First Time Homebuyer Loan Assistance Programs
Getting your first home is a big achievement! In Florida, there are many programs available to help people who are buying a home for the first time. The Florida Housing Finance Corporation (FHFC) provides support to borrowers with low and moderate incomes by offering different types of mortgages, such as 30-year fixed-rate conventional loans, FHA insured loans, VA loans, and USDA Rural Development mortgages.
FHFC has a range of initiatives to help first-time homebuyers. If you qualify, you can enjoy benefits like lower mortgage rates, assistance with down payments, tax credits, and special financing options for purchasing and renovating a home.
Down Payment Assistance
Eligible buyers can receive financial aid for their down payment, which can be either 2.5% or 5% of the total property price. This money can be utilized for various expenses such as the down payment, closing costs, or any pre-closing fees that have been authorized.
Do You Qualify?
Eligibility for FHFC assistance for first-time home purchasers encompasses:
- No ownership of a primary residence within the last three years.
- An honorable discharge from military service.
- Purchase of a home within a designated area.
Eligibility further depends on meeting certain financial criteria, such as:
- A minimum credit score of 640 for Conventional, USDA, and VA loans, and 650 for FHA loans.
- Property size limits of up to two acres within municipal boundaries and up to five acres outside, in compliance with local health or safety regulations. Eligible properties include single-family houses, certified condominiums, duplexes, up to four-unit buildings, newly constructed homes, modular homes, and manufactured homes.
Additionally, more support programs are accessible for those buying their first home.
Mortgage Tax Credit
If you’re a first-time homebuyer and you qualify for an FHFC mortgage, you might also be able to get down payment assistance. And if you meet certain income and purchase price requirements, you could even be eligible for a mortgage credit certificate. This certificate lets you claim a tax credit of up to 40% of your yearly mortgage interest for a whopping 30 years!
Florida Heroes Mortgage Assistance Program
The Florida Heroes Program by FHFC provides reduced mortgage rates to eligible individuals who are either first-time or repeat homebuyers and work in professions that contribute to the betterment of society. This program is not only for veterans and active-duty military personnel (including surviving spouses), but also for police officers, first responders, select medical professionals, and many others. If you want to find out if you qualify for this beneficial program, take the quiz to assess your eligibility.
Explore the variety of FHFC programs available by reaching out to the knowledgeable team at St. Petersburg Mortgage Company for professional advice!