Don’t get swept away in an ocean of confusion. If you’re a first time home buyer in Indian River County, Florida, let us give you a few pointers about mortgage programs. No matter what tips you are offered though, this is still going to be one the biggest decisions you will make. If you have any questions at the process, do not be afraid to ask us. This might be your first time buying a home, but this isn’t our first time helping a first time home buyer, so we understand the wave of confusion home buying might bring up.
The first step to buying a home anywhere, including in Indian River County, is to get a mortgage pre approval. As real estate agents, we need to know what houses are within a budget based on the loan that a mortgage company is willing to lend you. So, consult with a couple of local mortgage companies or mortgage brokers to see what types of loans and how much of a loan you will qualify for. Here are several programs that might assist you.
Single Family Housing Direct Home Loans
Also known as the Section 502 Direct Loan Program, Single Family Housing Direct Home Loans help low- and very-low-income applicants get into a safe, clean home in eligible areas classified by the USDA as rural. This program can help with payment assistance which acts like a subsidy to reduce the mortgage payment for a short time.
Single Family Housing Guaranteed Loan Program
The Single Family Housing Guaranteed Loan Program lets approved lenders offer low- and moderate-income households the chance to own a home in eligible areas. This program provides a 90% loan note guarantee to approved lenders. This reduces the risks to lenders and makes them more inclined to offer a mortgage.
Indian River County Local Housing Assistance Program
The Indian River County Local Housing Assistance Program (IRCLHAP) helps provide affordable housing in IRC by providing low or no-interest loans for down payments and closing costs and other benefits. It provides up to 4% down payment assistance in Indian River County for FHA loans.
Florida Assist Second Mortgage Program
Florida Assist Second Mortgage Program (FL Assist) lets eligible borrowers get up to $7,500 at zero percent interest on a deferred second mortgage. That might seem unusual, but this is then used toward a down payment, so it can be incredibly helpful at keeping the payment within a budget. Plus, repayment of the second mortgage gets deferred until the home is sold, ownership is transferred, the loan is paid off or the loan is refinanced.
3% HFA Preferred Grant
The 3% HFA Preferred Grant program gives qualified borrowers 3% of the home’s purchase price so that they can apply it toward down payment and closing costs. This is a grant and it does not have to be repaid.
Florida Housing’s Mortgage Credit Certificate Program
Florida Housing’s Mortgage Credit Certificate Program (MCC) lets qualified first-time homebuyers claim 50 percent of their paid mortgage interest (up to $2,000 as an actual tax credit) every single year that they live in their home. The important thing to kow about this is that, if you wait until the tax season after closing to use the MCC, it won’t be available to you. This has to be set up in advance of closing, so be sure to ask your lender about this in advance.
We Are Your Indian River County Experts
Please consider our team at Alex MacWilliam Real Estate whether you’re selling your home or looking for a new one. We love helping make people’s dreams come true. Plus, we’re experts in this area. Want to find a place to golf in Vero Beach? Just ask one of our skilled realtors while touring your potential new house! Our realtors will try to answer any questions you might have about amenities you can find nearby. Also, check out our Vero Beach relocation guide.
Feel free to use our online search tool to find Vero Beach real estate from your device now. Plus, while you’re at it, also check out:
- Open houses in Vero Beach
- Featured Vero Beach real estate
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- Single family homes in Vero Beach with acreage
So, if you are considering relocating to Vero Beach, please contact us today. Our real estate team is extremely knowledgeable about the area and can find the perfect home for you. Call us at 772-231-6509 to talk to a Realtor® in Vero Beach, FL today. We can search the MLS and find your dream home.