Tallahassee Real Estate Blog

On May 27, Gov. Crist signed the state's budget bill, which included $30.1 million for the Florida Homebuyer Opportunity Program, which will help with downpayment assistance.

Beginning July 1, those who quality for the federal $8,000 first-time homebuyers tax credit will be able to apply for downpayment assistance before they close on the purchase of their home, and then repay the amount borrowed when they get their tax refund. The program will operate through local county housing administrators. Details are still being worked out.
 
Before, buyers had to purchase first, then file an amended 2008 tax return to receive their rebate. Now, buyers can access that money before closing to use as a downpayment.
Like other downpayment assistance programs, there is a limited supply of state funds. It's not known exactly how the prorgam would work, but it may be safer to utilize this program sooner rather than later.
 
Just think - if you purchase a home where the seller will pay closing costs, and you obtain an FHA mortgage which requires only 3.5% downpayment, you can use the $8,000 for the downpayment, and buy a home with no money out of your savings!
Please call us for more information on how to maximize this benefit - 850.445.2476!
Posted by Terance Keenan on May 29th, 2009 9:12 AMPost a Comment (0)
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