Down Payment with Government Assistance

Home Buyer Programs Available in Florida

There are many homebuyer programs that are obtainable in Florida. Homeownership programs include loans, grants, and tax credits to first time home buyers who meet eligibility requirements. First-time homebuyer doesn’t necessarily mean first-time buyer status, but having not owned a home within the previous three years.

A buyer can work with a real estate agent to help search for homes, government assistance programs, mortgage companies, property appraisers, home inspector, and many other aspects of purchasing a home.

Eligibility Requirements for Borrowers in Florida

  • To be eligible for a home buyer’s government assistance program to help with your down payment, you must first be pre-approved for financing. Documents you will need include income stubs, bank savings records, and a recent credit report. Begin saving money towards your down payment for your prospective dream home. For example, if you plan to apply for a federally-insured FHA loan, you will need a down payment of at least 3.5 percent of the purchase price.
  • Regulations are different depending on the program you choose. Closely monitor your credit by checking your credit score, settling any disputes, and keeping credit card balances to a minimum. Higher credit scores improve the chance of being approved for a first-time home buyers program. This means you do not possess excessive credit debt, late payments, or any bankruptcies.
  • Other things to consider when qualifying for a program are job history. One qualification a lender looks for is two years minimum employment with your current employer
  • No more than 28 percent of your gross income can go towards house payments, and 42 percent of your income must be allocated for additional debts. Homebuyers must also take an education course. There are many other program-specific requirements depending on the home buyer’s government assistance program you choose.

First-time Homebuyers in Conjunction With Florida’s Housing Finance Corporation

Florida Housing Finance Corporation was implemented 35 years ago to furnish a magnitude of housing opportunities that are affordable to the residents of Florida. They offer assistance to renters, homeowners, lenders, realtors, developers, and property owners. The Florida Housing Homebuyer Loan Program offers a thirty-year fixed rate first mortgage for first time homebuyers.

This program uses income and purchase price limits to determine whether or not the purchaser is eligible. Potential borrowers must also complete a Homebuyer Education Class, qualify for a mortgage loan, and have a FICO score of 640 or greater. Other regulations apply. Participating realtors can help guide you through the process of finding the right government assistance program.

Your Real Estate Agent Can Help With Finding a Mortgage Home Lender

Participating realtors have special training and legalise to help you find a home mortgage lender. Realtors participate in ethics training every four years to keep their real estate license. They will offer you the guidance you need to give you the confidence you need in buying a home. Contact the Molinares Group to discuss your options for financing a new home.

*Authoritative sources:
https://www.hud.gov/states/florida/homeownership/buyingprgms
https://www.floridahousing.org/