There have been many Florida mortgage program changes over the past year.  In fact, some mortgage loan programs have either become very restrictive with respect to qualifying or have completely disappeared.  Home Equity lines of Credit, Fixed Rate 2ND mortgages, Construction-to-Permanent loans,  and Jumbo mortgages, are just a few programs that have experienced huge qualifying changes.  But first time home buyers in Florida need to know there are still ways to buy their dream with very little out of pocket expense.

Since 1934, American first time home buyers have enjoyed the benefits of an FHA insured mortgage loan.  Benefits include, no prepayment penalty and allowance of seller contributions of up to 6% of the sales price to cover buyers closing costs, prepaid tax escrows and interest rate buy downs. 

Although first time home buyers are required to contribute 3% of the loan amount (usually in the form of down payment); this can be provided by a gift from a relative, employers, or non-profit groups.  A favorite is the Nehemiah Corporation, who since 1997, has assisted over 275,000 families and individuals achieve home ownership using their gift funds.

Yes it’s true.  Today, in Florida, first time home buyers are reaping the benefits of reduced Florida home prices and negotiated seller contributions towards costs and gift fund organizations.  It’s a great time to be buying your first home in Florida.  Call your mortgage professional for more information on this and other mortgage loan programs. 888.399.0520

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