First Time Buyers
Information About the SHIP Program in Lake County
Information About Down Payment Assistance in Orange County
Who said you had to have money to buy a house? It's not true!
There are a multitude of programs available for first time buyers who meet the
minimum income requirements. A first time buyer is someone who has not
owned a home within the last three years. See the link above for income
requirements. To qualify you must enroll in a first time buyer education
class and obtain a certificate before you start looking for your dream home.
An approved lender can set this up for you and get you qualified for a loan
before you start shopping for a home. Once you are qualified for a
mortgage and have obtained your certificate, we will assist you in finding the
perfect home for you and your family.
There are several programs to choose from:
1) Florida First -- This program helps borrowers by offering a low,
30-year fixed rate loan.
2) Florida Plus -- This program offers a low 30-year fixed rate loan
and 4% of the loan amount to borrowers as a grant.
3) Florida Advantage -- This program offers a very low interest rate to
borrowers in Urban Infill Areas, Front Porch Florida Community Areas, Rural
Development Self-Help and HOPE VI Project Areas and for disabled households.
This program is for buyers at a lower income level.
4) Florida 40 -- This program helps borrowers by allowing them to
spread their loan payments over a 40-year time frame.
5) Florida 40 Plus -- This program offers the benefits of a 40-year
loan term and 4% of the loan amount as a grant to the borrower.
6) Florida Heroes -- This program helps borrowers that are education
professionals, sworn officers of the State of Florida, healthcare professionals,
and all active duty military and veterans with a very low interest rate on a
mortgage.
Be aware that there is an $8,000 tax credit for any homes
purchased in 2009 and 2010:
·
The tax credit is for first-time home buyers only.
·
The tax credit does not have to be repaid.
·
The tax credit is equal to 10 percent of the home’s purchase
price up to a maximum of $8,000.
·
The credit is available for sales occuring after January 1, 2009
and with a binding contract signed on or before April 30, 2010. All
purchases must be closed by June 30, 2010 to qualify.
There are income limits for the $8,000 tax
credit:
The income limit for single
taxpayers is $75,000; the limit is $150,000 for married taxpayers filing a joint
return for purchases from January 1, 2009 through November 6, 2009. Homes
purchased after November 6, 2009 and before April 30, 2010, the income limits
are $125,000 for a single taxpayer and $225,000 for married couples.
|
