Applications are Now Being Accepted for the City of Ocala's Purchase Assistance Program
OCALA, Fla. (Nov. 7, 2017) – The City of Ocala is accepting applications for its Purchase Assistance Program. This program provides citizens with low to moderate income help with down payment and closing costs on their first home purchase.
To be eligible for this program, applicant(s) must meet eligible income limits (see below), be a first-time homebuyer, must purchase a home in the city limits, must have a loan approval letter from a qualified lender, and must sign for a zero percent interest City of Ocala Deferred Payment Mortgage.
For those interested in applying for the City’s Purchase Assistance Program, the eligible income limits are listed below. These are the maximum income limits per household.
- One-person household - $28,500
- Two-person household - $32,550
- Three-person household - $36,600
- Four-person household - $40,650
- Five-person household - $43,950
- Six-person household - $47,200
- Seven-person household - $50,450
- Eight-person household - $53,700
To apply for this program, please contact the City of Ocala Revitalization Strategies Department at 352-629-8231 to determine eligibility. If eligible, the City will refer applicant(s) to the City’s Lenders Consortium. If the lender approves the applicant(s) financing, the applicant(s) must provide a letter of commitment and schedule an appointment with the City of Ocala’s Reinvestment Division to complete the application. The application verification and review process may take up to 30 days. If approved, the it is the responsibility of the applicant(s) to hire a licensed realtor to assist with a home purchase.
The following circumstances do not qualify for the Purchase Assistance Program:
- Liens or judgements against applicant(s)
- Purchase of a mobile home
- Applicant(s) may not own more than one property
- Home flipping
For more information, please contact the City of Ocala Revitalization Strategies Department at 352-629-8231.