Florida giving up to $35,000 to first time homebuyers for their downpayment

[John Karg]

https://www.floridarealtors.org/news-media/news-articles/202...

• Program Requirements: 
• 1. Must be a first time home buyer (except veterans), have a 640+ credit score and make under 150% of the median area income.
• 2. Borrowers can receive up to 5% of the first mortgage loan amount (maximum of $35,000) in down payment and closing cost assistance.
• 3. Down payment and closing cost assistance is available in the form of a 0%, non-amortizing, 30-year deferred second mortgage. This second mortgage becomes due and payable, in full, upon sale of the property, refinancing of the first mortgage, transfer of deed or if the homeowner no longer occupies the property as his/her primary residence. The Florida Hometown Heroes loan is not forgivable.

The program started with $100 million in funding back in July, and ran out in two months. They have just allocated another $36 million. 

What do you guys think? Are these types of programs effective in getting help to those who need it? Is it a worthwhile use of public funds?

In any case, anyone looking to buy a home in Florida ASAP should definitely take advantage!