News Pensacola

City Aid for 1st Time Homebuyers

November 14, 2012

First-time homebuyers may now find a financial leg-up in the city of Pensacola.
The city has announced its new First Time Homebuyer Program. The program aims to assist income-qualified buyers with down payments and closing costs.

Eligible home-buyers may get up to $10,000 in the form of a forgivable loan. Both the buyer and the house must meet certain criteria to qualify.

The house must have been built in 1978 or later. Its maximum purchase price may not exceed $189,000.

The buyer must be a resident of or employed in Escambia County for at least the past six months; cannot have owned property in the past three years; must attend pre- and post-purchase classes; must have an income no greater than 80 percent of the area’s median income; and must have sufficient income and credit to approved for a loan and make mortgage payments.

More information may be obtained about the city’s First Time Homebuyer Program by contacting Jimmie McFall, at the city’s Housing Office, at (850)858-0350, or by email at

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  • downtown don November 15, 2012 at 10:44 am

    Would prefer to see this money targeted towards bank owned vacant homes in the City, but the 1978 or later criteria will eliminate a large percentage of available properties.

  • joe November 14, 2012 at 1:14 pm

    How could this not be funded by anything other than taxpayer dollars? Other than Municipal service entities the gov’t produces no revenue and with those they have a monopoly.

  • RTDavis November 14, 2012 at 1:00 pm

    There is too much “coded language” in the criteria for this program, and I wonder why politicians and bureaucrats cannot simply come out in the open with statements about the demographics and constituencies being targeted with yet another support program.

    Moreover, are local politicians so foggy in their thinking that they do not realize prior support programs and similar policies for mortgage eligibility contributed in large measure to the current financial and real estate crisis?

    The bottom line is this: governments need to keep their noses out of the real estate/mortgage business.

    And, like Ames, I wonder about the funding for this latest giveaway program. Frankly, if tax dollars are involved, I am getting more than a little tired of seeing governments (local, state, and federal) being so eager to “jump start” the economy (and housing markets) with tax dollars.

  • Ames November 14, 2012 at 12:04 pm

    What is the source of funding for the program, do you know?