When you make the move to Florida, there are a few unique ways you can finance your home purchase. You might be able to afford more home than you think.
For example, did you know that most counties offer assistance for down payments and closing costs for first-time homebuyers? Here in Sarasota County, the county offers up to $7,500 in down payment and closing cost assistance contingent on some credit score and income limits. There’s also a cap of about $270,000 that you can spend on a home.
If you want to learn the specifics of these programs, talk to your lender. If they can’t or won’t tell you about them, it’s time to move on and ask your Realtor to recommend someone who can go through the options with you.
“If your lender can’t or won’t tell you about these programs, it’s time to move on to a new one.”
Another unique option for more seasoned buyers—those age 62 or older—lets you purchase a $400,000 home for a one-time payment of about $200,000. You can do this with a home equity for purchase mortgage. This lets you preserve your cash and never make another mortgage payment. How’s that sound for your retirement funds?
This option is known as an FHA non-recourse loan. The only requirements are that you are 62 or older, keep up with the tax and insurance, and use the home as your primary residence.
If you have any questions about these two financing options or about buying or selling real estate here in Florida, give me a call or send me an email. I’m always happy to help!