Mortgage Resources

The St. Johns County Housing & Community Services Division has developed relationships with various affordable housing resources to provide more opportunities for homeownership for very-low, low and moderate income, families. Your income, credit and housing needs will determine which program will best fit your specific situation. In some instances, programs may be combined to reach the ideal “fit” for you.

Fannie Mae

At Fannie Mae, we are in the American Dream business. Our mission is to tear down barriers, lower costs, and increase the opportunities for homeownership and affordable rental housing for all Americans. Because having a safe place to call home strengthens families, communities, and our nation as a whole. Fannie Mae's Affordable Housing and Community Development activities focus on tackling America's toughest housing problems by developing solutions to housing barriers faced by underserved populations and communities that traditionally have not been well served by the mortgage industry.

FHA – Federal Housing Information

HUD's mission is to increase homeownership, support community development and increase access to affordable housing free from discrimination. To fulfill this mission, HUD will embrace high standards of ethics, management and accountability and forge new partnerships particularly with faith-based and community organizations that leverage resources and improve HUD's ability to be effective on the community level. This is a HUD insured mortgage program.

FHFC – Florida Housing Finance Corporation

Florida Housing was created by the Florida Legislature more than 25 years ago to help our fellow Floridians obtain safe, decent affordable housing that might otherwise be unavailable to them. Today, Florida Housing continues its mission by increasing affordable housing opportunities and ensuring that its programs are well matched to the needs of those we serve. We know that we cannot accomplish our mission alone. As such, we continue to work with local governments, non-profits, elected officials and others to help spread the importance of affordable housing in Florida's communities. For more information, please visit the FHFC - Florida Housing Finance Corporation web site.

Freddie Mac

Every day works with lenders around the country to deliver affordable mortgage products to consumers,including low-down payment products, lease-purchase and reduced mortgage insurance mortgages. Housing finance is just one tool Freddie Mac uses to increase homeownership, another is alliance with other similarly committed groups. These groups include local and state government, non-profit organizations and non-lender participants in the housing industry such as Realtors. Freddie Mac is dedicated to working with these organizations to provide the service and innovation necessary to continue the record growth of homeownership in America.

HAP – Florida Homeownership Assistance Program

HAP (Homeownership Assistance Program) is a State funded program. The down payment assistance portion of the HAP program offers low-income families zero percent interest, non-amortized second mortgage loans for up to twenty-five percent of the purchase price of their first home. Eligible homebuyers are people whose adjusted income does not exceed 80 percent of the area median income. Through the permanent loan portion of the HAP program, eligible very low income home buyers can benefit from deep subsidy loans for down payment and closing costs. This program is only available at specific locations.

HOME – Home Investment Partnership Program

HOME (Housing Opportunities Made Equal) is a Federally funded program. The HOME Program helps to expand the supply of decent, affordable housing for low and very low-income families by providing grants to States and local governments. Eligible homebuyers, whose adjusted income does not exceed 80 percent of the area median income, receive a zero percent interest, non-amortized second mortgage loans for up to twenty-five percent of the purchase price of their first home. This program is only available at specific locations.

SHIP – State Housing Initiative Partnership

SHIP may provide a one-time loan for down payment, closing costs, and/or improvements to qualified persons. The amount of SHIP funds that you can receive are calculated on a case-by-case basis. The SHIP Office and participating lenders work together to determine the amount of SHIP assistance that an individual home purchase requires. Subsidy amounts will be awarded on an as needed basis.

USDA Rural Development

Section 502 Program – Guaranteed. The loan guarantee program provides guarantees to lenders. Lenders may approve loans up to 100 percent of the appraised value for moderate income applicants. An approved lender originates the loan and the agency will guarantee 90 percent of the mortgage Section 502 Program – Direct. A single family housing direct loan program that provides opportunities for very-low and low-income families and individuals to purchase or construct their own home with a direct loan from Rural Development. The homeowner's monthly mortgage payment is based on income. For more information, please visit the USDA Rural Development web site.

VA – Veterans Affairs

The main purpose of the VA home loan program is to help veterans finance the purchase of homes with favorable loan terms and at a rate of interest which is competitive with the rate charged on other type of mortgage loans. For VA housing loan purposes, the term "veteran" includes certain members of the Selected Reserve, active duty service personnel and certain categories of spouses. Loans can be up to 100of the appraised value of the home and no mortgage insurance is required.