Grants and Programs for First-Time Home Buyers in Miami, FL

Grants and Programs for First-Time Home Buyers in Miami, FL

May 29, 2019

Are you a first-time home buyer in Miami, FL? Don’t miss out on the many programs available to you! These programs can help you qualify for a loan, provide money for your down payment, assist you in obtaining a better interest rate on your mortgage and more. To take advantage of these programs, check out the list of the most common ones below.

HUD Programs

The HUD website offers information on the first-time home buyer grants in Florida. Your local county website is also a good source of housing information. Each region offers various forms of home buyer assistance programs. You maybe eligible for a grant to cover your down payment or closing costs. Programs for Public Housing Residence may allow you to buy a home you’re currently renting.

FHA Programs

FHA loans are the most common first-time home buyer program. These programs offer flexible loan qualifications to make it easier to obtain a mortgage. You will need a smaller down payment, and these funds can be a gift from a family member or friend. Additionally, the closing costs for the loan can be rolled into the loan, so there is little upfront cost involved in getting into your first home.

USDA Programs

The U.S. Department of Agriculture (USDA) loan program offers mortgages for low-to-moderate income buyers in rural regions. You must qualify based on your income and the location of the property. No down payment is required, and the mortgage insurance is less than FHA loans.

Don’t rule out this option if you think your area is too urban. Nearly 97 percent of the country is considered USDA eligible!

VA Programs

The Veterans Administration offers programs for first-time home buyers in Miami, FL if they are active or retired veterans. These loans require no down payment. Additionally, no mortgage insurance is required. If your military background allows you to qualify for this program, it can save you a lot of money both upfront and during the life of your loan.

203K Rehab Programs

A 203K rehab loan may be ideal if you’re considering purchasing a fixer upper. This program is an extension of the FHA loan program. This type of loan provides the money to purchase the home and extra cash for upgrades and repairs. Qualifications are similar to FHA, with a slightly higher credit score requirement.

Good Neighbor Next Door Program

This program for first-time home buyers in Miami, FL, offered by HUD, provides homes for police officers, firefighters and teachers at 50 percent off. You only need $100 for a down payment. Check the HUD website for eligible homes.

Learn More

Want to learn more about these programs and additional mortgage options available to first-time home buyers in Miami, FL? Since 2005, Rubén J. Padron, PA has been serving clients throughout the area to meet all their real estate law needs. Our office remains up-to-date on the latest estate planning programs and can help you navigate the process to get the best deal for your first home. Contact us today to schedule your consultation with an experienced attorney.

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