Starting Wednesday, Florida hopes to stoke its real estate market by becoming one of the few states to offer $8,000 in down-payment assistance to qualified home buyers so they can benefit upfront from a new federal tax credit.
The state Legislature set aside $30 million to create the Florida Home buyer Opportunity Program, aimed at first-time buyers and others who have not owned a home for at least the past three years. To qualify, an individual cannot earn more than $75,000 a year, while couples can’t earn more than $150,000.
“Here in Florida, rather than qualified buyers waiting to get the tax credit on the tail end of the process, in the form of a credit after they have filed the tax returns, it will allow them to get it upfront and let them use it for down-payment assistance and fees,” said David Hart, vice president of legislative and government affairs for the Florida Home Builders Association. He estimated that about five states are taking a similar approach.
The state’s program takes effect Wednesday, though the money isn’t expected to be available until later in July or August. The funds are being distributed through local government and nonprofit agencies that already provide down-payment help through the State Housing Initiatives Partnership, known as SHIP. Qualified home buyers are entitled to $8,000 or 10% of the property’s purchase price, whichever is less. Source: rismedia.com
For fist-time buyers the opportunities keep adding up. Homes at 2003 prices, low mortgage rates, tax credits and now down payment assistance. View Naples Golf Course Homes for Sale
