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Find out what you need to know about various FL First Time Home Buyer programs and information you’ll need to take advantage of YOUR tax dollars!!

Like many first time home buyers in FL people are asking how they can get their hands on grant money or other types of government subsidies to help them buy a home. As a Realtor, my clients also ask me about these programs from time to time when they can qualify. I thought I’d answer some general questions about these programs and also point you to a few resources that might help you dig deeper.

The following is info related to the FL Housing First Time Buyer Program, which is a statewide program, but only one of many out there. Keep in mind that with this program there are income and credit requirements (600 FICO), a 6-8 hr home buyer  education class, and borrowers still need to qualify for a home loan.

-About the FL Housing 1st Time Home buyer Program?
The First Time Home buyer Program is aimed at helping low to moderate income families to make owning a home more affordable. It offers low fixed rate loans that provide buyers a low mortgage payment.

-People that are eligible for the program?
All 1st time home buyers that meets the income requirements can use it. First Time Home buyers are defined as people who haven’t owned residence in the past 3 years. Unless they are buying in Target Area, Wilma Go Zone, or qualified for the Vets Exemption which may qualify the buyer for the program. To find out if you are likely to qualify, please contact a lender participating in the program.

-What the program offers to home buyers?
The program offers a variety of low fixed rate mortgage (FRM) program and down payment assistance programs.

-Is it a grant?
No. Instead it’s a way of offering buyers affordable alternatives to financing mortgages. The loans still need to be repaid.

-What kind of home can be purchased?
Buyers can use the program to buy any new or existing single family home, townhouse, duplex, condominium and manufactured home (with certain restrictions) where the sale price is less than the maximum sales price for the county in which the home is located.

-What are the current interest rates for these loans?
Florida Housing offers 5 different first time programs offering different interest rates.  To view the current rates go  to the FL Housing Finance site

-What are the steps I need to take to get approved?
All applicants must complete the home buyer education program and then contact a lender to see if you qualify for any of the programs.  To find an approved participating lender click here.

Other helpful resources:

Info on FHA loans requirements

FL Housing Finance Corporation

HUD Homeowner Assistance Programs

Borward county gov.

Find out about any city or county loan programs

in YOUR area by filling in the form below:

[contact-form 2 “Buyer form”]