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.