Have questions related to buying a home in Jacksonville, Florida? Traditions Realty REALTOR® Beth King provides expert answers.
Q: What Programs Are Available If I Want to Buy A House?
A: This is one of the main reasons why you should go to more than one mortgage provider if you want to buy a house and before you decide who you are going to deal with. Different companies are providing different programs. The Florida Bond, at this point, offers $15,000 to people in the form of a soft mortgage.
A soft mortgage is a mortgage that there is no interest paid during the time that the funds are borrowed. And with the Florida Bond program, after you’re in the property for 5 years, that that $15,000 is completely forgiven and you no longer have to repay it.
If you’re only able to stay in the house for 3 of the 5 years, 60% of the value of the $15,000 would be forgiven so it’s a very good program.
Unfortunately, it runs out money once the funds are used. Once that happens you have to switch over to programs that are offered by individual mortgage companies.There is a company that we’re working with now that has a $25,000 program. You have to have a 640 credit score or higher in order to qualify for it. It’s a great program. How long will it be out there? Until the funds are gone.