I received an e-mail from a lender yesterday that reminded me about some of the benefits of FHA. First, let me say that FHA is not just for first time home buyers. FHA is not a "government" loan; it is backed by the government which makes it a safer loan for the banks. FHA is not just for inexpensive homes, in fact the limit right now is $353,750 which covers around 75% of all the homes for sale in Orlando. That limit is coming down in 2009 to $274,850, which will still purchase most homes in the Orlando area. In today's tighter money and tougher lending environment, FHA is one of the only programs that allow you to put as little as 3% down. That is also changing in 2009, with the FHA downpayment going up to 3.5%.
About the only programs I know with lower down payments are VA and USDA. Yes, more government agencies with specific purposes. VA is only for our veterens, after all they deserve a break. VA offers 100% financing for qualified veterens. USDA sounds like some program for beef financing, but it is actually a rural loan program. If you are looking in areas surrounding Orlando, like Volusia or Polk county, you may be able to go USDA with 102% financing. There is also a state of Florida bond program for first time home buyers that works with FHA to provide down payment assistance of up to $10,000. So, check out FHA today.
David Welch, Remax 200 Realty, Orlando Real Estate
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