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.
In certain counties, residents can take advantage of HHF, or the Hardest Hit Fund. This fund is designed to assist the citizens who have been most affected by recent economic downturns. This year Florida has a maximum allowance of fifteen thousand dollars for qualified buyers to use toward a down payment on a single family home, pre-approved condo, or town house. The qualifying loans are for thirty years at a fixed rate.
An option for anyone who lives in this state is the conventional HFA preferred loan. You can receive up to seventy-five hundred dollars to assist with earnest money or closing cost. Co-signers are not accepted, and all approved applicants must go through an educational course on home buying. Discounted mortgage insurance is available for qualified home buyers. These loans are not available to investors. You must be an owner occupant.
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.
Even those with somewhat higher incomes can get assistance through the program called Conventional HFA Preferred Plus Loan. The first time home buyers qualification is waived for veterans. This program does not assist with a flat amount. Instead it gives purchasers a grant of three percent of the purchase price. Applicants have to attend and complete an educational course as with the other programs. Not all of the counties in Florida are included in this program.
There are matching grant plans that will match the buyer at a four to one ratio up to five thousand dollars. You must be a first time home buyer and contribute at least one thousand dollars. There are income and purchase price limits to qualify. These grants are available throughout Florida, and it will accept new home, foreclosure, and town home loans.
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 just a few of the plans this state offers its citizens. You can contact state officials for detailed information and application forms. There is no fee required to apply, and applying does not obligate you to the state in any way. Home ownership is possible, if you persevere and take advantage of the opportunities states make available.
In certain counties, residents can take advantage of HHF, or the Hardest Hit Fund. This fund is designed to assist the citizens who have been most affected by recent economic downturns. This year Florida has a maximum allowance of fifteen thousand dollars for qualified buyers to use toward a down payment on a single family home, pre-approved condo, or town house. The qualifying loans are for thirty years at a fixed rate.
An option for anyone who lives in this state is the conventional HFA preferred loan. You can receive up to seventy-five hundred dollars to assist with earnest money or closing cost. Co-signers are not accepted, and all approved applicants must go through an educational course on home buying. Discounted mortgage insurance is available for qualified home buyers. These loans are not available to investors. You must be an owner occupant.
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.
Even those with somewhat higher incomes can get assistance through the program called Conventional HFA Preferred Plus Loan. The first time home buyers qualification is waived for veterans. This program does not assist with a flat amount. Instead it gives purchasers a grant of three percent of the purchase price. Applicants have to attend and complete an educational course as with the other programs. Not all of the counties in Florida are included in this program.
There are matching grant plans that will match the buyer at a four to one ratio up to five thousand dollars. You must be a first time home buyer and contribute at least one thousand dollars. There are income and purchase price limits to qualify. These grants are available throughout Florida, and it will accept new home, foreclosure, and town home loans.
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 just a few of the plans this state offers its citizens. You can contact state officials for detailed information and application forms. There is no fee required to apply, and applying does not obligate you to the state in any way. Home ownership is possible, if you persevere and take advantage of the opportunities states make available.
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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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