As a first time home buyer in the state of Florida, the process of buying a home has probably proven very stressful for you. Not only can it be difficult to find a dream home for you and your family, but it can also be hard to find a dream home that is actually within your budget. In order to make the home buying process easier for you, consider taking advantage of various incentives, programs, and grants in the state of Florida for first time home buyers.
What Is the First Time Homebuyer Program?
Unfortunately, many people struggle to find an affordable home in the state of Florida. This is especially true for people in low-to-moderate income families. The Florida Housing Finance Corporation currently has the First Time Homebuyer Program in place to help such families find an affordable place to live. The way the First Time Homebuyer Program works is by offering advantageous mortgage loans. These mortgage loans are fixed and low interest.
In order to provide further help, the Florida Housing Finance Corporation also helps eligible borrowers with the closing costs and the down payment. This is a huge help for many homebuyers, as this often significantly reduces the initial out-of-pocket expense.
Can the Local SHIP Program Help Me?
Most cities and counties in Florida have a SHIP office of some sort. If you need assistance when it comes to covering a down payment or closing costs, you should find out whether your eligible for your local SHIP program. Just like the First Time Homebuyer Program, the SHIP program seeks to make homes more affordable for families and individuals with low to moderate incomes. The State Housing Initiatives Partnership program also provides other opportunities to eligible borrowers. Some types of funding offered by the SHIP program include homeownership for special needs individuals and homeownership purchase assistance/CLT-without rehab.
Why Should I Consider the Florida Bond Program?
If you don’t want to spend any money on the closing of your home as a first time home buyer in the state of Florida, you should consider participating in the Florida Bond Program. Individuals who have not owned a home in Florida for the past three years are also eligible to participate in the Florida Bond Program.
The Florida Bond Program offers assistance with a down payment of up to $7,500. Homebuyers can use this money to cover the down payment and other closing costs. This effectively frees up money that you may have had earmarked to cover closing costs. Instead, you can save the money or use it to spruce up your brand new home. The homebuyer has to pay these costs back if he or she ever decides to sell the home. However, the interest on the $7,500 Florida Bond is effectively 0%. You will secure the Florida Bond as a second mortgage.
Are Grants Worth Applying For?
Another way in which you make your purchase of your first home in the state of Florida more affordable is by looking for grants. Local and county governments as well as foundations offer grants to first time homebuyers in need of a little financial assistance. These grants are either donations or they are loans with no interest and no monthly payments. Typically, these loans are forgiven after just five years.
The best way you can find grants for first time homebuyers in the state of Florida is by checking the official website of your local or county government on a regular basis. Many times, local and county governments offer grants. However, the number of grants that can be given out is often very limited. Therefore, once you find a grant that you may qualify for, it is vital that you take advantage of it immediately. Competition for grants is often very intense. Of course, you should reach out to organizations in your community for other grants.
What Is USDA Mortgage Source?
The USDA Mortgage Source happens to be one of the leading resources for home loans in all of the United States. The USDA Mortgage Source provides loans to homebuyers who are looking to live in a rural area. Both current homeowners and first time homebuyers are eligible to take advantage of the loans offered by this organization.
The United States Department of Agriculture backs the USDA home loan, which is a government mortgage program. For the past few years, the USDA Mortgage Source has provided thousands of homebuyers with an opportunity to buy a home at a low cost.
USDA Rural Housing is one of the very few mortgage programs that currently allow homebuyers to buy a home without having to pay a dime in down payment. In 2016, it is very difficult to be able to buy a home with no money down. USDA Mortgage Source will help you through every step of the process of buying a home. We are a 100% financing USDA program.
As you can see, there are many resources and opportunities in the state of Florida that are intended to help first time homebuyers purchase a home without being severely crippled financially. If your credit score is decent and you are a low-income individual, you will have little to no trouble finding programs and grants to qualify for. Many homebuyers have found opportunities like the Bond Program absolute blessings and a weight of their shoulders. You just need to be dedicated to the process of finding these resources and opportunities and setting aside the time to apply to them.
2 Point Highlight
- The USDA Mortgage Source provides loans to homebuyers who are looking to live in a rural area.
- Just like the First Time Homebuyer Program, the SHIP program seeks to make homes more affordable for families and individuals with low to moderate incomes.
