What is a first time buyer?

Let us first understand 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 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 so as to substantiate practical growth and demographic stability whether that will be a directly or indirectly through service jobs and third party sectors.

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 buyers 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. As with all things there are a number of requirements which need to be met in order to qualify. The main criteria will be your credit rating with having established 3 lines of credit which may include a past history with a utility company such as Florida Power and Light along with a qualifying credit score.

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 as much assistance as possible. Fund availability varies from county to county. Available funds sometimes 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.

There are a number of mortgage options open for first time buyers. 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 Mortgage Inc. and schedule a no-fee assessment.

Our service has been designed to remove the stress and misunderstandings commonly associated with buying a property. Welcome Home!

For further information about getting the right mortgage for you and to arrange your 'NO-FEE ASSESSMENT'
CALL US on (+1) 941-921-1110