promotions for new home buyers in Florida
Florida is home to a lot of people who dream of living in a sunny state with low taxes and affordable housing. But high home prices can make homeownership difficult, especially for first-time buyers. But there are plenty of programs to help you get into your dream home, including assistance for down payment and closing costs.
The best place to start is with Florida New Home Builder, which provides resources and programs for first-time homebuyers across the state. It also connects buyers to approved lenders and home buyer education courses.
One of the more popular loans offered by Florida Housing is the HFA Preferred Conventional Loan. This mortgage lets borrowers put as little as 3 percent down and enjoy lower private mortgage insurance costs, which can free up cash to cover other expenses.
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However, this loan must be used as a first mortgage and is limited to buyers who meet income and purchase price limits. It’s a good option for those who want to avoid paying private mortgage insurance, but don’t qualify for the Florida Assist Second Mortgage Program.
There are also several other homebuyer programs available in the state, including those for teachers, firefighters, law enforcement officers and others with certain qualifications. These programs are often forgivable, but it’s important to remember that you’ll have to pay the mortgage back if you sell your home or refinance.
Other Florida homebuyer programs include down payment and closing cost assistance, as well as tax credits and grants to help people buy or renovate their homes. These are based on income and location, so check out your local government website for details.
For example, the City of Tampa offers its Dare to Own the Dream program, which has income limits based on citywide median incomes and provides a loan with a 0% interest rate and no monthly payments. The money must be used to buy a house, and it can’t be sold or refinanced within the program’s time frame.
Depending on your income and where you live, you may also be eligible for a down payment or closing cost grant from your employer. Ask your manager or HR representative about this option, which is typically part of a labor union-assisted housing program.
Another option is the Military Heroes Program, which allows armed service members to take advantage of special mortgage deals that are paired with significantly lower interest rates than other conventional home loans. These mortgages are paired with the HFA Assist Loan, which provides down payment assistance in the form of an up to $7,500-second mortgage, at a 0% interest rate for veterans and active duty members.
If you’re a veteran or active duty member of the military, consider applying for a Florida Military Heroes loan. These loans are paired with significantly lower interest rates than typical home loans and can be repaid when the home stops being your primary residence, or you refinance or sell it.
You can also apply for a federal government-insured VA or USDA loan to put down zero percent on your mortgage. These loans are great for those who don’t have a lot of cash to invest in a down payment or who have low credit scores.