Now is the BEST TIME for First Time Home Buyers to purchase a home in Florida within the last decade due to a combination of several factors:
- Decrease in Home Prices
- High Inventory Levels means lots of choices for buyers
- High number of foreclosures
- Higher Property Tax Exemptions
- Low Interest rates
Here is some information for buyers with low or moderate income. There are many programs for buyers not meeting these limits. Please see The Upfront Mortgage Broker’s Blog for more information at http://theupfrontmortgagebroker.com/07/current-mortgage-programs/Additionly the Florida Housing Fiancé Corporation has announced that $175 million is available statewide for assistance to eligible home buyers. The program offers low-interest 30 and 40 year fixed-rate loans, down payment and closing costs assistance as well as access to credit counseling. Teachers, firefighters, healthcare workers, police officers, as well as active duty and veteran military personnel could be eligible for lower interest rates. Eligible applicants include individuals who:
- have never owned a home,
- don’t claim their mobile home as real property,
- haven’t owned and occupied a home as their primary residence within the past three years,
- have established credit worthiness, and
- Have an annual income that does not exceed program limits.
Down Payment AssistanceSaving enough money to cover the required down payment and closing costs for the purchase of a home is one of the biggest hurdles that potential first time homebuyers face. Therefore, in conjunction with the First Time Homebuyer Program, Florida Housing offers two down payment and closing cost assistance programs in the form of second mortgage loans and one in the form of an upfront cash assistance to help eligible homebuyers cover their down payment and closing costs.Florida Assist ProgramFlorida Assist Loans are zero percent interest, non-amortizing second mortgage loans, which means you do not make any monthly payments. You repay the loan if you sell the home, transfer ownership, satisfy or refinance the first mortgage, or cease to occupy the home. The Florida Assist Loan provides up to $10,000 to assist with down payment and closing costs. This program targets applicants whose incomes are at or below 80 percent of the Area Median Income (AMI)*.Florida Assist Program Limits
| Greater Orlando Counties |
Number of Persons in Household |
| 1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
| Flagler |
31,100 |
35,500 |
39,950 |
44,400 |
47,950 |
51,500 |
55,050 |
58,600 |
| Lake |
32,150 |
36,700 |
41,300 |
45,900 |
49,550 |
53,250 |
56,900 |
60,600 |
| Orange |
32,150 |
36,700 |
41,300 |
45,900 |
49,550 |
53,250 |
56,900 |
60,600 |
| Osceola |
32,150 |
36,700 |
41,300 |
45,900 |
49,550 |
53,250 |
56,900 |
60,600 |
| Seminole |
32,150 |
36,700 |
41,300 |
45,900 |
49,550 |
53,250 |
56,900 |
60,600 |
| Sumter |
24,900 |
28,500 |
32,050 |
35,600 |
38,450 |
41,300 |
44,150 |
47,000 |
| Volusia |
28,200 |
32,200 |
36,250 |
40,250 |
43,450 |
46,700 |
49,900 |
53,150 |
Effective 2/20/07 until supersededThe Homeownership Assistance for Moderate Income (HAMI) LoanThe Homeownership Assistance for Moderate Income (HAMI) Loan program enables borrowers with moderate incomes to also qualify for down payment and closing cost assistance. HAMI Loans provide up to $5,000 to assist with down payment and closing costs. HAMI is an amortized loan that is offered at 5 percent (5%).You may qualify for this loan if your income exceeds the limits for the Florida Assist Loan, but does not exceed the Maximum Annual Income Limits for the First Time Homebuyer Program*.The Homeownership Assistance for Moderate Income (HAMI) Loan Limits
| Greater Orlando Counties |
Number of Persons in Household |
| 1 or 2 |
3 or more |
| Flagler |
$55,500 |
$63,825 |
| Lake |
$57,400 |
$66,010 |
| Orange |
$57,400 |
$66,010 |
| Osceola |
$57,400 |
$66,010 |
| Seminole |
$57,400 |
$66,010 |
| Sumter |
$54,800 |
$63,020 |
| Volusia |
$54,800 |
$63,020 |
Source: Florida Housing Finance Corporation
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Posted on February 9th, 2008 under Buyer Info, Market Update, Orange County, orlando • Tags: 1st time home buyers, best deals in orlando homes, buying homes in orlando, foreclosure, maureen loeb, maureen o'grady, orlando real estate. • RSS 2.0 feed • Leave a response, or trackback
