The more acquainted you are with the home-buying process, the faster you can buy your dream house. For example, the biggest strain the first-time home buyer in Florida can save is the down payment expenses. Do you want to learn more? Visit Home Buyers. Most services are available for first time home buyers. These are all briefed here in this post. We would really like to make the home-buying process a pleasant experience for you.
First Time Home Buyers Grants
Most states have the services of closing costs and down payment assistance available for first-time home buyers. This programme, often referred to as grants, may be in the form of less interest loan or a donation. A grant is a gift that can be used for a given purpose only. Governments aim to give buyers of modest means an attractive home ownership experience. In the same reason a separate budget is distributed to the government departments. You become eligible for first-time home buyer grants by state or federal government based on your income level.
First Time home owners services
Fast all the states have home buyer programs for the first time.
Most states offer an education course which teaches every program in detail, such as lower interest loans and grants. Few of them are free courses, and others at very low nominal fee.
First-time Home Buyers Hypothecary Loans
Although mortgage interest rates in Florida have been very favorable over the past few years, while touching the lowest a couple of years ago, they still remain a major concern when buying your first home. The better part is that Florida mortgage lenders have set up loan programs for first-time home buyers with low interest rates. Using such a system one can make tremendous savings compared to traditional mortgage loans from Florida.
It is best for first-time home buyers in Florida to look at services provided by the Department of Housing and Urban Development, as these have even more attractive conditions for mortgage loans. If you’re planning to live in less urban areas, you might want to check out the USDA Rural Development Home Loan program-as it ‘s currently the only true home loan program available for 100 per cent.
Last but not least, the FHA 203(K) or Streamline FHA 203(K) program provides home buyers with funds to buy a home and carry out light renovations to the exterior and interior of the home-a nice benefit for those buying foreclosure or Bank REO properties.
With the passage of the 2009 American Recovery and Reinvestment Act, first-time home buyers are now benefiting from a true $8,000 tax credit. You must not have owned a home in the past three years to earn this bonus, and must not make more than $75,000 (single) or $150,000 (married couple). Unlike the first-time home buyer tax credit of $7,500 previously, the $8,000 tax credit does not need to be paid back. It is taken against your income tax bill as a tax credit and remains a real “gift” to you as long as you live at home for at least three years from the date of purchase.