The Florida Bond Program is designed to provide eligible homebuyers with a below-market interest rate. The program is sponsored by state or local Housing Finance Agencies. The HFAs sell tax-exempt mortgage revenue bonds to investors. The proceeds from these bond sales are used to make below-market rate loans to eligible homebuyers. Benefits include a below-market rate that is ½-3/4 of a percent lower; long-term affordability with lower monthly house payments; ability to buy more house with an increased purchasing power; and overall much more reasonable fees. The loans are mostly geared to first time homebuyers.
The Florida Housing First Time Homebuyers Program is a 30-year fixed rate for only first mortgage loans to first-time homebuyers. This program is available through lending institutions and participating lenders. Even if you are not a first time homebuyer, you may still be eligible if you are purchasing a home in a federally designated area or are a Veteran of the Armed Services.
Eligibility is based on income and purchase price limits. A potential homebuyer must also complete a 6-8 hour homebuyer education class in person; be able to qualify for a first mortgage loan; and have a FICO score of at least 640. A loan officer from a pre-approved list of loan officers can help to see if you qualify to participate in this program. They can also help with any questions you have about your own credit history. Eligibility of a state bond loan is mainly for individuals who have not occupied a home in the past three years. This requirement, however, could be waived in particular target areas. You are required to occupy the home as your primary residence. The programs are available across the United States, in addition to Florida. The programs are sponsored by state or local Housing Finance Agencies.
Here is a resource for first time buyers to explore home ownership options in the Fort Myers area.