First of all let's get this out there. Mortgage lenders have their own terms and guidelines. We hear all the whinning about those that many feel are too restrictive, but not too much about those that may be helpful. Try this one on for size.
a first time homebuyer is someone who has not owned a home for the last 3 years
so by definition someone who had previously owned a home, but not in the last 3 years may qualify for some first time homebuyer programs.
I receive many calls from potential new homeowners professing to be first time homebuyers and asking if there are any special programs for them.
Well here's a good one available to first time homebuyers here in Southwest Florida, and across all of Florida actually, brought to you by the
Florida Housing Finance Corporation
Florida Bond Program
Unfortunately not many lenders offer it. Frankly, I know why, but it's a secret, but to me it doesn't matter, as I work for a company that does offer the program.
So, for potential homeowners in Cape Coral, Ft. Myers, Lehigh Acres, Port Charlotte, Punta Gorda, San Carlos Park, Estero, Bonita Springs, Collier County
Well anywhere in the State of Florida, there is a stable, reasonable, and well funded program available to you offering down payment and closing cost assistance.
yes, there are income restrictions, but I did say I'd be reasonable. Try these out for size (this is for the HAMI program, the more liberal of the two)
County 1-2 persons 3+ persons
Charlotte $66,960 $78,120
Collier $87,360 $101,920
Lee $68,400 $79,800
I think these are reasonable. What do you think?
there are 2 basic programs for downpayment and closing cost assistance. Here's a brief summation.
up to $7500 to assist with downpayment and closing costs. This is a deferred, non amortizing, 0% interest, that is repayable when the borrowers sell or refinance the property, satisfy the first mortgage, or no longer occupy the property as their primary residence.
offers borrwers up to $5000 to assist with downpayment and closing costs. This is a fixed rate, 10 year amortizing, second mortgage that is repaid on a monthly basis, for the 10 year term of the loan.
Both Programs require that you have $1,000 of your own funds invested in the transaction.
Also, remember as I mentioned above there are no property restrictions as to location.
You are required to take an 8 hour face to face Homebuyers Education course (psst I know one of the instructors real well). The course that I am affiliated with includes the following areas of study;
Are you ready to buy a Home, Managing your money, Understanding Credit, Obtaining a Mortgage, Shopping for a Home, Protecting your Investment.
So, do you think you're ready?
Here's a few miscellaneous thoughts/points:
Veterans may receive an exemption from the first time buyers requirement.
If you are ready, great; but if not, don't let anyone talk you into doing something you are not comfortable with, only you know what you can afford.
Beware; our proerty values in many areas are increasing. If you were considering buying a home 5, 6, 7 years ago, you saw values increase where for many, homes were no longer affordable. Prices are still reasonable, in my opinion.
So, if you're ready. We'd like to possibly
Extend to you a helping hand