First Time Home Buyer Financing Available through State Agency
Categories: In The News, Real Estate News
hiLast week I attended a four hour seminar by the Florida Housing Finance Corporation (FHFC) that dealt with first time buyer financing including down payment assistance. FHFC was created by the Florida Legislature over 20 years ago to help Floridians obtain housing that might otherwise be unavailable to them. They have Rental Housing Programs, Home Ownership Programs that include Down Payment Assistance; Disaster Recovery and Work Force Housing Programs.
This is a Statewide Program not to be confused with other local and Federal Home Financing Agencies. In some cases you can combine this program with other finance assistance program. This is an actual mortgage program that provides financing by selling tax exempt bonds and works through a list of approved lenders. There are programs for developers and others who deal with affordable housing, but for the purpose of this blog I am just focusing on first time home buyers. For more information go to http://www.floridahousing.org/home/ .
Program Highlights
The program offers low-interest 30 and 40 year fixed-rate loans, down payment and closing costs assistance as well as access to credit counseling.
Teachers, firefighters, healthcare workers, police officers, as well as active duty and veteran military personnel could be eligible for lower interest rates.
Eligible applicants include individuals who:
- have never owned a home,
- don’t claim their mobile home as real property,
- haven’t owned and occupied a home as their primary residence within the past three years,
- have established credit worthiness, and
- have an annual income that does not exceed program limits.
GO Zone Counties: First-Time Homebuyer Requirement Waived in 13 Counties(Note: Dade & Broward are Go Zone Counties) Congress recently passed the GO Zone Act in response to the devastation caused by hurricanes Wilma and Katrina. This Act has waived the first-time homebuyer requirement and has increased the income and purchase price limits in 13 Florida counties through December 31, 2010. For additional information, click here.
| Florida Housing requires the completion of a Homebuyer Counseling Course for all borrowers receiving First Time Homebuyer Program assistance. Homebuyer counseling addresses vital information such as money management, spending and savings plans. Florida Housing believes that Homebuyer Education will empower you to make more informed decisions and enable you to effectively manage your resources leading to greater financial stability. |
This is the perfect time for First Time Home Buyers to find an affordable property. This program can help first time home buyers finance that home. Even if they do not have downpayment they can either get a grant that does not need to be repaid or a 0% interest loan that is repaid when the property is re-sold. The limits for income and purchase price are adequate for our area. The income limit for a household of one or two persons is $71,160 and for a household of 3 or more is $83,020 and the purchase price limit is $525,090. As with any government program there are variables, but these limits are strictly adhered to. This program may work in association with Employer Assistance programs or other forms of assistance. For more information go to http://www.floridahousing.org/Home/ . If you have any questions you may call me at 305 510.0647.
