Having a home of one’s own is the dream of everyone, especially youngsters are on the look out for ways to actualize this dream. There are many mortgaging options for homebuyers. Even if you are a first time homebuyer, there are many special packages to support and help actualize your home dreams.
Many people may have heard about credit unions, but most of them are unaware of the fact that credit unions can also offer home loans of various types as home equity loans, first time home buyers loan, and other allied services for those who want to buy a home.
The first time home buyer’s program
Most of the youngsters may be first time homebuyers, who often don’t have any other property to sell or any collateral to pledge against a loan. So, they need to raise everything from scratch, which put them in trouble. By effectively addressing, there are many first time home buyer’s programs arranged by credit unions for them to own their dream home in Florida. Some of the major benefits offered through such programs to the first time buyers are;
- Fixed rate loans
- 3% down
- Tax exemption on Florida intangible tax
- Fast processing of the loans.
The objective of such first time homebuyers’ programs is to give the beneficiaries a comfortable and rewarding experience.
Conditions to meet
To enjoy all these benefits exclusively for first-time homebuyers through Florida home loans with a credit union, the borrowers also need to satisfy a few terms and conditions to be eligible. The major ones as below;
- At least one of the borrowers on first time homebuyer application must be purchasing a home for the very first time in life.
- The property one plans to purchase should be their primary residence and must stay there. He or she should not have any ownership interest in the residential property for 3 years, prior to the date of the purchase of the property.
- The property considered should be a single unit family home or a townhome to be eligible.
- Condominiums cannot be considered for the first time homebuyer program.
- The term of the first time homebuyer loans are usually 15, 20 or 30 years.
- The loan conditions may defer based on the qualifications of the borrower and approval clauses from case to case.
There are many providers offering first time home buyers loans, but not all of them are genuine. You may have to bear a higher rate of interest or an incremental repayment policy sometimes, which may put you in trouble over a long term. So, ensure all the terms and conditions before enrolling into any such programs.
You are also not supposed to use the fund you raise through such programs for any other purposes than purchasing your home. On violating any of these terms and conditions, you may have to further face huge penalties and legal complications. You can approach any of the best Florida credit unions to get a free consultation about the first-time home buyer programs and also get assistance to understand the legal implications of it and the mode of applying for one.