First time Florida home loan programs are for homebuyers seeking a home as primary residence. First time Florida loan applicants with not much money for a downpayment will find that the FHA government insured or VA guaranteed Florida home loans are easier and less expensive for many first time Florida homebuyers. Below you will find detailed information on Florida first time homebuyer loan programs.
• FHA MORTGAGE LOANS FOR FIRST TIME FLORIDA HOMEBUYERS– The FHA loan program is a perfect first time Florida loan program for the buyer with less than perfect credit and not much money for a down payment and or closing cost. The FHA loan provides Florida first time home buyers and Florida bad credit mortgage applicants low downpayment and easy credit qualifying. First time Florida homebuyers will find these FHA loans are the easiest of all Florida home loans to qualify for. The FHA – Federal Housing Administration does not lend money to first time homebuyers rather the FHA insures private FHA approved Florida mortgage lenders against loss through its mortgage insurance fees. FHA loans are available to Florida first home buyers and moving up buyers to purchas a home as their primary residence.
• VA LOANS FOR FLORIDA FIRST TIME HOMEBUYERS– VA first time homebuyer loans differ from FHA in that the VA guarantees this loan to eligible veteran first time homebuyers. As a result of the VA loan guaranty Florida mortgage lenders is protected against loss if the borrower fails to repay the VA loan. The VA loan guarantee is a true 100% financing option available only to qualifying first time homebuyer veterans. In additions, with the VA laon and the seller can pay up to 4% to cover the first time VA home buyer prepaid taxes, insurance, closing cost. With a VA guaranteed loan Bad credit Florida mortgage appliants usually receive a lower interest rate than is ordinarily available with other Florida first time homebuyer loan programs.
• USDA-FLORIDA FIRST TIME HOMEBUYER LOAN PROGRAM– The USDA loan is one of the most attractive and flexible first time Florida home buyers loans available to low and moderate income first time Florida homebuyers purchasing a Florida home in designated rural areas. Under this first time Florida homebuyer program 100% financing is available with NO monthly mortgage insurance premium charged to the first time Florida home buyer. The upfront 2% USDA Guarantee fee may be added to the USDA loan amount. In Florida, the maximum USDA loan amount is $417,000.
• NO CREDIT SCORE MORTGAGE- FIRST TIME FLORIDA HOMEBUYERS– As a Florida mortgage company specializing in first time homebuyer loan programs we are happy to be able to provide no credit score Florida mortgage programs for those without a credit score or insufficent credit. For Florida no credit score first time home buyers with no credit score or minimal trade lines. Unlike most Florida mortgage lenders we can approve Florida first time home buyers and no credit score using nontraditional trade line payment histories from direct service providers. 12 montths of acceptable non traditional payment documenation include electric company, water company, insurance, cell phone just to name a few.
• BAD CREDIT FLORIDA – FIRST TIME HOME BUYER LOANS– Bad credit first time Florida home buyers and bad credit moving up buyers that have suffered a bankruptcy or foreclosure in the past might qualify for a good Florida mortgage after reestablishing timely payment history. First time Florida home buyers must wait 3 years after a Foreclosure, 2 years after a chapter 7, and 12 months after a chapter 13 bankruptcy to qualify for a first time Florida FHA mortgage. Otherwise the last resort for bad credit first time Florida loan applicants is hard money Florida lender.
• HARD MONEY FLORIDA LENDER – FIRST TIME HOMEBUYER LOANS – Hard money Florida mortgage lenders provide first time home Florida home buyer loans based on the quick sale value of the home. The quick sale value varies among private hard money Florida lenders but is usually 60-70% of the purchase price or appraised value. Florida hard money lenders base this number off the purchase price or appraised value, usually the lesser of the two. We have access to private hard money Florida lenders in every city and county in Florida. Private Florida hard money lenders usually charge 3-5 points upfront and fixed interest rates range from 8-12%.
• FIRST TIME FLORIDA HOMEBUYER LOANS WITH DOWNPAYMENT ASSISTANCE- There are many Florida first time homebuyer down payment assistance programs available for first time Florida homebuyers in conjunction with the Florida mortgage programs outlined on this site. Keep in mind if you do qualify for a Florida down payment assistance program you will still need to pay for an appraisal, home inspection and closing cost. Luckily each of these government first time Florida homebuyer loans: FHA, VA, USDA allow the seller to credit up to 6% of the price of the sales towards your closing cost and prepaid taxes and insurance. You will want to make sure you negotiate the seller paid closing cost up front and to include this aggreement into your purchase agreement.
HUD DEFINITION OF FIRST TIME FLORIDA HOMEBUYER:
A. Is an individual who has not had an ownership interest in a principal Florida home during the last 3 years. This includes a spouse they are considered Florida first-time Florida homebuyers.
B. Single parents are first time homebuyers if they have only owned a Florida home with a former spouse while married or a single parent who has only owned with a former spouse while married is also considered a first time Florida homebuyer.
C. A first time Florida homebuyer is one who is one who has been a displaced homemaker and has only owned a Florida home with a former spouse.
D. A first time Florida homebuyer is an individual who has only owned a principal Florida home not permanently affixed to a permanent foundation in accordance with applicable regulations.
E. A Florida first time homebuyer is an individual who has NOT owned a Florida home that was in compliance with Florida State, local or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent Florida home.