First Time Home Buyer Programs (FTHB)
First Time Home buyer Programs are designed to make purchasing a home more affordable for low-to-moderate income families and individuals by offering fixed, low-interest rate mortgage loans.
In addition, Florida Housing also offers down payment and closing costs assistance to eligible borrowers, which can greatly reduce the out of pocket expense to the buyer. Here is a list of different home buyer programs you will want to familiarize yourself with:
- First-Time Home Buyer Credit - Eligibility varies depending upon the year of your purchase. This credit reduces your tax bill or increases your refund depending on the tax you owe. The IRS refunds the credit, even if you owe no tax or the credit is more than the tax owed.
- First Time Homebuyer Program - Offers 30-year fixed interest rate mortgage loans to first time homebuyers through its network of participating lenders and lending institutions
- Florida First – 30-year, fixed-rate first mortgage is available to all borrowers who satisfy credit requirements and First Time Homebuyer Program income and purchase price requirements. Borrowers who qualify for this first mortgage program will automatically qualify for one of Florida Housing’s down payment assistance programs.
- Military Heroes - 30-year, fixed-rate first mortgage is available to veterans and active duty military personnel who satisfy credit requirements and First Time Homebuyer Program income and purchase price requirements. Borrowers who qualify for this first mortgage program will automatically qualify for one of Florida Housing’s down payment assistance programs Florida
- Assist - Down payment and closing costs assistance program that is a deferred, non-amortizing, 0% interest, second mortgage that is repayable when borrowers sell or refinance the property, satisfy the first mortgage or no longer occupy the property as a primary residence.
- Homeownership Assistance for Moderate Income Loan (HAMI) – This down payment and closing costs assistance program is a fixed-rate, 10-year amortizing, second mortgage that is repaid on a monthly basis, for the 10-year term of the loan.
- FannieMae HomePath®-Purchase/Fannie Mae Foreclosure with No PMI loan
- USDA Rural Zero Down Loan-30 year fixed zero down loan with a 620 score, Reduced Mortgage insurance payment
- Good Neighbor Next Door-50% discount off home in targeted area if you are a teacher, firefighter, emergency technician, law enforcement employee or police officer
- MyFannieMae - MyCommunityMortgage® - Affordable financing to serve low to moderate income borrowers
- Freddie Mac’s Home Possible Neighborhood Solution® Mortgage – Offers borrowers low down payment options and flexible credit terms
- Fannie Mae Homestyle Renovation Mortgage Program - Renovate a fixer upper, foreclosure, or short sale and roll in home improvement and repairs into the loan
Government Loan Programs
- Loan Programs such as FHA require a minimum 620 credit score and Veteran Loans require no down payment.
- Dream Makers Program – get a $5,000 grant if you are in the military.
- FHA - minimum credit score 620 – 640 range
- HUD Home Loan Program -FHA loan for HUD owned homes or FHA foreclosure
- Kiddie Condo-(parents) can co-sign for son or daughter without occupying property
Streamline 203k Renovation loan – Repairs and home improvements may be added into the mortgage to repair a home; great for foreclosures, short sales and fixer uppers. For contractors please visit: www.ContractorConnection.com/REMAX