City of Panama City First-Time Homebuyer Assistance

Program Highlights

• Assistance amounts may reach tens of thousands of dollars, depending on funding and property location
• Minimum credit score often starts at 580+
• Buyers must obtain a local lender pre-approval
• Programs are limited by funding cycles and availability

Important Rules to Know

• City programs do not accept Rocket Mortgage pre-approvals
• Buyer contribution rules apply
• Example: If the city contributes $2,000, the buyer must also contribute $2,000

Buyers should still expect to pay certain costs, including:

• Inspection
• Appraisal
• Survey
• Earnest Money Deposit (EMD)

How the Application Process Typically Works

• Complete homebuyer education (required)
• Obtain a local lender pre-approval
• Submit an application to the city
• City review and approval
• Assistance funds reserved toward purchase