Florida First Time Home Buyers have an assortment of home loan financing options and incentives available to them in 2015. Many of these mortgage options are secure government backed programs – USDA, FHA and VA being the most popular. First Time Home Owners also have a verify down payment assistance programs available through county and city agencies and can be used in conjunction with certain government mortgage programs like FHA and USDA loans. Below we have listed the most popular first time buyers programs in 2015, and a little information on each. Please call us at 904-302-6060 with questions, we are happy to assist you!
- USDA Rural Housing 502 Guarantee Program: USDA home loans are very popular among FL First Time Home Buyers. This is primarily due to the fact that USDA is the only home financing option in Florida that still allows 100% financing. Unless you have military VA loan benefits, USDA Rural Housing is the only NO money down home financing option. Since the program is 100% financing, no down payment assistance is needed. In addition no “fist time homeowners” class or school is required. The USDA loan pre approval process is quick, applicants can generally complete their application and pre approval in under 20 min. Other USDA benefits include: Seller can pay all the homebuyers closing up – as a result buyers often invest little to no money. Secure 30 year fixed interest rates. Additionally, the USDA mortgage program is NOT limited to just first time home buyers, however, homeowners that currently own a house could face additional loan qualifying requirements.
- 100% financing, no first time buyers class, etc – sounds almost too good to be true? Well the only real “catch” with the USDA loan is the program does have TWO very important eligibility requirements that must be satisfied. For starters, the home you purchase must be rural defined eligible location. See the USDA map area here. Second, the income (money made) for the household must be below a certain limit based on the county and number of people living in the household. Click here for the → 2015 USDA household income limits. If you have questions about the USDA program please contact us anytime at 904-302-6060 or just submit the info request form on this screen.
- FHA Mortgage Program: FHA home loans are still the most popular loan available to Florida home buyers. FHA loans are available for any move in condition homes, regardless of where the house is located. The home can be located in a busy metro area like Tampa, Orlando, Jacksonville, etc. Like the USDA RD loan, borrowers are not required to be first time home buyers or required to take any first time buyers class, etc. There are no income restrictions (limits) with the FHA home loan. However, FHA loans do require a small down payment of 3.5% – but this down payment can be in the form of a gift from family, etc. First Time Home Buyers can also use the verity of acceptable down payment assistance programs to pay the required 3.5% down payment and closing costs. SHIP among other down payment incentive programs can be used. Contact us today for a list of approved down payment assistance programs, and be sure to visit fhamortgagesource.com for more information on FHA loans in Florida. Please click here for a list of → 2015 FHA loan requirements.
- HUD 100 Dollar Down Program: This is essentially the same FHA program as listed above. The only key difference is the HUD $100 down program only requires a small 100 dollar investment like the name suggest. However, the property being purchased MUST be a HUD owned home listed on this HUD web site here. Learn more about the HUD 100 down mortgage here.
- 100% VA Home Loan: This program is ONLY reserved for buyers that have current or past VA military benefits. The VA mortgage program will permit the homebuyer to purchase home with $0 down, reduced closing costs, low secure fixed interest rates, and no monthly mortgage insurance. VA is without a doubt one of the best home financing options available today. Click here to learn about the → Florida VA Mortgage.
USDA Mortgage Source has been showing Florida First Time Home Buyer the way to homeownership since 2007. Whether it’s a USDA, FHA or VA loan you seek, please call us at 904-302-6060 for assistance 7 days a week. Serving all of Florida First Time Home Buyers, including Central Florida – Orlando First Time Buyers, Tampa First Time Home Owners, Lakeland, Gainesville, Ocala FL, First Time Home Buyer Programs 2015