The Mortgage Insider - Home Financing with Contemporary Mortgage

Unlocking Homeownership: First-Time Homebuyer Programs in Florida

Buying your first home is an exciting milestone, but navigating the mortgage process can feel overwhelming—especially if you're a first-time buyer. Thankfully, Florida offers a variety of programs designed to make homeownership more accessible and affordable. Whether you're looking for down payment assistance, competitive interest rates, or special loan options, this guide will introduce you to key programs and how they can help you achieve your dream of homeownership.

Florida Housing Finance Corporation (FHFC) Programs

• Florida First Mortgage Program: Provides 30-year fixed-rate loans for first-time homebuyers at lower-than-market rates.
• Florida Assist: Offers up to $10,000 in down payment and closing cost assistance, provided as a deferred second mortgage (interest-free until you sell the home, refinance, or pay off your first mortgage).
• HFA Preferred and HFA Advantage Loans: Help buyers access reduced private mortgage insurance (PMI), cutting monthly costs.

Federal Programs for First-Time Buyers

• FHA Loans (Federal Housing Administration): Require a lower down payment (as little as 3.5%) and accommodate lower credit scores.
• VA Loans (Veterans Affairs): Designed for current and former military members, offering zero down payment and competitive interest rates.
• USDA Rural Development Loans: Provide zero down payment options for homes in eligible rural areas (parts of Florida qualify!).

Local and County Assistance

Cities and counties across Florida offer unique first-time buyer programs. Examples include:

• Orange County's Down Payment Assistance Program: Eligible buyers can receive help with down payment and closing costs.
• Miami-Dade Affordable Housing Programs: Focused on increasing access to affordable homes in the region.

How to Qualify for First-Time Homebuyer Programs

While eligibility varies by program, here are general criteria you should expect:

• First-Time Buyer Status: Typically means you haven’t owned a home in the past three years.
• Income Limits: Many programs are tailored to low- and moderate-income households. (Click here to search income limits: https://sf.freddiemac.com/working-with-us/affordable-lending/area-median-income-and-property-eligibility-tool)
• Credit Requirements: Minimum credit score requirements differ, but some programs are more lenient for first-time buyers.
• Homeownership Counseling: Certain programs require you to complete an educational course to prepare for the responsibilities of owning a home.

Steps to Get Started

1. Research Programs: Explore which programs are available in your area and align with your needs.
2. Get Pre-Approved: Work with a lender experienced in first-time buyer programs to understand your financial options.
3. Attend Homebuyer Education: Complete any required counseling sessions to boost your confidence and knowledge.

First-time homebuyer programs can turn the dream of owning a home into reality. If you're in Central Florida and seeking personalized guidance on the best options for your situation, Contemporary Mortgage Services, Inc. is here to help. Contact us today to explore your possibilities!

407-834-3377