What Types of Financing Options Do You Offer For New Home Buyers in Florida?
New Home Buyers in Florida
The Sunshine State is a great place to buy a home, especially with its booming economy and low real estate taxes. But the high cost of living and tight supply make it difficult for many buyers to afford their first house.
Fortunately, there are programs available that can help you find your dream Florida New Home Builder and put your budget in place to cover your mortgage costs. These include down payment and closing cost assistance programs, grants, and other financial help that can help you make the home buying process easier to manage.
The Florida Hometown Heroes Housing Program: This program offers down payment and closing cost assistance to law enforcement officers, firefighters, educators, healthcare professionals, childcare employees and other front-line workers who need a home in their work location.
What Types of Financing Options Do You Offer For New Home Buyers in Florida?
The HFA Preferred Conventional Loan: This loan can allow you to borrow up to 3 percent of the home’s purchase price with reduced mortgage insurance costs, which can save you thousands over the life of your loan.
FL Assist Second Mortgage: This program provides up to $7,500 at 0% interest as a deferred second mortgage for eligible borrowers who are getting an FHA, VA or USDA loan. Repayment is deferred until the property is sold, moved or refinanced, or the loan is forgiven.
Forgivable Second Mortgages: This program allows borrowers to get up to 3%, 4% or 5% of the home’s purchase price in a forgivable second mortgage to use as down payment and closing costs. There are no monthly payments, but the loan is forgivable after five years.
The Florida Housing Finance Corporation: This government agency is a go-to for low-income Floridians who need help with homeownership costs. It works with approved lenders to provide financial aid, including down payment and closing cost assistance, as well as mortgage loans.
SoFi: This online lender provides a wide range of affordable mortgage rates and down payments as low as 3% for qualifying borrowers. It also has a free home buyer education course and a nationwide network of local mortgage experts to help you find the right lender for you.
Your employer: If you are a full-time employee, your company may be able to help you with down payment and closing cost assistance programs, as well as access to lower-cost mortgage lenders and real estate agents in your area.
The state of Florida: There are several programs that help buyers in the Sunshine State, including down payment and closing cost assistance, grant programs, and federal government mortgages.
The Florida Housing Finance Corporation: This government agency operates statewide and can help you find an approved mortgage lender who will help you through the entire homebuying process, from finding an agent to signing documents at closing. It also connects you with a home buyer education class and helps you apply for down payment and closing cost assistance.