First Time Buyers

Florida Mortgages for First Time Buyers


In Florida, First time buyers are able to receive financial assistance in the form of loans and grants which will enable them to purchase their homes, without having to find hefty down-payments.

Of course, like most everything else today, this is subject to conditions and criteria. But first time buyer programs hold great hope for first time buyers thanks to substantial financial incentives.


First Time Buyers Highlights

Down-payment assistance

Closing cost assistance

 Low 30-year fixed-rate first mortgage

You don’t have to be a first time buyer to be a first time buyer in Florida


What is a First Time Buyer?

Let us first clarify the term “First Time Home Buyer” it is not just referred to as the first home you have purchased. The term first time home buyer was expanded long ago, by the government, to refer to someone who had not owned a home in the last three years. Then later on, the government again revised this by allowing someone who is purchasing their primary residence, but who did not own any other residential-type property at the time of this purchase .

For years, the government has had these programs in place, but very few knew about. These programs are to assist buyers in their purchase of a home. This is also encouraging for younger families to purchase a home in Florida. The state is attempting to counterbalance the population, to substantiate practical growth and demographic stability–whether that will be a direct or indirect service job and third party sector.

Over the years, we have seen home owner associations increase the minimum size requirements of home floor plans which–in turn–increases the lower base price of housing, making it harder for people of lower income to have the ability to afford to purchase a property.

The first-time-buyer programs are designed to assist lower and modest income families, however, there is a ceiling in place on the monthly income. These limits are somewhat flexible as they are based on the amount of individuals living in the property.

Programs available include Assistance in Down-Payment, Repairs, and Assistance With Closing Costs on a fixed rate mortgage loan. There are a number of requirements which need to be met in order to qualify. The main criteria will be your credit rating, having established three lines of credit, and may include a past history with a utility company such as your local electric power company.

Most of the counties in Florida have great programs available to the first time home buyer. Each county may have different requirements, such as taking a county sponsored financial class on budgeting and home ownership. Once these classes are completed, the buyer is given a certificate of completion, which is good for one full year from the date of the completion of the class.

You should ask your mortgage broker to assist you in finding the correct information you need to get. Fund availability varies from county to county. Available funds can be as much as $20,000 and are only available quarterly. Each county only has a certain amount of available money for each quarter. Once the funds are exhausted, a buyer must wait in line for the availability of funds to be released in the next quarter. Working with your Mortgage Broker ahead of time could make your purchase a lot easier and help eliminate any disappointment.

On average, it typically takes 2-3 months to organize and obtain this type of assistance for your new home. A well educated buyer will be better prepared for long term home ownership.

With all of the options available, the best way to find out which of these options is most suitable for you and your personal circumstances is to contact us at Solutions First Team at High Definition Mortgage Inc. and schedule a no-fee assessment.



If you have any questions or would like further assistance please contact us directly and we will try our very best to help wherever possible.

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