Florida First-Time Homebuyer Programs
Florida First & Military Heroes Government Loan Programs
- are government (FHA, VA, USDA-RD) first mortgage loans. Veterans and active duty military personnel utilizing the Military Heroes Loan qualify for a reduced first mortgage interest rate. Veterans do not have to be first time homebuyers.
- are conventional (Fannie Mae only) first mortgage loans. These programs offer greatly reduced mortgage insurance costs when compared to FHA loans.
- is a downpayment assistance program that is provided in the form of a 0% percent interest second mortgage. There are no monthly payments made but the loan will become due when the first mortgage is satisfied or the borrowers no longer occupy the home as their primary residence.
- (MCC) Program provides qualified first time homebuyers with an Annual Federal Tax Credit that can be applied against their federal tax liability each year. With a MCC, the homeowner may claim a dollar-for-dollar reduction of income tax liability thereby reducing the amount of federal taxes owed. The credit is capped at $2,000 annually but can be taken each year the borrowers occupy the home as a primary residence and pay mortgage interest on the initial first mortgage loan. The MCC is generally paired with a participating lender’s first mortgage loan and must be issued at the same time that the mortgage loan is closed.
- Go Green
Tony L. Smith, PA (Realtor)+LCAM |Fort Lauderdale| Buyer’s Representation | Phone: 954-282-1814 | firstname.lastname@example.org | SKYPE: TONYSMITHFLORIDA