Becoming a first-time homeowner in Ocala may seem financially out of reach. But a variety of state, federal, and local programs provide down payment help, low-interest loans and other perks to qualifying buyers. Check if you’re eligible for these top new buyer programs, then search for homes in your price range:
Homes under $100,000 and up to $150,000
Homes For Sale under $200,000
Homes between $200,000 and $250,00
Homes between 250,000 and $400,000
State Housing Initiatives Partnership (SHIP)
The SHIP program administered through Marion County offers down payment and closing cost assistance up to $10,000 for income-qualified buyers purchasing homes in Ocala/Marion County. The funds take the form of a deferred 0% interest loan forgiven after 10 years.
USDA Rural Development Loans
The USDA RD loan program allows 100% financing, up to appraised value, on homes in rural areas, meaning no down payment is required. This makes home buying more accessible for first-timers without much savings. Interest rates are also kept low and credit requirements more flexible than conventional mortgages.
Florida First-Time Homebuyer Program
This state program provides government-insured mortgage loans at competitive rates with just 3% down payment required. It offers a solid alternative to FHA loans and requires just a 620 credit score. Homebuyer education is required.
Federal Home Loan Bank (FHLB) Grants
The FHLB Atlanta partners with local lenders to offer the First Home Club, providing $5,000 grants for down payments and closing costs to qualified first-time buyers who complete counseling.
City of Ocala SHIP Funds
The city provides down payment help up to $10,000 for eligible first-time buyers purchasing homes within Ocala city limits. Apply through the City Growth Management Department.
Marion County Community Services
They offer the Working Families program with financial assistance for down payments, closing costs and rehabilitation to make homes affordable.
Take advantage of these excellent programs tailored for first-timers. They open the door to Ocala homeownership by easing down payment and credit barriers. Contact Rhonda Buckner to discuss programs you may qualify for.