Hernando County is offering a multi-million dollar down payment assistance program designed to help qualified homebuyers to purchase bank-owned, also known as foreclosured homes in specific areas. There are specific areas of Spring Hill and Brooksville, which are eligible.

Up to $50,000 in purchasing assistance is offered through this innovative program, which can be used towards the down payment assistance, principle buy-down, renovation costs, or closing costs on select properties.

Homebuyers interested in this program are encouraged to contact a local REALTOR or the Hernando County Health and Human Services Department for more information or to make application.

Program Goals

To provide additional incentive for qualified home buyers to purchase foreclosed, bank owned homes in select areas of Hernando County. The program is designed to promote the stabilization of neighborhoods by accelerating the sales of vacant, bank-owned residential properties. This down payment assistance program is designed to promote homeownership, and to help in the stabilization of selected neighborhoods throughout Hernando County.

Eligibility Requirements

Grant recipients must be qualified homebuyers with annual incomes that do not exceed 120 percent of the area median income. Please see the Income table attachment below.

Dollar Amount of Grants

Down payment assistance dollars up to the maximum amount of $50,000 of the purchase price will be determined on a case by case basis. This assistance can be used for down payment, closing costs, and other fees associated with the home buying transaction.

Affordability Period

The Affordability Period is the time that is required by HUD to keep and maintain the property as available and affordable for low to moderate, middle income families.  A lien will be held on the property for aperiod of time based on the amount of down payment assistance provided the homeowner and released upon satisfaction of the affordability period.

FY 2009 INCOME LIMITS SUMMARY HERNANDO COUNTY, FLORIDA
Income Limit Area	Median Income	Income Limit Category	Household Size (Persons)
			1	2	3	4	5	6	7	8
Hernando County	$59,200	Moderate & Middle (120%) Income Limits	$47,450	$54,250	$61,000	$67,800	$73,200	$78,650	$84,050	$89,500