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With all the reasons to buy a Broward home now, many Americans are frustrated by the obstacles that keep them from making their first Broward county home purchase. But there is help available if you know where to look.
The Down Payment
According to the National Association of Realtors, the number one obstacle for Broward county would be homebuyer ownership is the lack of a down payment--it affects a whopping 80+% of those who want to buy a Broward county home today but can't. You know that you could afford a FHA mortgage payment, but many find it impossible to save a down payment while taking care of rent and other obligations. And with the FHA loan requirements becoming tighter, you might feel that purchasing a Broward home is drifting even further out of reach.
FHA Loans Can Help Broward Homebuyers
Well, there is that home buyer tax credit--can you use it for your down payment? Yes, and no. HUD's Secretary explains that you can "monetize" your tax credit by getting a FHA loan from a housing agency and then put it towards your down payment--but you are still required to come up with 3.5% with your own funds. The $8,000 can be used only to increase the down payment on your FHA loan.
However, there are FHA-approved housing agencies that are allowed to lend you the money for your FHA mortgage down payment. The FHA loans may even be interest free, and some don't have to be repaid until you sell the Broward home of your choice. A recent HUD press release states, "Broward Home Buyers financing through state Housing Finance Agencies and certain non-profits will be able to use the tax credit for their down payments via secondary financing provided by the HFA or non-profit."
Down Payment Assistance from Other Sources
FHA mortgage underwriting guidelines also state that an outright gift of the cash investment is acceptable if the donor is your relative, employer or labor union, a charitable organization, a Broward FL, government agency, or public entity with a program to provide home ownership assistance to low- and moderate-income Broward families or first-time home Broward county FL home buyers, or even a close friend with "a clearly defined and documented interest in the borrower."
So check into the local Broward housing authority and other organizations, hit up a family member, and get your new Broward home while prices and interest rates are low.
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