Florida Down Payment Assistantce

[Anonymous]

I have to pay 3.5% of 252000. The only program I can find is a 0 interest deferred 2nd mortgage for 7500.  If we take that our payment jump up by 250 more because that program increase your interest rate. So instead of a 2.99 rate it would be 4.25. Anyone aware of any grants for new construction homes?

[coreyb80]

That's usually how DP assistance works.  It drives your payment up because they jack up the interest to account for the assistance.  I was about to purchase a home recently and my rate went from 3.375 to 5.1 with DP assistance.  You can refinance it in a few years and drop the rate, but it all depends on your circumstances.