St. Johns County

ST JOHNS COUNTY

Own a Home Opportunity Grant Program

ELIGIBLE AREA – St Johns county

ELIGIBILITY CRITERIA* –

  1. Buyers are NOT required to be first time buyers.
  2. Buyers and their spouses must be able to permanently reside in the US.
  3. Buyers must live in the property they purchase as their principal residence.
  4. All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.
  5. Buyers must occupy the property purchased within 60 days of closing.
  6. Buyers must qualify using the Own a Home Opporunity Grant requirements.
  7. Buyers must credit qualify for the Own a Home Opportunity Grant first mortgage.

* See loan officer for more information

OWN A HOME OPPORTUNITY GRANT FIRST MORTGAGE – Qualified buyers will receive a 30-year fixed rate first mortgage from a participating lender.  Eligible loan products include FHA, VA, RD and Freddie Mac HFA Advantage Conventional.

DOWN PAYMENT ASSISTANCE – 3%, 4% or 5% grant of the Note amount. Must be used for down payment and closing cost assistance. This grant is never repaid.

HOMEBUYER EDUCATION – Required for all borrowers and anyone listed on the deed.
Homebuyer Education Certification is acceptable for a period of one  year from issuance.   Approved education courses include:

  1. Face to face from a HUD approved education provider
  2. Online education ONLY from:  www.eHomeAmerica.org
  3. Online education ONLY from: hometrackonline.org  
  4. Online education ONLY from (MGIC Homebuyer Education for Freddie Macs Home Possible Program and certain HFA’s):

English  https://homebuyers.mgic.com
Spanish:  https://compradoresdecasa.mgic.com
Lender provided homebuyer education is unacceptable as is over the phone education.  If an education course is not listed on the HUD face-to-face web site, it is not acceptable.  The only online education providers are listed above.

ELIGIBLE PROPERTY – Primary residences only, new or existing, one to four units, detached or attached, condos, townhomes.

CREDIT SCORE – FICO mid score must be 640 or higher.

DTI – The maximum debt-to-income (DTI) ratio is 45%.

​​MAXIMUM INCOME LIMIT – Must include the income of the borrower only.
$96,600

MAXIMUM SALES PRICE LIMIT – Must include everything paid by the borrower or on the borrowers behalf.
$303,882