Well, actually it's already available, but the question is do the buyers know this?
first of all, let's make clear, who is, and isn't, a first time homebuyer.
by definition a first time homebuyer is someone who has not owned a home in the previous 3 years.
I'd also like to note that in the case of the Florida Housing Finance Corp. that Veterans may qualify for exceptions to this quideline.
Who is the Florida Housing Finance Corporation? you may ask, and I'm glad you did.
In my opinion, for what it's worth, the Florida Bond Program, administered by the Florida Housing Finance Corp is the most stable and best funded downpayment and closing cost assitance program available.
I'd like to add that it is also the most consistent, and buyer friendly program.
So, why do I feel that way? Let me share some of the programs parameters;
Florida Assist: offers borrowers up to $7500 to assist with down payment and closing costs. This is a deferred, non amortizing, 0% interest, second mortgage that is repayable when the borrowers sell, refinance, or no longer occupy the property as their primary residence.
Home Ownership Assistance for Moderate Income (HAMI): offers borrowers up to $5,000 to assist with down payment and closing costs. This is a 10 year amortizing, second mortgage repaid on a monthly basis, for the 10 year term of the loan.
Are there Income guidelines you may ask?
Good question, yes there are.
Income guidelines for Florida Assist
County 1 person 2 3 4 5 6 7
Brevard $49,320 $56,280 $63,360 $70,320 $75,960 $81,600 $82,040
Indian River $45,360 $51,840 $58,320 $64,680 $69,690 $75,120 $75,460
St. Lucie $47,880 $54,720 $61,560 $68,400 $73,920 $79,440 $79,800
Income guidelines for HAMI
County 1-2 persons 3+
Brevard $70,320 $82,040
Indian River $64,680 $75,460
St. Lucie $68,400 $79,800
I don't know about you but when I look at those guidelines I can't help but think that there's a lot of first time buyers who should fit.
Two other items; the buyer needs a 640 score, and must take a Homebuyers Education course.
pssst; a little secret the smiley guy up there in the right hand corner is an instructor.
also, they are very well funded there is no concern with them running out of funds.
So if you have any questions or need any help, just reach out, because
Help is on the way for Brevard, Indian River, and St. Lucie Counties