| The more you become familiar with the home-buying | | | | part is that Florida mortgage lenders have established |
| process, the more easily you can purchase the home | | | | low interest loan programs for first-time home buyers. |
| of your dreams. For example, the major strain that the | | | | Using such a program, one can make huge savings in |
| Florida first-time home buyer can save is the | | | | comparison with conventional Florida mortgage loans. |
| expenses in down payment. There are numerous | | | | Additional Resources |
| programs available for first-time home buyers. All of | | | | It is advisable for Florida first-time home buyers to look |
| them are briefed in this article here. We really would | | | | into programs offered by the Department of Housing |
| love to make the process of home buying a pleasant | | | | and Urban Development, as these sometimes provide |
| experience for you. | | | | more favorable mortgage loan terms. If you are |
| Grants for First-Time Home Buyers | | | | planning to live in less urban areas, you might want to |
| Many states have the programs available for first-time | | | | check out the USDA Rural Development Home Loan |
| home buyers with closing cost and down payment | | | | program - as it is at present the only true 100 percent |
| assistance. This program could be in the form of less | | | | home loan program available. |
| interest loan or a gift, sometimes referred to as grants. | | | | Lastly, the FHA 203(K) or Streamline FHA 203(K) |
| A grant is a gift which can be used only for a | | | | program provides home buyers with funds to |
| particular purpose. Governments wish to help buyers | | | | purchase a home and perform light renovations to the |
| with modest means experience at an affordable home | | | | home's exterior and interior - a nice benefit for those |
| ownership. A special budget is assigned to | | | | purchasing foreclosure or Bank REO properties. |
| government agencies for the same purpose. Based on | | | | Final Thoughts |
| your income level, you become eligible for state or | | | | With the passing of the American Recovery and |
| federal first-time home buyer grants. | | | | Reinvestment Act of 2009, first-time home buyers |
| Programs for First-Time Home Buyers | | | | now benefit from a true tax credit in the amount of |
| Almost all the states have the first-time home buyer | | | | $8,000. To receive this credit, you must not have |
| programs. Many states offer an educational course | | | | owned a home within the past three years and must |
| that teaches in detail every program like lower interest | | | | not make more than $75,000 (single) or $150,000 |
| loan and grants. Few of them are free courses and | | | | (married couple). Unlike the previous $7,500 first-time |
| others are available at very little nominal fee. | | | | home buyer tax credit, the $8,000 tax credit does not |
| Mortgage Loans for First-Time Home Buyers | | | | have to be paid back. It is taken as a tax credit against |
| Though Florida mortgage interest rates have been | | | | your income tax payment, and remains a true "gift" to |
| very favorable over the past couple of years, while | | | | you as long as you remain in the home for a minimum |
| touching the lowest few years ago, still they remain | | | | of three years from the date of purchase. |
| major concern while buying your first home. The better | | | | |