Assistance Programs Could Help First-Time Florida Buyers in 2022
First-time home buyers have stayed glued to the sidelines in a highly competitive housing market for nearly two years, but home buyer assistance programs can help, says Realtor.com. The Florida Housing Finance Corp. provides down payment and closing costs for first-time Florida buyers weighed down by financial obstacles.
To be considered for the Florida Housing program, buyers must meet eligibility requirements for factors like credit score, income, purchase price, and approved properties, and borrowers must also complete a home buyer education course and work with an approved mortgage lender. Florida Housing works with participating lenders to offer first-time buyers 30-year fixed-rate mortgage loans along with other tools to speed along the process of buying a home and avoid common obstacles for new market competitors.
The Florida state legislature created financial programs such as Florida Housing to assist eligible first-time homebuyers. The state doesn’t approve loans or hand out money. Instead, Florida works with participating lenders to offer homebuyers Federal Housing Administration, Department of Veterans Affairs, Department of Agriculture, and Fannie Mae and Freddie Mac loans with 30-year fixed-rate first mortgage loans.
Once approved for one of these loans, eligible borrowers can reap even more financial help with Florida Housing down payment and closing cost assistance programs.
And here’s the icing on the cake: Florida Housing never runs out of funds, so you don’t have to worry about competing with other borrowers for limited money.