First-Time Home Buying

First Time Home Buyer Programs: What Are Your Options?

By December 30, 2019January 29th, 2020No Comments

If you’re ready to stop paying rent to someone else and invest in your own future through buying your first home, you should know about first time home buyer programs that can make the process easier and more affordable. Homeownership isn’t out of reach!

First Time Home Buyer Programs: What Are Your Options?

For Florida residents, there are national and Florida-specific programs that can help you get into your own home fast!

National Programs

FHA

These loans are available for a low down payment for people with lower credit scores (down to 580). Through the FHA, you could qualify for a loan even with a down payment as low as 3.5%, though you will need to get mortgage insurance as long as you have the loan.

VA

Available to veterans or their surviving spouses, these loans often don’t require any down payment at all and no mortgage insurance. Interest rates are competitive, and there’s no official minimum credit score, though most lenders are looking for 640 or better.

Florida Programs

Florida HFA Preferred

This otherwise conventional loan offers more affordable mortgage insurance options. This offsets some of the initial costs that often make homeownership out of reach for a first-time buyer.

Florida HFA Preferred 3% Plus

If you qualify for this loan, you get a grant to cover closing costs that you don’t have to repay and can get a 30-year, fixed-rate mortgage with just a 3% down payment.

Military Heroes Government Loan Program

This program is for all veterans and active-duty military personnel and offers a 30-year, fixed-rate FHA or VA loan with low-interest rates. Combine this with Florida Housing down payment and closing cost assistance for even more savings.

Florida Mortgage Credit Certificate Program

For first-time buyers who qualify, this program lets you take 50% of your mortgage interest as a tax credit, up to $2,000, for every year you live in your home.

Learn More

There are many options for the first-time homebuyer, and Scott DiGregorio can help you understand them all and choose the best one for you. Contact Scott DiGregorio in Fort Myers, Florida today: let’s get you into your new home!

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