If you are a first time homebuyer, looking to buy a home in Florida, there are a number of great programs designed to assist people like you. While these programs might not be available to everyone, they are certainly worth looking into, as they can save you money, get you a lower down payment, and help with closing costs. These programs can help make the dream of homeownership a reality, even for those who think it may be out of reach
Florida Housing’s First Time Homebuyer Program (FTHB)
This program is operated by the Florida Housing Finance Corporation, a state agency that exists to make purchasing a home more accessible for low and medium income families. The FTHB program provides 30-year fixed-rate mortgages with low interest rates, and in some cases grant or second mortgage programs to provide assistance with down payments and closing costs.
State Housing Initiative Program (SHIP)
SHIP is another program run by the Florida Housing Finance Corporation, aimed at low and moderate income families. The program provides funds to local governments, creating partnerships with cities and counties to produce and preserve affordable housing. Homebuyers work through local governments to utilize this program, and it can provide grants for down payment assistance and help with closing costs.
Mortgage Credit Certificate Program (MCC)
Also administered by the Florida Housing Finance Corporation, the MCC program is intended to help first time homebuyers pay their mortgage every year they live in the home. The program allows first time homeowners to deduct 50% of their mortgage interest as a tax credit on their federal taxes. The credit lasts for the full 30 years of the mortgage, and the income from the tax credit can help buyers qualify for a larger mortgage.