Buying a house in Florida is harder than in other parts of the country. Florida home buyers have to contend with steep prices and fierce competition. As one of the most popular spots in the world, you’ll have to fight for a property.

It’s even harder if you’re a first-time homebuyer. Don’t worry! With the proper strategy, resources, and guidance you’ll discover the best ways to navigate this tricky real estate market.

Learn what finance options are available to you. Use them to your benefit to beat the competition and land the home of your dreams.

Finance Options for Florida Home Buyers

It’s possible to brave the real estate market on your own, but that’s not the best idea. Since the pandemic, housing prices have soared. This makes it difficult for buyers like you to purchase a home.

Even without the high market prices right now, Florida would still be a difficult place to find a new home. Its warm weather and stunning coasts make it an ideal place to live.

These finance options are a great way to help you sign the contract and have financial stability.

Down Payment Assistance

Florida has a wide variety of down payment assistance options. They come in the form of grants, loans, and matching programs.

Grants are ideal. This is money you wouldn’t have to pay back. In most cases, you are required to pay back loans. This is not true for forgivable loans.

The only case where you’d have to pay back a forgivable loan is when you don’t meet your requirements. Such as you trying to refinance or moving too soon.

Matching programs are deposits you make into a savings account. Either a bank or a non-profit will match the amount with you.

First-time Home Buyer Programs

Purchasing a home is stressful for anyone, but especially for first-time homebuyers. Having a good credit report will really help you. Unfortunately, that’s not enough to convince banks you can handle a mortgage.

They may not be willing to give you loans that they’d give a current homeowner who hasn’t missed a payment.

Lucky for you, Florida has a wide variety of programs specifically for first-time buyers.

FHA Loans

Since 1934, the Federal Housing Administration (FHA) has been helping homebuyers get into homes. They don’t issue the loan they insure the loan for the lenders.

These loans have lower interest rates, smaller down payments, and less strict credit requirements.

Depending on where you are buying, the fha loan limits fluctuate. In 2022, the national limit is $647,200.

Start Looking for a Florida Home Today!

Homeownership is never out of reach. It’s even possible in this current competitive market. Florida home buyers have financing options that will help them attain their dream home.

Down payment assistance and first-time homebuyer programs make purchasing a home possible. Check to see which programs you qualify for. These homebuyer options exist to help you, don’t let them be wasted.

For more homebuying tips, visit our life and household page.