General Revenue Funding - City of Jacksonville
PARTICIPATING LENDERS
Any interested residents should apply directly with a participating lender.
ELIGIBLE GEOGRAPHIC AREA
Duval County (Jacksonville)
ELIGIBLE APPLICANTS
The 2023-2024 Down Payment Assistance Home Ownership Pilot Program will provide up to 75% of total down payment or closing costs as required by the mortgage writer, to not exceed $25,000.00, and who have a maximum gross income up to 120% of the Area Median Income (AMI). Applicants should be first time homeowners (not having owned a home within the previous three years). Families/individuals, who do not currently own a home, who will reside in the home as their primary residence, and who meet household income criteria listed below, will be eligible for assistance.
| Family Size |
Maximum Gross Income (Up to 120% AMI) |
| 1 |
$74,400 |
| 2 |
$84,960 |
| 3 |
$95,640 |
| 4 |
$106,200 |
| 5 |
$114,720 |
| 6 |
$123,240 |
| 7 |
$131,760 |
| 8 |
$140,280 |
The gross income limits are effective as of June 1, 2023 and are adjusted annually by HUD.
PURPOSE
Local funding to support individuals and families as they move from renting into homeownership. The program aims to help those buyers who do not qualify for federal assistance through the HUD funded down payment assistance program, but due to high rental costs, need help to reach down payment requirements.
ELIGIBLE PROPERTIES
Any single-family housing unit newly built or existing (including patio homes, town homes, and condominiums), which is located within the consolidated City of Jacksonville is eligible except for mobile homes or manufactured housing. The maximum purchase price/value for a single-family unit is $335,000.00. Please note that eligible homes cannot be tenant occupied unless the tenant is the buyer. The unit size when compared with family size must meet the minimum occupancy standard of the local building code.
DOWN PAYMENT
In addition to meeting the income criteria listed above, the applicant must have a minimum down payment of
$500.00 and the cost of a general home inspection.
REPAYMENT INFORMATION & TERMS
Subject to mortgage rules and lender requirements. If the home is sold in less than 36 months after initial closing, the applicant’s down payment assistance will be required to be repaid in full to the City of Jacksonville. If the home is sold more than 36 months after initial closing, a to-be-determined percentage of potential proceeds from the sale of the home, after all costs have been accounted for, are to be paid back into the fund by the applicant.
MORTGAGE STRUCTURE
The Lender will provide a first mortgage for the purchase of the property. The City of Jacksonville will provide a subsidy in the form of down payment, closing costs, and/or principal reduction assistance for eligible persons. The amount of financial subsidy received will be based on your total household size and income. Applicants will be notified of the amount once the entire eligibility process has been completed.
ASSUMABILITY
In the event the borrower either transfers title to the property or moves from the premises prior to the expiration of the City’s mortgage term, the principal balance of the City’s mortgage shall immediately become due.