what we do."
HANDS is contracted by the City of Lakeland and Polk County to operate the program that uses state grants through Florida Housing's State Housing Initiatives Partnership program (SHIP).
Thompson tells ABC Action News reporter Michael Paluska that each county and city in Florida decides how they want to run their program.
For the program in Polk County, Thompson said, "very low-income households receive $30,000 in downpayment, low-income $20,000 and moderate-income $15,000. In addition to that downpayment assistance, they receive $6,000 in closing costs, that's moderate, and low-income buyers, very low, receive $8,000."
Thompson said only some lenders work with the program, so once a first-time homebuyer is approved and mortgage-ready, they should make sure that is an option.
For a limited time, Pinellas County raised their Down Payment Assistance to $50,000-$75,000 based on your income.
"If you make less than $73,080 per year as an individual ($104,280 for a family of four), you may qualify for assistance in the form of an interest-free, deferred loan," according to their website.
Thompson knows the market is tough as mortgage interest rates soar to nearly 8%, but she tells everyone to seek assistance and help wherever possible.
"We offer a host of other services here at HANDS of Central Florida. One of those is credit counseling," Thompson said. "We want you to reach out to us free of charge. Pre-purchase counseling is what we call it; all that information is on our website free of charge. You can apply right on our website. The most important thing I want viewers to understand is not to get discouraged. Right now may not be right for you, and that's OK."
This year, Thompson said they have helped more than 50 families get into a home.
"I have lenders that I work with daily that say if their buyers did not qualify for this assistance, they would not be able to purchase hands down," Thompson said. "It's very rewarding. It is very rewarding."
