Have you been hesitant to purchase your first home because you are worried about having enough cash for a down payment or that you won’t qualify for a loan?  Don’t despair!  There is help out there for you.  Owning a home is a sound financial investment and there is no reason to keep paying a landlord’s mortgage when you could be paying your own and building equity for your future.

The Florida Homebuyer Loan Program offers 30-year fixed rate FIRST mortgage loans to first-time homebuyers through participating lenders and lending institutions throughout Florida. If you are eligible, you may also qualify for one of Florida Housing’s second mortgage or grant programs to help with your down payment and closing costs.

Florida also offers a Mortgage Credit Certificate Program.  This offers qualifying first time homebuyers a nonrefundable federal income tax credit that can be used with a lender’s first mortgage.  This reduces the borrower’s federal income taxes and as such, creates additional income for the borrower to use in making mortgage payments or other household expenses. The requirements for this program include being a first-time homebuyer, the purchase price of the residence and the total household income.

The Florida Housing Finance Corporation offers First-Time Homebuyer Education (HBE). You can also take a course through the Tampa Housing Authority. Taking one of these classes is a great first step toward understanding all you need to know before you start your home search.  The class teaches things such as:

-          Shopping for a home

-          Understanding credit

-          Money management

-          Obtaining a mortgage

The first-time homebuyer program uses income and purchase price limits to determine eligibility.  Potential buyers must complete a home buyer education course and qualify for a mortgage loan and have a qualifying FICO score,

The real estate professionals at Tampa Realty Now can explain these programs to you and answer any questions that you have.  Contact them and start your home search today!  Call Linda or Craig Nowicke at 813-728-3880 or 813-675-5030