Four Quick Tips on First-Time Homebuyer Assistance
Did you know that there are a number of different mortgage loan programs available to first-time homebuyers? The different programs offer various types of assistance, from lower down payment requirements, to funds for down payment and closing costs, to higher debt-to-income qualifying ratios, and more. Here are a few:
- FNMA (Federal National Mortgage Association commonly called “Fannie Mae”)offers a 3% down payment mortgage loan with a decreased mortgage insurance factor.
- FHA(Federal Housing Administration), while not specific to first-time homebuyers, offers 3.5% down payment requirement with a higher debt-to-income qualifying ratio (up to 55%) and lower credit score qualifying requirement (down to 600).
- State Bond Programs offer down payment assistance in the form of a 2nd mortgage, which does not have to be paid back immediately. Some offer up to $7,500 and, depending on the property location, can go up to $15,000 towards down payment and/or closing costs.
- Down Payment Assistanceis also available in certain counties to first-time homebuyers. For example, Manatee County has a SHIP program, which offers three levels of assistance with qualifications being income based and ranging in funds available from $25,000 to $35,000.
These programs each have specific guidelines and many require the borrowers to attend First-Time Homebuyer Seminars. To find out more about any of them, contact NFM Lending or your local mortgage loan officer.
As a Loan Originator at NFM Lending in Sarasota, Maura Klein specializes in helping buyers with residential mortgages.Maura may be contacted by phone at 941-924-0044 or via e-mail at mklein@nfmlending.com. She would be happy to answer your questions about the loan process, or meet with you in person to discuss your loan options.Visit www.nfmlending.com/mklein for more information.
If you’re a Florida resident needing help selling your property or finding anew home, call Dick and Karla Nielsen at 813-294-5786.
