SOME OF THE FOLLOWING PROGRAMS CAN BE USE IN CONJUNCTION WITH EACH OTHER

 

FEDERAL FIRST TIME HOMEBUYER $8000 TAX CREDIT

The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase.

This credit is equivalent to 10 percent of the purchase price of the home--although it's capped at $8,000--and applies only to first-time home buyers and principal residences. But unlike an earlier $7,500 home buyer tax credit, this one does not have to be repaid.

Only those who purchase a home on or after January 1 and before December 1, 2009 are eligible for the $8,000 credit. Anyone who bought a home last year won't be able to take advantage of it. If you bought in 2008, you may qualify for the $7,500 tax credit which works like an interest-free loan and must be repaid over a 15-year period. The $7,500 credit is available for homes purchased between April 9, 2008 and Dec 31, 2008.

 

FLORIDA FIRST TIME HOMEBUYER QUALIFICATION WIZARD

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, or qualified for the Veterans  Exemption. This program uses income and purchase price limits to determine eligibility.

 

State Housing Initiatives Partnership program (SHIP)

The SHIP program provides funds to local governments (City & County) to produce and preserve affordable homeownership. The program was designed to provide down payment assistance to very low, low and moderate income families.

Down payment assistance will be secured with a second mortgage for 360 months at 0% interest. Upon sale or transfer within 360 months, the mortgage is paid back in full. If the property is held for 30 years, the mortgage is satisfied.