Orlando Real Estate

First Time Home Buyer Assistance Programs

September 11th, 2009 11:22 AM by David W. Welch

I just got off the phone with a very nice guy in Michigan. He and his wife are looking to purchase their first home, and he was looking for information about first time home buyer assistance programs. I certainly am not completely aware of programs in other states, but told him that I could only imagine there would be similarities. Here in Orlando there are city, county, state and federal programs available to assist first time home buyers. The city and county programs are underfunded right now, but there is still money available under the right conditions. The Orange County SHIP program for instance had to reduce the amount of assistance that buyers can qualify to receive, but the highest amount of assistance is still $25,000. The home must be in the county and either have recent repairs of between $5,000 and $15,000 or be a brand new home. There is a state bond program that provides up to $10,000 that can be used anywhere and does not have any particular qualification requirements other than a standard FHA loan. The big one now is the Neighborhood Stabilization Program that is part of the stimulus package. You have to purchase a property in one of the targeted areas, but you may qualify for up to $35,000. The other bonus with this is that you only have to put up 1.75% of your own money instead of the usual 3.5% required by FHA.

Joseph, thank you for your call and good luck to you and your wife Lashonda. Buying your first home is an exciting time, and worth the effort.

Orlando Real Estate, David Welch Real Estate Optimist

Posted in:General
Posted by David W. Welch on September 11th, 2009 11:22 AM


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