If you’re looking to buy a home in Florida, you may be wondering if you qualify as a first-time homebuyer. Many government programs and private lenders offer incentives and benefits to first-time homebuyers.

Definition of a First-Time Homebuyer

According to the U.S. Department of Housing and Urban Development (HUD), a first-time homebuyer is defined as someone who has not owned a principal residence in the past three years. This means that even if you have owned a home in the past, as long as it has been more than three years since you last owned a home, you still qualify as a first-time homebuyer.

Florida First-Time Homebuyer Programs

In Florida, there are several programs available specifically for first-time homebuyers. These programs are designed to help make homeownership more affordable and accessible, particularly for low- to moderate-income families.

One such program is the Florida Housing Finance Corporation’s First-Time Homebuyer Program. This program offers low-interest-rate mortgages and down payment assistance to eligible first-time homebuyers. To qualify for this program, you must meet certain income and credit score requirements, and you must attend a homeownership education class.

Another program is the State Housing Initiatives Partnership (SHIP) Program. This program provides funds to local governments and nonprofit organizations to help first-time homebuyers with down payment and closing costs. To qualify for this program, you must meet certain income and purchase price requirements, and you must also complete a homebuyer education class.

Private Lender Programs

In addition to government programs, many private lenders also offer special programs and incentives for first-time homebuyers. For example, some lenders offer lower interest rates or reduced down payment requirements for first-time homebuyers.

Do you qualify as a first-time homebuyer? Your next step is to find a real estate agent to help guide you through the home-buying process!