Looking into the possibility of owning your dream house?  FL first time home buyer may do so through the various programs offered by the Federal Housing Agency (FHA).  Formerly an independent entity established in the 1930’s specifically to assist Americans into homeownership, FHA in the 1960’s merged with the Housing and Urban Development (HUD), and thus FHA became HUD-FHA.

Most accredited HUD-FHA financing companies assist any FL first time home buyer in getting the loan that seems elusive.  Below are some of the features of FHA loans for an eligible FL first time home buyer:

  1. Minimal or no down payment
  2. Combine HUD-FHA loan programs with government grants
  3. Down payment assistance program
  4. Co-signor eligibility
  5. Minimal credit score requirement from FICO
  6. Higher loan limits depending on the location of the property
  7. Fully assumable loans
  8. Permanent residents are likewise qualified
  9. Allows fixed interest rates over the duration of the loan

10.Employment gaps are qualified and so are self-employed for just 1-2 years

These are just some of the features of an FHA loan accorded to a FL first time home buyer.  However, despite all these features, it is still advisable to deal with companies who have a track record of reliability and honesty.  Unscrupulous lenders are out in the market and take advantage of a FL first time home buyer.  To prevent this from happening, there is a list of accredited financing institutions at the HUD-FHA website which could cater to your need as a FL first time home buyer.

Having your dream house is no easy feat.  There are a lot of responsibilities that entails owning one.  As a reminder, below are some of the responsibilities that you should take before finally taking the plunge into being a FL first time home buyer:

  1. Lifestyle – A change in lifestyle after achieving your dream of homeownership is necessary.  Depending on the income of your family, sacrificing eating out or perhaps weekly mall trips should be done to make way for the monthly amortization you will have for your house.
  2. Expenses – Having your own house entails upkeep and thus additional expenses.  If there were minimal expenses when you were just renting, having your own house would not prevent you from maintaining its upkeep.  A yearly paint job or minor repairs is in the offing once you have your own house.
  3. Risk – As in any investment, there are risks to take.  And nothing is different when you own your house.  Remember to protect your investment through a reasonable insurance.  And keeping up with latest housing trends in your vicinity in order to determine whether your long term investment of owning a home is still viable at the time of your analysis.

For any FL first time home buyer, the excitement and pride of having your own house is indeed a rewarding experience.  But always remember to always be responsible for whatever move you have to take.  Remember this is your house now and no one can give greater importance and consideration in this investment you took except you.

IL First Time Home Buyer – Getting Into the Home Start Loan Program

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Filed under: First Time Home Buyer

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