Things to know if you’re buying!
Down Payment Assistance can be the key to homeownership. Many would-be home buyers just don’t have the required money set aside. This is not only true for first-time homebuyers. It is also true for those who are on the rebound from the in the mid 2000’s housing crisis. Their credit has been restored and their income qualifies them for homeownership. Also, a first-time buyer is defined as anyone who hasn’t owned a home in three years. If you’ve been renting for the past four years, you’re a first-time home buyer again!
Without down payment assistance the goal of homeownership may be elusive. It doesn’t have to be that way. Now there is a way to find out if you qualify for down payment assistance.
Aside from household income thresholds, you must meet some credit score minimums and have specific cash reserves. Income thresholds are based on the area median income—up to 120 percent in high-cost markets. Income limits are almost always based on household size. Limits for a family of five are significantly higher than for a single person.
Most assistance programs, especially for first-time buyers, require the completion of homebuyer education programs. An educated homeowner will be a successful homeowner.
Some programs are designed for individuals who provide necessary services to the community. They include teachers, firefighters, law enforcement personnel, health care workers, and veterans.
To qualify for down payment assistance, the home must be occupied as the primary residence. Single-family homes, townhomes, condos, and even some multifamily properties are allowed as long as the buyer is also an owner occupant. Generally, not manufactured homes (need to check eligibility requirements) and no mobile homes.
Downpayment Assistance Programs
Get in touch now to receive information on down payment assistance & other first time home buyer programs
First-time homebuyers often approach us to ask whether they can use two separate lenders to finance their deal. Generally, this is so that they can make use of a down payment assistance program the lender they were pre-qualified with doesn’t offer. Unfortunately, this isn’t possible. Not every lender is approved to offer these programs, which is why it’s so important to research any professional you’re considering hiring before you begin working with them. Our team has a list of local vendors who we’d be happy to recommend to you, so please reach out if you have any questions.
Many first-time homebuyers don’t understand what constitutes a standard down payment. The short answer is that there isn’t one. There are many good down payment assistance programs in Florida that allow first-time homebuyers get into a home with as little as $1,000 down, but ultimately the best down payment solution is whatever works best for you. We’d be happy to give you information to figure out what the best scenario would be for you. To hear more, watch this video.