First Time Homebuyer Loan Assistance Programs
Owning your first home is a major milestone! Florida offers numerous programs to assist first-time homebuyers. The Florida Housing Finance Corporation (FHFC) aids individuals with low to moderate incomes by providing various mortgage options, including 30-year fixed-rate conventional loans, FHA insured loans, VA loans, and USDA Rural Development mortgages.
FHFC has multiple programs in place to support first-time buyers. Eligible individuals can take advantage of perks such as reduced mortgage rates, help with down payments, tax credits, and unique financing opportunities for buying and improving a home.
Down Payment Assistance
Qualified purchasers have the opportunity to obtain financial assistance towards their initial payment, which can either be 2.5% or 5% of the overall property value. This fund can be utilized for a range of expenses including the initial payment, closing costs, or any pre-closing fees that have been approved.
Do You Qualify?
Qualification for FHFC support for first-time homebuyers includes:
- Not having owned a primary residence in the past three years.
- Receiving an honorable discharge from military service.
- Buying a home in a specific area.
Additionally, financial qualifications must be met, including:
- A minimum credit score of 640 for Conventional, USDA, and VA loans, and 650 for FHA loans.
- Property size restrictions of up to two acres within city limits and five acres outside, adhering to local health or safety standards. Qualifying properties are single-family homes, approved condominiums, duplexes, properties with up to four units, newly built homes, modular homes, and manufactured homes.
Extra assistance programs are also available for first-time homebuyers.
Mortgage Tax Credit
Are you a new homebuyer looking to purchase your first home? If you qualify for an FHFC mortgage, you could potentially receive assistance with your down payment. Additionally, meeting specific income and purchase price criteria may make you eligible for a mortgage credit certificate. This certificate allows you to receive a tax credit of up to 40% of your annual mortgage interest for an impressive 30-year period!
Florida Heroes Mortgage Assistance Program
Discover if you qualify for the advantageous Florida Heroes Program offered by FHFC! This program offers reduced mortgage rates to individuals who are making a positive impact on society through their professions. Whether you’re a first-time or repeat homebuyer, and work as a police officer, first responder, medical professional, or in any other profession that contributes to the betterment of society, you may be eligible. Don’t miss out on this opportunity, take the quiz now to assess your eligibility!
Discover the wide range of FHFC programs that await you by getting in touch with the experienced team at Tampa Mortgage Company. They are ready to provide you with expert guidance and advice!