My New Blog

Good News Could be on the Horizon for First time Homebuyers

April 6th, 2015 6:31 PM by Christel Silver

Eligible first time homebuyers could be awarded up to $15,0000 for a down payment from the Hardest Hit Fund if a new strategy is approved by the U.S. Department of Treasury. 

As the deadline approaches to spend hundreds of millions of dollars the Florida Housing Finance Corp, which oversees the state’s Hardest Hit program, is looking to adapt its strategy to offer down payment assistance to first time homebuyers.

If approved it would award eligible homebuyers up to $15,000 for a down payment and Florida would be the first state to use the federal funds to help people buy homes. 

With rent prices on the rise in South Florida this could be a great opportunity for someone who is ready to buy a home but may not have enough cash for a down payment.  Also with the FHA program now making PMI for the life of the loan this could, depending on their price of the home, help a first time homebuyer avoid that hefty payment.

Terms of proposed down payment plan

  • $15,000 would be in the form of a no-interest loan forgivable over five years
  • Would help an estimated 3,333 homebuyers
  • Home must be buyers primary residence
  • Buyers must meet minimum credit scores for buying a home

For more information click here.

Posted by Christel Silver on April 6th, 2015 6:31 PM