Most first time buyers by now are aware of the First Time Homebuyer Tax Credit, unfortunately the clock is rapidly ticking and time is running out…
And the program is set to expire November 30th 2009…
However, most first time buyers are not aware that there are other programs available to assist financially with the first time purchase of a home. That’s right-MONEY IS AVAILABLE to help you buy your first home!
Who? Florida Housing Finance Corporationis a public corporation of the State of Florida and is the state’s housing finance agency. Florida Housing is a financial institution that administers federal and state resources to finance the development of affordable homeowner housing and to assist homebuyers.
FTHBoffers 30-year fixed interest rate mortgage loans to first time homebuyers through its network of participating lenders and lending institutions. There is also Down Payment Assistance (DPA) available. Florida Assist (offers up to $7,500) based on your 2 person household*(to be eligible for down payment assistance through Florida Assist, your combined household income may not exceed $61,200.00.
What? First Time Homebuyer (FTHB) Program to qualify you must have:
1.Acceptable credit: the average credit score for all 2008 loans was 674, depending on other factors somewhere in that range…However to qualify for a mortgage you must have a minimum 600 FICO score.
2.Be a First Time Homebuyer: Their definition=Do not own the home they live in or claim their mobile home as real property, have not owned and occupied a primary residence within the past (3) years, able to permanently reside in the US and will occupy the property within 60 days.
3.Take a Homebuyer education Course: 6-8 hour face to face homebuyer education class.
4.Meet the bonds program’s income and sales price limits.The guidelines for income are very generous, and based on Household Income for how many people will live in the home and what is the total income for everyone in the home over 18 years old. For 1-2 Adults (no children) they are allowed to make up to $91,800, However if there was a child or a third person the income would increase to $107,100. IRS will count all persons that will live in the home, even if they are not on the loan ie: Grandparents, fiances etc. Currently the sales price limit for Broward County is $613,321.00!!!!
So what are you waiting for? Contact a Realtor in your neighborhood who has completed the required course. Or better yet, for Broward contact one of EWM’s qualified realtors: Andrea Harrington, Christine Matotek, Verna Miller, Thomas Echea or Lisa Echea and go online and use the First Time Homebuyer Wizard to see what YOU qualify for. Good Luck!