Home ownership is a dream and goal for a lot of people. In today's economy it may seem like all available funds go toward paying bills, household expenses, and the needs of your children. Saving towards a down payment may be next to impossible, but several states are aware of the problem and have programs designed for those with limited incomes and decent credit. What follows is a brief description of some of the most popular down payment assistance programs Florida currently has available.
For the counties that have been hit hardest by the economic downturn, there is a program called the HHF, Hardest Hit Fund, that is designed to assist residents who have suffered the most. Buyers may qualify for as much as fifteen thousand dollars to help with earnest money and closing costs. The fund will assist with loans for condos that have been pre-approved, town homes, and single family homes. The down payment funds are designed to assist on a thirty year fixed rate mortgage.
There are funds available through a conventional HFA preferred loan for any qualified person in the state. It will pay seven thousand five hundred dollars toward earnest money and closing. You cannot have a co-signer on the loan, and you must complete an education course on home buying. Discounted mortgage insurance is available with this loan. Foreclosure properties and new construction homes fall under the acceptable home loan guidelines.
The FHA with Florida Assist program offers a total of seven thousand five hundred dollars for a down payment or closing. Your credit score must be at least 640, and you are required to pass a home buying course. No cash back at closing is allowed.
A program that allows higher incomes than most of the others is called Conventional HFA Preferred Plus Loan. If you are a veteran, you don't have to be a first time home buyer to quality for assistance. The state allows a three percent grant based on the purchase cost instead of a flat amount. As with the other plans, this one requires applicants to take an education course. There are certain counties that are excluded from the program.
The state offers several matching grants. One of them will match the buyer at a one to four ratio up to a maximum of five thousand dollars. The buyers must contribute a minimum of a thousand dollars. Income limitations apply, and there are maximum purchase price stipulations as well. New homes, town homes, and foreclosures are included in the matching grant guidelines.
If you are a teacher, firefighter, law enforcement officer, or healthcare worker, you might quality for one of the matching funds programs that offer a maximum subsidy of seventy-five hundred dollars. Other first responders and current or retired military personnel can also take advantage of the subsidy.
These are only a few of the programs offered each year. If this is something that interests you, you can get more information online, or you can call the state. Applying is free, and you are not obligated to accept a loan offer from the state.
For the counties that have been hit hardest by the economic downturn, there is a program called the HHF, Hardest Hit Fund, that is designed to assist residents who have suffered the most. Buyers may qualify for as much as fifteen thousand dollars to help with earnest money and closing costs. The fund will assist with loans for condos that have been pre-approved, town homes, and single family homes. The down payment funds are designed to assist on a thirty year fixed rate mortgage.
There are funds available through a conventional HFA preferred loan for any qualified person in the state. It will pay seven thousand five hundred dollars toward earnest money and closing. You cannot have a co-signer on the loan, and you must complete an education course on home buying. Discounted mortgage insurance is available with this loan. Foreclosure properties and new construction homes fall under the acceptable home loan guidelines.
The FHA with Florida Assist program offers a total of seven thousand five hundred dollars for a down payment or closing. Your credit score must be at least 640, and you are required to pass a home buying course. No cash back at closing is allowed.
A program that allows higher incomes than most of the others is called Conventional HFA Preferred Plus Loan. If you are a veteran, you don't have to be a first time home buyer to quality for assistance. The state allows a three percent grant based on the purchase cost instead of a flat amount. As with the other plans, this one requires applicants to take an education course. There are certain counties that are excluded from the program.
The state offers several matching grants. One of them will match the buyer at a one to four ratio up to a maximum of five thousand dollars. The buyers must contribute a minimum of a thousand dollars. Income limitations apply, and there are maximum purchase price stipulations as well. New homes, town homes, and foreclosures are included in the matching grant guidelines.
If you are a teacher, firefighter, law enforcement officer, or healthcare worker, you might quality for one of the matching funds programs that offer a maximum subsidy of seventy-five hundred dollars. Other first responders and current or retired military personnel can also take advantage of the subsidy.
These are only a few of the programs offered each year. If this is something that interests you, you can get more information online, or you can call the state. Applying is free, and you are not obligated to accept a loan offer from the state.
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Find an overview of the advantages and benefits of owning property and more info about excellent home down payment assistance programs Florida housing finance agencies offer at http://www.myfirstfloridahome.com today.
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