Wondering what a first-time home buyer in Florida is? Understanding what qualifies as a “first-time home buyer” is important, as it can open the door to a variety of assistance programs and benefits designed to help those purchasing their first home.
In this blog post, Ocala realtor Scott Coldwell and the professionals at Your Home Sold Guaranteed Realty - Coldwell Real Estate Services will discuss what a first-time home buyer in Florida is and the programs available to support them.
Key Takeaways:
- In Florida, a first-time home buyer is someone who has not owned or occupied a primary residence in the past 3 years.
- Eligibility typically requires a minimum credit score of 640, using an approved lender, and completing a home buyer education course.
- Florida offers several first-time buyer programs including down payment and closing cost assistance, and reduced mortgage rates.
What is a First Time Home Buyer in Florida?
The definition of a first-time home buyer in Florida is someone who has not owned and occupied a primary residence for the past 3 years. Single parents who only owned a home while they were married to a former spouse can also qualify.
You may also qualify if you owned a property that wasn’t up to code or permanently affixed.
The key is that you cannot have been on the deed of a primary residence during that 3-year window. Top Ocala realtor Scott Coldwell adds,
“As long as they meet that criteria, they’ll qualify as a first-time buyer, even if they’ve owned other types of investment properties.”
What Are First-Time Buyer Assistance Programs in Florida?
Florida offers several assistance programs designed to help first-time home buyers overcome common barriers to homeownership, such as saving for a down payment or qualifying for a mortgage.
The Florida Housing Finance Corporation’s Homebuyer Program is one of the most popular options. It provides 30-year fixed-rate mortgage loans for qualifying buyers. To be eligible for the program, you need to meet these requirements:
- Not have owned or occupied a home in the past 3 years.
- Meet income requirements.
- Minimum credit score of 640.
- Complete a home buyer education course.
- Work with an approved lender.
- Not exceeding the purchase price limit.
Other notable programs by the Florida Housing Finance Corporation include:
- Florida Assist: Offers up to $10,000 in down payment assistance as a 0% deferred second mortgage. Includes conventional, FHA, VA, and USDA loans.
- Florida Hometown Heroes: Provides up to $35,000 in down payment and closing cost help, plus lower mortgage rates, for eligible public service workers.
Scott Coldwell notes,
“In addition to state-level programs, some local communities in Florida also offer their own first-time buyer grants and assistance, sometimes up to $50,000.”
Working with a knowledgeable real estate agent and approved lender can help ensure you navigate the process correctly and take full advantage of the available programs.
Benefits of First-Time Buyer Assistance
First-time buyer programs are crucial in making Ocala homeownership more accessible and affordable. The down payment and closing cost help can be a game-changer that allows you to get into a home sooner. And the reduced mortgage rates make the monthly payments more manageable.
Even for those with lower credit scores or modest incomes, first-time buyer assistance in Florida can open the door to homeownership. Coldwell explains,
“It’s an invaluable resource that helps remove common barriers and empowers more people to achieve the dream of home ownership.”
Our Ocala Real Estate Team Makes it Easy to Buy a Home
At Your Home Sold Guaranteed Realty - Coldwell Real Estate Services, Scott Coldwell and our team have worked with thousands of home buyers in Ocala and North Central Florida.
We know exactly what to do to guide our clients through closing and into their dream homes. Our experience is only one reason we’re the best realtor in Ocala. In addition, we offer unique buyer guarantees that make buying a home risk-free, like our Buy it Back Guarantee.
To learn more about working with Your Home Sold Guaranteed Realty - Coldwell Real Estate Services to buy a house in Ocala or the surrounding areas, call 352-290-3512, or fill out the form on this page.
To Discuss Your Home Sale or Purchase, Call or Text Today and Start Packing!
The repayment terms for down payment assistance in Florida vary by program. Some, like the Florida Assist program, offer 0% deferred second mortgages that don’t require monthly payments and are forgiven after a certain period. First-time buyer programs typically don’t require any repayment either. Other community-level programs may require repayment when you sell the home or refinance. It’s important to carefully review the terms of each program to understand the requirements.
