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 jmcfall@cityofpensacola.com.