During Mid May the Legislature approved a 66.5 billion dollar state budget that allotted for 30.1 million towards state funded down payment assistance programs. Although details are still in the works the State of Florida announced beginning July 1st those first time home buyers who could qualify for the $8000 federal first time home buyers tax credit will be able to apply for down payment assistance in advance.
The funds will be provided upfront to help homeowners purchase before the tax credit expires. These first time borrowers will then be required to refund the tax credit once they receive the funds during their next tax period. The program will be operated through local county housing operations and details are scheduled to be released soon.
St Petersburg First Time Home Buyers should be ready in advance by getting their mortgage financing applications started so that they can take advantage of the 30.1 million in funds quickly.
Apply here if you may be interested in beginning the St Petersburg Mortgage application.
Click here is you need more information on the most popular mortgage loan with the easiest qualifications and lowest down payment, the FHA Mortgage Loan
First time buyers that are in the Military or are Veterans can also take advantage of the down payment assistance loan utilizing the VA Mortgage Loan
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