First Time Home Buyer Grants

Complete First Time Home Buyer Grant Information.

Remember, as defined by HUD, first time home buyers are individual(s) who have not had an ownership interest in a home within the last three years. If you fit this definition, you have over come the biggest obstacle to getting your grant assistance. That's right, money set aside to help first time buyers just like you, purchase a new or existing home. Even bad credit typically won't stop you from qualifying for a grant. If you can get a low interest rate loan from FHA, then your chances are significantly improved of getting the same exceptions from the grant agency!

 

3 DIFFERENT PROGRAMS TO GET FREE $$$$ FOR 1^st TIME HOME BUYERS

#1- SHIP Down Payment Assistance Program

The Housing Services Division allocates SHIP funds to the Housing Partnership of MANY COUNTIES to administer the Home Buyer's in down payment assistance.. The purpose of the program is to provide qualified borrowers with a source of down payment and closing costs assistance.

The maximum income limit for a family is usually 120 percent of the median gross annual income for your county, as published by the Federal government, and is subject to change annually. Applicants must be established as credit worthy and contribute $500 - $1000 to the mortgage transaction.

Eligible properties are single family, owner-occupied residences located with in your county specific to each counties guidlines. The maximum assistance amount is range from 5K to 65K. The maximum sale price of a house ranges from 150K to 300K.

Assistance is provided as a 0 percent interest rate loan for 3 to 15 years and may be forgivien after 3 to 10 years, and shall become due if the homebuyer sells, transfers or disposes of the property by any means.

EACH STATE DIFFERS CONTACT US AND WE CAN TELL YOU HOW MUCH YOU CAN GET!!!!!

 #2 - STATE FUNDING GRANTS up to $10,000

First Time Homebuyer Program
Florida Housing’s First Time Homebuyer Program (FTHB) offers 30-year fixed interest rate mortgage loans to first time homebuyers through its network of participating lenders and lending institutions. However, if you are not a first time homebuyer, you may still be eligible for this program if you are purchasing a home in a GO Zone county, or other federally designated targeted area. This program uses income and purchase price limits to determine eligibility.

First Mortgage Current Interest Rates

Rate Type	Current Rate	Who's Eligible
Florida First		All buyers who qualify for a bond loan qualify for this 30 year, fixed rate product that may be used with one Florida Housing down payment and closing cost assistance second (HAMI or Florida Assist).
Florida Advantage		For buyers purchasing in special geographic areas, rural self-help buyers or for households with at least one disabled member. The program is for buyers at or below 80% of AMI or below adjusted for household size. Buyers using this product qualify for Florida Assist.
Community Heroes		This 30 year first mortgage loans program is designed to help both veterans and active duty military personnel as well as full time employees of the school system, police departments, firefighters, and certain healthcare workers with obtaining affordable housing (this pool of funds was formerly known as Florida Heroes Loans). Florida Housing may offer a pool for these loans at a lower interest rate for the purpose of assisting this special target group.

First Mortgage Income Limits:
You indicated that there will be 3 persons living in your home. Based on this information, your combined household income(s) to purchase a home in Hillsborough County may not exceed $79,100.00. However, if you will be purchasing a home in a federally designated target area, your income may be as high as $80,080.00. For a complete listing of income limits by county, click here.

Purchase Price Limit:
The FTHB program established a maximum purchase price—which varies by county—for homes purchased through this program. The house you want to purchase may not exceed $346,381.00 in Hillsborough county. However, if you are purchasing a home in a federally designated target area, the purchase price may be as high as $423,354.00. For a complete listing of purchase price limits by county, click here.

Down Payment Assistance (DPA)
In conjunction with the FTHB program, Florida Housing offers two down payment and closing cost assistance programs in the form of second mortgage loans, and up-front cash assistance to help eligible homebuyers cover their down payment and closing costs. Based on the information you provided, you may be eligible to receive ONE of the following:

Florida Assist (up to $10,000 available) Based on your 3 person household, to be eligible for down payment assistance through Florida Assist, your combined household income may not exceed $50,900.00. For a complete list of income limits by county for the Florida Assist program, click here HAMI Program (up to $5,000 available) You may qualify for this program if your income exceeds the limits for the Florida Assist program and does not exceed $79,100.00. The interest rate for the HAMI program is 5 percent

 

#3 - $7,500 FREE FEDERAL LOAN

Who is Eligible? The $7,500 tax credit is available for first-time homebuyers only.   A first-time homebuyer is defined as a buyer who has not owned a home during the past 3 years. Are there Income Limits?  or single or head of household taxpayers: Income less than $75,000 can claim the full $7,500 credit Income $75,000 - $95,000 receive partial credit Income over $95,000 credit is not available   For married filing jointly taxpayers: Income less than $150,000 can claim the full $7,500 credit Income $150,000 - $170,000 receive partial credit Income over $170,000 credit is not available Is there a time period that the credit is available? First-time homebuyers receive the credit on home purchases made between April 9, 2008 and July 1, 2009. What if I owe less than $7500 in taxes; will I get money back? The tax credit is refundable. This means that if you pay less than $7,500 in federal income taxes, then the government will write you a check for the difference. For example if you owe $5,000 in taxes you would pay nothing to the IRS and receive a $2,500 payment from the government. If you are due to receive a $1,000 refund from the government, your refund would grow to $8,500 ($1,000 refund + $7,500 from tax credit). What types of homes qualify for the credit? All homes, whether single-family, townhomes, or condominium apartments will qualify, provided that the home will be used as a principal residence and the buyer has not owned a home in the last 3 years. This also includes new contruction homes. How is the credit paid back? The tax credit essentially serves as an interest-free loan to be repaid over 15 years. For example a $7500 credit would be repaid $500 per year for 15 years. If the home owner sold the home, then the remaining credit would be due from the profit of the home sale. If there was insufficient profit, then the remaining credit payback would be forgiven. Features of the Tax Credit for First-Time Home Buyers

Feature Housing & Economic Recovery Act of 2008 Amount of Credit 10% of the cost of the home, with a $7,500 maximum Eligible Property Any single family residence (including condos, co-ops) that will be used as a principal residence Refundable Yes. Reduces income tax liability for the year of purchase. Income Limit Yes. Full amount of credit available for individuals with adjusted gross income less than $75,000 (or $150,000 joint return). Phases out above that and caps off at $95,000 (or $170,000 joint return). Only for First-Time Buyers Yes. Purchaser (and purchaser's spouse) may not have owned a principal residence in the 3 years prior to purchase. Repayment Yes, tax credit to be repaid. A portion of the credit (6.67%) to be repaid each year for 15 years. If home sold before 15 years, then remainder of credit recaptured on sale. Effective Begin-End Dates Purchases from April 9, 2008 - July 1, 2009. Interaction with Alternative Minimum Tax Can be used against AMT, so credit will not throw individual into AMT.