Sometimes a first time home buyers miss the opportunity of great loan programs. The qualifications for the program are not well known by most.
So what is this program about? and how could I get advantage of it?
First time home buyers advantage
Loan programs for first-time buyers offer many advantages. They are designed to help people become homeowners. First time home buyers programs differ from one city to another. Some of the advantages include:
- Down payment assistance (DPA)
- The City of Weston offers down payment assistance. Please be advised the program is available on First Come, First Qualified, First Served basis. I will elaborate on this in a future post.
- Below market interest rate
- Down payment of 3% (only 1% must come from Buyer)
Most buyers think that the only criteria is whether or not you previously owned a home. And that the house will be your primary residence. However, there are other options available, even if you owned a home in the past.
You owned a home years ago
If you owned a house in the past but sold it more than three years ago, you could still qualify for first time home buyer, the time counted from the closing date of the sale of your last property. In other words, if you have not owned a home for the past three years, you are considered a first time home buyer.
If you divorce your current spouse or become displaced from your spouse in any way, you could be a first time home buyer without any waiting period. To qualify under this rule, you also must be a parent.
If your home is not fixed to a foundation, for example if you live in a mobile home or other type of home that is not fixed to a solid foundation, you are then considered a first-time homebuyer by FHA.
Local or Federal Code
If your current home needs repairs, or if authorities are demanding to upgrade your home, but the cost of those upgrades needed to bring your house up to code are greater than the cost of rebuilding your house, you could then be considered a first time home buyer.
Get pre-qualified before you go shopping
Keep this information handy if you think that some of these tips will apply to you. Consult your lender before you start your home buying experience. Call me for more information and let me help you with all this.
More information on
Homeowner assistance programs for the State of Florida – here –
Broward County Purchase Assistance Program – here –