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Over 10 million homeowners in Florida.

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Confirm Your

VA Eligibility

See What You Can Qualify For

Join the millions of American who own a home.

Over 10 million homeowners in Florida.

RECEIVE YOUR FREE HOMEBUYER GUIDEBOOK.

Fill out the form below to get started.

First-Time Homebuyer *

Home Type *

Property Use *

Property Purpose Situation *

Estimated Purchase Price of New Property *

Gross Annual Income *

Credit *

Filed bankruptcy in the last 3 years?

Can you show proof of income? *

Are you working with a real estate agent? *

First Name *

Last Name *

Email *

Phone *

Address *

City *

State *

Zip Code *

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Comprehensive information on using a

first-time homebuyer program to purchase a home.

The federal government encourages individuals to own a home, build equity and own an asset. In fact, the Federal Housing Administration (FHA) is a part of the U.S. Department of Housing and Urban Development offering mortgage insurance on loans provided to FHA borrowers. This helps insure single family home, townhomes and multi-unit properties throughout the United States.

With the mission of helping to serve and provide a home loan benefit, additional individuals and families can purchase a home of their own. The benefit is intended those looking to buying, maintain and with the desire to occupy the dwelling as a primary residence.

Whether you are purchasing your first home with or have purchased a home many years ago, the information provided is free, for your benefit and will help educate you through the process of owning a home.

What is a FHA Loan?

FHA home loans are provided to individuals and families as an opportunity to purchase a home with a small down payment of 3.5% of the purchase price. This allows the loan to make up the remaining balance and gives you the ability to pay it back over a thirty year loan. Instead of paying rent, you would be paying your monthly mortgage and ideally building equity in your home over time. The FHA loan typically offers more favorable terms, has more leniency for buyers and co-signers when applicable.

Benefits of the Program?

The FHA program provides to lenders and buyers more favorable terms including:

-A small down payment of only 3.5% of the purchase price is required.

-Annual increases in county limits to stay inline with rising home prices, and give first-time homebuyers an opportunity to purchase a property.

-Higher debt to income ratios allowable.

-Both occupying and non-occupying co-borrowers allowed to be on the loan as long as at least one individual will be living in the home.

-Credit scores required for underwriting typically range from 620 to 850.

While the program can allow for a 580 or higher, there can be additional requirements needed such as additional down payment, lower debt to income and more reserves to be compensating factors.

-Closing cost assistance allowable when appropriate.

-No pre-payment penalty if you pay off the loan early.

-More than 40 million homes loans have been issued since 1934 through the program.

Who is Eligible for a FHA Loan?

Generally, the following people are eligible:

-Individuals who have sufficient income to qualify. Generally, this is approximately one-fourth of the loan amount for the home, depending on other factors including liabilities.

-A co-signer, or multiple co-signers, are allowed to assist. A co-signer does not necessarily need to live in the property as non-occupying co-borrowers are allowed.

-First-time homebuyers are generally those have either not purchase a home in the past, or have purchase a home greater than three years ago.

-Credit is reviewed for each of the individuals applying for the home loan. While credit is important, it is only one of factors reviewed in obtaining a loan to purchase a home.

-The program is intended for individuals looking to occupy the home as a primary residence.

What is a Conventional Loan?

A conventional loan is another option to purchase a home. The guidelines are issued by Fannie Mae and Freddie Mac, and used by underwriters to make a determination on the approval process.

With a conventional loan, most homebuyers will place 5% down, 10% down, 20% down or more.

Credit requirements are more conservative with a conventional loan.

The debt to income ratio will be less than a first-time homebuyer loan with the FHA program.

Conventional loan limits allow to purchase more expensive properties. In times when FHA is not sufficient, a conventional loan may be needed to help purchase the home.

A conventional loan allows not only for a primary residence, but also for second homes and investment properties.

How Do I Start the Process?

FHA provides policy, guidelines and oversight of the program. Lenders provide financing for eligible homebuyers. The program allows individuals to obtain a competitive home loan with a low payment. Buyers need to be qualified with sufficient income, credit, funds and the necessary criteria to purchase a home. Complete the form to learn more and see what you can qualify for. Eligible buyers can finance up to 96.5% and get into their own home.