We all know rates are pretty high right now, prices haven’t come down much and it doesn’t seem like an ideal time to buy a home.
There’s two ways to look at this though –
- It’s a bad time to buy a home and you should wait.
- It’s not a bad time to keep an eye out for your ideal home which may pop up and have much less competition than it would with lower interest rates.
I can’t guarantee anything but if you’re able to lock down a home you love now, it’s possible that at some point rates will go down and you’ll be able to refinance into a lower interest rate. If you put less than 20% down and need private mortgage insurance, you’ll also be able to refinance out of that once you have 20% equity in your property.
Here’s the link to the program on Floridahousing.org and also a quick synopsis below.
- Eligible full-time workforce, employed by a Florida-based employer can receive lower than market interest rates on an FHA, VA, RD, Fannie Mae or Freddie Mac first mortgage, reduced upfront fees, no origination points or discount points and down payment and closing cost assistance.
- Borrowers can receive up to 5% of the first mortgage loan amount (maximum of $35,000) in down payment and closing cost assistance.
- Down payment and closing cost assistance is available in the form of a 0%, non-amortizing, 30-year deferred second mortgage. This second mortgage becomes due and payable, in full, upon sale of the property, refinancing of the first mortgage, transfer of deed or if the homeowner no longer occupies the property as his/her primary residence. The Florida Hometown Heroes loan is not forgivable.