Your home is one of the largest investments you will ever make. Most first-time homebuyers feel they are not ready to commit to such a large expense over an extended period of time. However, local, federal and state agencies offer several programs to first-time homeowners to help them realize their dreams. Orlando title insurance company, Real Estate Closing Solutions, has a short list of programs you may be eligible to partake in as you reach your goal of home ownership.

  • Florida Housing’s First Time Homebuyer Program: This program offers fixed, low-interest rate 30-year mortgage loans through participating lenders. Using your family’s income, purchase price limits, and eligible FICO score, a loan officer can determine if you qualify.
  • The Florida Housing Finance Corporation: With this program, homebuyers are offered a local State Housing Initiatives Partnership (SHIP) Program. The SHIP Program provides funds to county or city governments so they are able to assist in the down payment and closing costs of a first-time home sale for low- to moderate-income families and individuals.
  • Homeownership Pool: Developers can participate in a Homeownership Pool (HOP) program, which gives the developers the ability to reserve funds for eligible first-time homeowners on a first-come, first-served basis. Eligible homeowners may qualify for a 0% deferred second mortgage loan or $70,000 to meet the underwriting criteria.
  • Florida Housing Search: Floridahousingsearch.org is a fantastic resource if homeowners are ready to move, but do not qualify for first-time home ownership. This apartment-searching website matches renters with apartments with real-time information on vacancies, apartment features and amenities, rental amounts and deposit amounts, and information about the location of the apartments in question. Florida Housing initially created this site for natural disaster victims, but has opened it to anyone searching for a suitable apartment.

For more information concerning first-time home ownership, speak to one of our Orlando title insurance representatives at Real Estate Closing Solutions. Our phone number is (407) 615-8550 or you can contact us online.