2015 First Time Home Buyer Programs for Florida Florida First-Time Homebuyer Program Florida’s First Time Homebuyer Program offers 30 year fixed rate loans through participating lenders and lending institutions. As with most first time homebuyer programs, income and purchase price limits do apply. A borrower must have a minimum FICO credit score of 640 to qualify. Qualified buyers in Florida may apply. Florida Mortgage Credit Certificate The Florida Housing Mortgage Credit Certificate (MCC) Program allows first time homeowners to claim up to $2,000 each year as a tax credit on the mortgage interest paid. The MCC program cannot be combined with the first time homebuyer program. Similarly to the first time homebuyer program, income and purchase price limits will apply. Qualified buyers in Florida may apply. Local SHIP Program Local SHIP Program is for low to moderate income borrowers across the state can inquire with their local county as to what down payment and closing cost assistance is available in their given area. Qualified buyers in Florida may FHA Loan The FHA Loan has a low down payment of 3.5%. There is a minimum credit score of 580 and the entire down payment can be a gift, or from state assistance programs or grants. Lastly sellers can pay 6% of purchase price toward buyers closing. USDA Rural Development Loan The USDA Rural Development Loan is a zero down loan, meaning you can finance the entire price of the property. The biggest stipulation is that the property must be located in targeted rural area. Credit score minimum is 620. Seller can pay 6% of purchase price toward buyers closing closing costs. VA Loan Great fixed rate programs for veteran buyers or active duty military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard (Military Reserve are eligible with 6 years of service) with no money down or down payment required or private mortgage insurance. There is a 620 minimum credit score.
To apply visit http://buyerprograms.net/florida