First-Time Homebuyer Programs in Florida
There aren’t many things in life as exciting as closing on your very first home! While you’ll certainly be excited and feel accomplished as a new home buyer, the process can also be intimidating and hard to navigate, not to mention expensive. Luckily, in the state of Florida, there are several ways first-time homebuyers can reduce the monthly payments, down payment, and closing costs on their mortgages, making homeownership easier than ever!
Florida hosts several programs that offer 30-year, fixed-rate mortgages for first-time homebuyers, collectively known as the Homebuyers Loan Programs. With one application to Florida’s state housing authority, Florida Housing Finance Corporation (FHFC), you can be considered for all available loan types within this program. These loans are backed by various federal agencies, including the FHA, VA, USDA, Fannie Mae, and Freddie Mac. There are a few requirements to receive one of these loans: Read more
Thinking about refinancing your home? Refinancing is essentially taking out a brand new (often higher) mortgage for your home, paying off your existing mortgage, and keeping what’s leftover, if anything, in cash. Some people refinance to lower their payment, usually by extending their mortgage term for more years, while others may refinance with a higher payment and shorter term so they can pay the mortgage off faster. Some refinance to a higher mortgage than they currently owe, up to the value of the property, to make a large purchase or invest into retirement savings. No matter what you want to refinance for, it’s not a decision to be taken lightly. Many factors will affect your refinance, but here are some top things to consider before signing that refinance paperwork: