HOMEBUYERS - First Time Homebuyer Program The First Time Homebuyer Program makes purchasing a home more affordable for low-to-moderate income families and individuals by offering fixed, low-interest rate mortgage loans. In addition, Florida Housing also offers down payment and closing costs assistance to eligible borrowers, which can greatly reduce the out of pocket expense to the buyer.
Florida Housing’s First Time Homebuyer Program provides a continuous stream of lending throughout the year for eligible first-time homebuyers.
Saving enough money to cover the required down payment and closing costs for the purchase of a home is one of the biggest hurdles that potential first time homebuyers face. Therefore, in conjunction with the First Time Homebuyer Program, Florida Housing offers three down payment and closing cost assistance programs in the form of second mortgage loans and one in the form of an up front cash assistance to help eligible homebuyers cover their down payment and closing costs.
Eligible applicants include individuals who:
have never owned a home,
don't claim their mobile home as real property,
haven't owned and occupied a home as their primary residence within the past three years,
have established credit worthiness, and
have an annual income that does not exceed program limits
Acceptable Credit History
You must have an aceptable credit history to qualify for the First Time Homebuyer Program. Acceptable does not mean that your credit must be perfect; however, you must be "credit worthy" to qualify for a home mortgage loan through this program.
If you believe that you have not established a good payment history, all is not lost. It may take some time, but you will be far better off if you improve your credit before applying for a home mortgage loan.
There are legitimate, non-profit community-based organizations that can counsel you on repairing your credit and prepare you for homeownership. A listing of some of these local organizations may be obtained online at www.floridahousing.org or by contacting Florida Housing at 850-488-4197.
Eligible Properties
Any new or existing single family home, townhome, duplex, condominium, and manufactured home (with certain restrictions) that meets Fannie Mae, Federal Housing Administration (FHA), Rural Housing Services, or Vererans Affairs (VA) requirements is eligible for purchase under the program. The sales price of the home must be less than the maximum sales price limits for the county in which the home is located.
Number of persons in household Maximum Annual Income Limits
Charlotte County 1 $28,450.00
2 $32,500.00
3 $36.600.00
4 $40,650.00
5 $43,900.00
Sarasota County 1 $32,700.00
2 $37,350.00
3 $42,050.00
4 $46,700.00
5 $50,450.00
Maximum Sales Price Limits
Homes new and existing
Charlotte County $265,510.00
Sarasota County $398,013.00
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