Down Payment Assistance Nobody Knows About

by Rodney Forbes on June 29, 2009

Uncle SamWith the real estate market in south Florida still trying to recover, so much attention has been given to the $8000 First Time Home Buyer Tax Credit. It certainly has helped with getting many buyers off the fence to take advantage of affordable home prices and low interest rates.

So much attention has been given to the Federal tax credit that it seems no one know about the Florida Down Payment Assistance Loan. This program is designed to help low to middle income families with the down payment to purchase a home.

It is a Florida bond program and is based entirely on income. For example, a family of 4 in Palm Beach County must make less than $75,400.

There are restrictions, but you don’t have to be a first time home buyer under certain circumstances. The money doesn’t need to be paid back if you stay in the home for the term of the loan or until the loan is satisfied.

You can get more information on the program from The Florida Housing Finance Corporation.

Prices have been kept low due to the flood of bank owned foreclosure and short sales. But with homes sales incresing in many areas, particularly in Palm Beach and St. Lucie counties, this could be the perfect time to buy.

Before you make a move, be sure to investigate all forms of home buyer assistance.

If you are interested in buying or selling a home in the Palm Beach County area, specifically Palm Beach Gardens, Jupiter and West Palm Beach, please visit my Forbes Realty website. For frequently updated information on foreclosures, short sales, real estate news and market conditions visit my South Florida Real Estate Report blog. There are many free reports as well as free access to MLS listed properties. You can also call 561-337-4810.

 

Rodney Forbes is a licensed Realtor®, certified short sale/REO specialist and broker for Forbes Realty of South Florida Inc. Rodney has co-authored the book “Should I Short Sale My Home?”. Get your FREE copy at www.SouthFloridaRealEstateReport.com

 

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