First Time Home Buyer Grants in Florida
Home Buyer Grants for Tampa, Orlando, Miami, West Palm Beach
As a first time home buyer, you might have to face a number of challenges when it comes to buying your first home in Florida but you have certain advantages as well. Not only will you have access to a large inventory of properties but you will also have access to several federal and state government home financing programs that are exclusively designed for first time home buyers. The grants from these programs can be used as down payment or closing costs to lower your financial burden.
Most home buyer grants are available to finance one- to four-unit housing, single family homes, condominium or townhouse units, and manufactured homes. So if you are a first time home buyer in Florida and willing to buy a property that qualifies to the above mentioned categories, you can participate in the Florida Housing’s First Time Homebuyer Program or FTHB (http://www.floridahousing.org/).
First Time Home Buyer Grants in Florida
A number of home buyer assistance programs are available for the first time home buyers in Florida, however Florida Housing’s First Time Homebuyer Program and Florida Housing Mortgage Credit Certificate Program are two programs that can benefit the first time home buyers the most.
Florida Housing’s First Time Homebuyer Program
This program makes home buying home buying even more affordable and is available to low-to-moderate-income buyers. 30-year fixed interest rate mortgage loans are made available to eligible home buyers through a network of participating lenders and lending institutions. The eligibility is determined based on income and purchase price limits. An eligible buyer must also complete a face-to-face homebuyer education class. The home buyers must also have a minimum FICO score of 640. Moreover, the borrower must contribute $1,000 minimum from their own funds for the transaction in order to become eligible for the program.
Florida Housing Mortgage Credit Certificate Program
The Florida Housing Mortgage Credit Certificate program can help first time home buyers save money every year by investing in a home. First time home buyers in Florida can receive tax credit of up to $2,000 annually as of 2015 on up to 50% of paid mortgage interest. Mortgage interest that is not included in the credit can be claimed as home mortgage interest tax deduction. The MCC program can be used in conjunction with any participating lender’s fixed-rate first mortgage loan (except First Time Homebuyer Program) for more savings. The eligibility for MCC program is also determined based on income (source: https://apps.floridahousing.org/StandAlone/MCCReservations/PDFReport.aspx?REPORT=MCCIncomeLimits) and purchase limits (source: https://apps.floridahousing.org/StandAlone/MCCReservations/PDFReport.aspx?REPORT=MCCPurchasePriceLimits) and these differ from county to county as well as size of home.
Home Buyer Grants Available in Florida
|Orlando||Down Payment Assistance Program||http://www.cityoforlando.net/housing/home-buyer-information/|
|Miami||First-Time Homebuyer Program||http://www.miamigov.com/communitydevelopment/pages/housing/FirstTimeProgram.asp|
|Tampa||Mortgage Assistance Program (MAP)||http://www.tampagov.net/housing-and-community-development/programs/mortgage-assistance|
|Sarasota||Down Payment Assistance Program||http://sarasotagov.org/OHCD/DownPaymentAssist.cfm|
|Jacksonville||Head Start to HOME Ownership (H2H) Program||http://www.coj.net/departments/housing-and-neighborhoods/housing-services/programs/homebuyers/head-start-to-home-ownership-program.aspx|
|Pensacola||State Housing Initiatives Partnership (SHIP) Program||http://www.portofpensacola.com/183/First-Time-Home-Buyers-Programs|
|West Palm Beach||Home Purchase Assistance Program||http://wpb.org/Departments/Housing-Community-Development/Overview|
By working with a reliable and reputed lender you can buy your very first home and experience the joys and benefits of home ownership. Florida is among one of the most flourishing states in the United States, so being able to buy a home here is one of the best thing that can happen to you. However, if you have no idea about how to apply or qualify for the first time home buyer grants in Florida, the first important step you need to take is connect with a reliable real estate firm that can walk you through every step of the way to get down payment assistance. With a team of expert realtors and more than a decade of experience in helping home buyers get their dream home, NewHomePrograms can give final shape to your home purchase plans.
It’s time to step out of your rented apartment and step into a brand new home of your own. Get the details about the first time home buyer programs in Florida from NewHomePrograms and get started today.
Wish to find out whether you qualify for the home buyer grants in Florida? Get in touch with us!