Florida provides a variety of resources designed to help its residents buy and keep their homes. In addition, the US Department of Housing and Urban Development (HUD) and the Veteran's Administration (VA) are helpful sources for Florida residents. Here are some tips for getting the help you need for buying a home, getting a mortgage, or keeping your home in Florida.
Assistance for First-Time Buyers
Assistance is available for first time home buyers. Community home buyer and housing finance agencies typically provide educational and lending programs for first time buyers. Programs vary by agency, but may provide:
- home loans through approved lenders
- down payment assistance
- home buyer education (Completion is typically required to be eligible for home loan programs)
- information and referrals for credit counseling and foreclosure prevention
Please contact specific agencies in your area for detailed information on specific services and programs.
Learning About Home Loans
The recent onslaught of mortgage loan foreclosures emphasizes the consequences of getting a mortgage that you don't understand. Learning about budgeting for owning a home, establishing a household budget, and saving for emergencies can provide a clear picture of
what it costs to buy and own a home. The next step is learning about how mortgage loans work, and how to choose one that not only gets you the keys to your new home but helps you stay there.
In the excitement of buying a first home, you may be inclined to accept any mortgage that's offered or recommended by a mortgage broker, lender, or real estate professional. It's important to know enough about home loan options to choose one that meets your present and ongoing needs. Home buyer education programs can help you determine how much home you can afford to spend (and borrow) for a home.
Refinancing, Loan Modifications, and Getting Help
If you already own a home, but are having trouble refinancing due to falling home values, you may qualify for an assistance program. Fannie Mae and Freddie Mac are helping homeowners who have loans held by these companies. Contacting your current lender for refinancing options is a good place to start, but if you can't refinance with a traditional lender, you can seek help through government and community programs.
The following list of resources can help you find information for buying a home, getting home loans with favorable terms and rates, and getting help if you're having problems with your home loan.
Also, please make use of our
loan calculators which include a
refinance calculator, a
mortgage loan rate comparison calculator, and an
amortization calculator & amortization chart. There's also a
mortgage calculator to tell you your monthly payments, and an
affordability calculator that looks as how much you can spend, and your expenses to show you how much home you can afford.
