CHECK OUT THE LINKS BELOW FOR MORE FIRST TIME BUYER INFORMATION

WHAT IS THE DEFINITION OF “FIRST TIME BUYER”?

It is actually the Internal Revenue Service that sets the rules for what defines a first time buyer and there are exceptions to this that  addresses this further in the exeptions.

1.          You are defined as a first time buyer if you do NOT own the home you live in.

2.          You are defined as a first time buyer if you do NOT claim your mobile home as real property.  (In other words you do not own the land it sits upon.)

3.          You are defined as a first time buyer if you have not owned or occupied a primary residence within the last three years.

4.          You are defined as a first time buyer if you are able to permanently reside in the United States.

5.          You are defined as a first time buyer if you will occupy the property within 60 days.

BORROWER ELIGIBILITY REQUIREMENTS

1. You have to have an acceptable credit history.
2. You have to be a first time home buyer which I have already defined.
3. You have to take the Home Buyer’s Education Course (it is held on weekends).
4. You have to meet the bond program’s income and sales price limits.

PROPERTY GUIDELINES

You do have a choice in which style of property you wish to purchase with a bond loan.  The guidelines are that it has to be a detached single family home, a condominium and you can purchase up to 4 units but you must live in one as a primary residence, a townhouse or a manufactured home.

LOAN TYPES

This is where it gets really good – you can only have a fixed rate 30 year program with accredited lenders in the State of Florida.  There are no exotic loans, no predatory loans, this program is designed for you, the buyer, and no fancy talking here-today-gone-tomorrow lenders are allowed.

BENEFITS TO THE BUYERS USING THE PROGRAM

How good can it get?  Buyer’s who qualify for bond loans get lower mortgage interest rates due to the tax exempt status of the bonds and the bond loan programs provide a buyer with automatic down payment and closing cost assistance.  The State of Florida wants to help you own a home.

                                               FOR MORE INFORMATION CLICK ON YOUR SELECTION

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