First-time homebuyers face some tough challenges, financing a home can be daunting and seemingly unfeasible. Luckily, there are many first-time homebuyer programs, including loans and grants, that can bring purchasing a home within arms’ reach.
If someone has to wait to save a down payment, raise their credit score, or pay off debt before they buy a house, they lose out on the opportunity of gaining equity and run the risk of higher interest rates when they are ready to buy. But while a home loan can help you buy a home much sooner than you could have imagined, if you jump the gun, you could end up losing money — and paying more — in the long run.
The Housing Finance Division offers Home Buyer Purchase Assistance to qualified home buyers. Assistance is in the form of a deferred payment second mortgage at 0% interest, 15-year term. Funds are available on a first-come, first qualified, first served basis.
Note: The income certification approval and funding process takes 5-6 weeks after receipt of a package from the lender.
Instructions
- Take a Homebuyer Education class from a Certified HUD Approved Counseling Agency. For your convenience, you can download a list of local agencies or you may visit Hud.
https://www.broward.org/Housing/Documents/CertifiedHUDApprovedHousingCounselingAgencies7-23.pd - Obtain a first mortgage approval from a lender or you can select a lender from the Participating Lenders List and contact them directly. If you are a lender and require the County’s Homebuyer Purchase Assistance Program Lender Guidelines.
https://www.broward.org/Housing/Documents/BrowardCounty%28HPA%29ParticipatingLenders2-6-2024.pdf
Disclaimer: The Housing Finance Division is not responsible for the borrower’s selection of lender and/or Homebuyer Education class, financing terms, actions or decisions made by lenders or counseling agencies. Lender decisions are final. -
Eligible properties must be in one of the areas listed below with the maximum sales price of $568,557; a higher max price in Wilton Manors and Weston may be available. Once you have identified a property in an area listed below, your LENDER will need to contact our office for further instructions on how to proceed.
Don’t wait to apply for your homebuyer loan
The best time to apply for a homebuyer loan is before you even begin your home search.
“There is no sense and getting your hopes up, making plans, making decisions, and not knowing what you qualify for or if you qualify,” Steinke says.
A top buyer’s agent can help link you with a lender who is well versed in both local and national down-payment assistance programs. According to Steinke, most lenders can put you on a plan to have a loan ready in as little as a month to three months.
Who is a first-time homebuyer, anyway?
While the definition of a “first-time homebuyer” may seem obvious, it’s actually much broader than you think. Under some programs, it’s defined as someone who hasn’t owned a home for at least three years or more.
In fact, according to Steinke, most programs that are available today are available to any buyer. So, if you’ve gone from owning a home to renting and are once again in the market, you could be accidentally passing up this financial assistance.
However, these loans and down payment assistance programs are more widely used by first-time homebuyers as they don’t have equity in a previous home, so they need help with the down payment and closing costs. On the other hand, a repeat buyer has the ability to use their home equity and is more likely to have more wealth to put toward that next purchase.
“They’re really not limited just to first-time homebuyers, necessarily,” she says. Many of the loans are income-restricted and location-restricted, “but in general, anybody can use them”
First Home Purchases
Purchasing a home is probably one of the biggest purchases you and your family will ever make and it goes beyond just finding one you like and is in the right area. We have the knowledge and expertise that you will find invaluable during the process of buying your first Home or Condo.
Mortgage Approval
One of the best things a person can do even before they start looking for Homes For Sale in Fort Lauderdale is to get pre-approved for a mortgage. This accomplishes many things, but the 2 most important are that you know how much money a lending institution is willing to lend you along with the terms of the loan and what your budget can be.
Secondly, this portrays you as a serious buyer to the Seller of a property that is ready, willing and able to purchase a home in the Fort Lauderdale area!
South Florida has so many diverse and surrounding cities that your choices in finding a Home or Condo For Sale are almost limitless, and that is where we again are here to help you find the perfect home.
Once you have decided on a certain area or neighborhood we will show you all the available homes for sale that meet your criteria, set the appointments and give you invaluable information that you would expect from a Real Estate Professional.
When we find the home of your dreams (and we will) we will then sit down with you to prepare an Offer to Purchase and go over everything that you want to include in the purchase along with discussing what to expect during the process…….
Determining Price
Before ever putting pen to paper on a contract we will need to find out what the property is worth to you. South Florida Real Estate can mean a wide variety of things from Waterfront, Canal front, Oceanfront, to Condo’s and Townhomes in and around the greater Ft. Lauderdale and Miami area.
Market conditions and the condition of the property itself play a big role in what you will offer to be sure, but you will also need to know what other properties sold for in the area that are similar to the one you are interested in.
We will gather that information for you and help you come to a fair and reasonable price for the property.
Deposits & Down Payments
When you write a contract it is always advisable to include what is referred to as an Earnest Money Deposit with your offer.
Simply stated this will give your offer more credibility with the seller than if one was not present. The larger the deposit also makes the offer stronger in the sellers eyes and possibly sway him to accept the offer as it stands.
This money is deposited in a non-interest bearing account by the Real Estate Broker (Escrow) and should your offer be accepted it is then applied towards your total down payment on the property.
For additional information contact us directly 786.318.1727 with any questions you might have about any Fort Lauderdale Real Estate. We are here to help.
