Even if the news seems gloomy regarding home financing, the truth is that many Orlando first time home buyers are realizing their dream and buying their first home. While obtaining a mortgage has become more difficult, it is certainly not impossible. Out of all homes sold in the Orlando area in 2009, 41% of them were to first time home buyers.
In fact the news really isn’t all that bad for Orlando area first time home buyers. Lenders, banks and mortgage brokers have been having a hard time, due to the credit crunch and tightened lending structures. So, they are much more willing to negotiate with well qualified borrowers than ever before. Some are even offering first time home buyer incentives.
But lenders are not the only ones trying to get your attention, builders, city, state and even the federal government have implemented programs to help first time home buyers get into their first home. The $8,000 tax credit has probably received the most attention, but as it is set to expire on November 30, 2009 more attention is now being given to what the local and state governments are offering. Orange County for example, has offered to give first time home buyers their tax credit up front to be used for down payment or closing costs. The home buyer doesn’t have to pay this back until after they have received their check from the Federal government.
Builders are also trying to attract first time home buyers by offering low down payment loans, closing cost assistance and additional incentives in reduced loan points and home upgrades. Park Square Homes is even offering to pay up $2,000 of your travel expenses if you fly down to see one of their homes. Taylor Morrison Homes is offering “assurance insurance”. If you buy a home from them and decide to sell after five years, they will refund your down payment up to 10% of the purchase price if the home’s value has decreased,
With all of the programs available for first time home buyers it really is a great time to become a home owner. But before deciding on a loan program be sure to talk to at least 3 lenders and your local government office to be sure your taking advantage of all the incentives out there.