First Time Home Buyer Assistance Programs

Are you a Florida resident and looking around for your first home and am wondering how the first time home buyer program works? There are some situations where you don’t even need to be a first time buyer. There are a few programs that will consider you if you have owned a home in the past three years.

There are three broad categories of assistance for first time home buyers:

(1). Home loan programs, financial help to allow you to take out a mortgage.

(2). Buyer education programs and workshops that teach you the basics basics of home ownership where you will receive a certificate to show that you have completed the class as part of the program.

(3). Help for you to understand understand all the aid packages available.

These federal and state program housing programs provide assistance to qualifying home buyers by offering low interest, 30 year, fixed rate mortgages together with down payment and closing cost assistance.

First time home buyer programs apply to more people than you may think. It includes those who have never owned a home, people never owned a home on their own and wish to be the sole owner of a property, and others who lost their home to foreclosure three or more years ago.

Florida First Government Loan Program – Military Heroes Program

Military Heroes Program, which helps honorably discharged veterans and active military benefit from a lower interest rate on their first mortgage.

Florida HFA Preferred Conventional Loan Program

For those who qualify for a conventional 30 year fixed rate mortgage, the HFA Preferred loan program is aimed for you to benefit from lower mortgage insurance costs if you put down less than 20 percent. This program doesn’t help with down payment assistance or closing costs, it uses a Fannie Mae loan product that is aimed toward state housing finance agencies because it focuses on low cost mortgage insurance and 3% to 4% of the homes purchase price. For those who qualify, this program can be transformed into the HFA Preferred 3% PLUS Conventional Loan Program.

Florida Assist Program

This down payment assistance program functions as a second mortgage, giving you a 0% deferred payment loan of $7,500. However, you have to repay the $7,500 back when you sell the property or no longer use it as your primary residence, such as using it for rental income.

Homebuyer Loan Program

This 2nd mortgage program provides as much as $10,000 to eligible home buyers. With a 3% fixed rate, the total loan amount is paid monthly over 15 years.

Education Courses & Workshops

Many of the down payment assistance programs require proof that you completed the first time home buyer class or workshop. This proof comes in the form of of a certificate that covers budgeting, money management, how to find and apply for a mortgage, shopping for a home and the steps leading up to closing.

The housing counseling agencies are also available to anyone looking for guidance on their home, whether it’s about making a purchase, trouble making payments or how to protect the investment.

To find out more and see if you qualify, please feel free to reach out to me at any time.

Information is not guaranteed over time due to Information changes without notice from the sources in this information. Please note the date of this information.

Home Ownership Program For The Homeless in Florida

The U.S. Department of Housing and Urban Development (HUD) awarded approximately $2 billion to renew support to thousands of local homeless assistance programs across the nation.

In Florida, 249 individual agencies serving the homeless will receive an average of $336,000 each as part of the $78,683,000 coming to the state. HUD’s Continuum of Care grants provide support to 5,800 local programs nationwide. The current round is renewal funding for previously funded local programs. HUD says it will announce new project awards at a later date.

“At this time of year, thousands of local homeless assistance providers receive federal funding to operate and maintain stable housing for those living in our shelter system and on our streets,” says HUD Secretary Ben Carson. “Renewing these grants will come as a huge relief to these providers, and it will allow them to continue their work to house and serve our most vulnerable neighbors.”

HUD Continuum of Care grant funding supports a broad array of interventions designed to assist individuals and families experiencing homelessness, particularly those living in places not meant for habitation, in sheltering programs or at imminent risk of becoming homeless.

Homelessness in the U.S.

Last December, local communities reported homelessness in the U.S. remained largely unchanged in 2018. Based on these local reports, HUD’s 2018 Annual Homeless Assessment Report to Congress found that 552,830 persons experienced homelessness on a single night in 2018, an increase of 0.3 percent since 2017.

The number of families with children experiencing homelessness declined 2.7 percent since 2017 and 29 percent since 2010. Local communities also reported a continuing trend in reducing veteran homelessness across the country – the number of veterans experiencing homelessness fell 5.4 percent since January 2017 and by 49 percent since 2010.

Florida metro homelessness grants

  • Tampa/Hillsborough County: $5,554,399 going to 10 agencies
  • St. Petersburg, Clearwater, Largo/Pinellas County: $4,002,824 going to 16 agencies
  • Lakeland, Winter Haven/Polk County: $1,599,336 going to 12 agencies
  • Deltona, Daytona Beach/Volusia, Flagler counties: $1,248,709 going to 12 agencies
  • Fort Walton Beach/Okaloosa, Walton counties : $621,070 going to 2 agencies
  • Tallahassee/Leon County: $1,338,151 going to 4 agencies
  • Orlando/Orange, Osceola, Seminole counties: $7,813,215 going to 14 agencies
  • Gainesville/Alachua, Putnam counties: $670,363 going to 7 agencies
  • Fort Pierce/St. Lucie, Indian River, Martin counties: $1,661,189 going to 16 agencies
  • Jacksonville-Duval, Clay counties: $5,012,167 going to 14 agencies
  • Pensacola/Escambia, Santa Rosa counties: $664,822 going to 4 agencies
  • St. Johns County: $121,214 going to 3 agencies
  • Palm Bay, Melbourne/Brevard County: $668,886 going to 5 agencies
  • Ocala/Marion County: $244,761 going to 5 agencies
  • Panama City/Bay, Jackson counties: $30,765 going to 1 agency
  • Hendry, Hardee, Highlands counties: $160,123 going to 2 agencies
  • Columbia, Hamilton, Lafayette, Suwannee counties: $321,607 going to 4 agencies
  • Pasco County: $850,289 going to 7 counties
  • Citrus, Hernando, Lake, Sumter counties: $323,344 going to 4 agencies
  • Miami-Dade County: $28,725,282 going to 58 agencies
  • Fort Lauderdale/Broward County: $9,916,663 going to 20 agencies
  • Punta Gorda/Charlotte County: $200,568 going to 3 agencies
  • Monroe County: $477,526 going to 6 agencies
  • West Palm Beach/Palm Beach County: $5,630,604 going to 14 agencies
  • Naples/Collier County: $119,616 gong to 2 agencies

For more information and help in finding out if you qualify to become a proud homeowner, contact me and I will help you.

Information in it’s original form from Florida Realtors regular important news and updates I receive on a regular basis.

Information is not guaranteed over time due to Information changes without notice from the sources in this information. Please note the date of this information.