[TampaKaren]

Originally Posted by bdpop

Doesn't the state provide grants to first time home buyers. I remember reading somewhere that the state has a program where they provide a $10k grant for down payment assistance. Is this true?

It depends on annual income, number of people in your household, and debt ratios. The maximum assistance is now up to $60,000. The money comes in the form of a zero interest zero payment second mortgage and is repaid when the owner sells or re-finances (allows them to keep helping others by using some of the same dollars again).

[MrTudo]

Originally Posted by bdpop

Doesn't the state provide grants to first time home buyers. I remember reading somewhere that the state has a program where they provide a $10k grant for down payment assistance. Is this true?

Who does the state take the money from to provide this wonderful program or does the money materialize from thin air ?

[TampaKaren]

Originally Posted by MrTudo

Who does the state take the money from to provide this wonderful program or does the money materialize from thin air ?

The William E Sadowski Act, adopted in 1992, increased the doc stamps paid on the transer of real estate to create a dedicated revenue source for Florida's affordable housing.

[Carbondated]

Originally Posted by TampaKaren

It depends on annual income, number of people in your household, and debt ratios. The maximum assistance is now up to $60,000. The money comes in the form of a zero interest zero payment second mortgage and is repaid when the owner sells or re-finances (allows them to keep helping others by using some of the same dollars again).

I wonder how many first time homebuyers are aware of this program?

[Delray Patty]

I don't "resent" people having money or feel that permanent residents are
"better" than snowbirds, what I was trying to say is that I personally can't
feel sorry for those snowbirds who own two beautiful homes and complain
about paying the taxes here for their second home. Maybe it's not a nice way
to feel, but I'm being honest. I had to sell my home in Pa. when my husband
retired because of his health, we knew we would want to live in Florida most
of the year and we wouldnt' be able to afford two places. We downsized a
lot to a one bedroom condo but we live within our means and try to. I have
a son who is struggling and can't afford to buy a home in Pa. He's just starting out, so it's not just here in Florida. Maybe if the salaries were better
more people could afford a little starter house and then eventually move up.
The tax situation is really what needs to be changed. I see that the bill they
are proposed for the Jan. 29th ballot won't be great for the snowbirds. Let's
see how the voting goes on the 29th.

[macguy]

Originally Posted by Delray Patty

I don't "resent" people having money or feel that permanent residents are
"better" than snowbirds, what I was trying to say is that I personally can't
feel sorry for those snowbirds who own two beautiful homes and complain
about paying the taxes here for their second home. Maybe it's not a nice way
to feel, but I'm being honest. I had to sell my home in Pa. when my husband
retired because of his health, we knew we would want to live in Florida most
of the year and we wouldnt' be able to afford two places. We downsized a
lot to a one bedroom condo but we live within our means and try to. I have
a son who is struggling and can't afford to buy a home in Pa. He's just starting out, so it's not just here in Florida. Maybe if the salaries were better
more people could afford a little starter house and then eventually move up.
The tax situation is really what needs to be changed. I see that the bill they
are proposed for the Jan. 29th ballot won't be great for the snowbirds. Let's
see how the voting goes on the 29th.

It will pass because all they did was put stuff on it that they know people want. There is nothing on there that although maybe not popular would produce real positive change. They pandered to the selfish voters who don't care about anyone else, or can't see beyond tomorrow.

[TampaKaren]

Originally Posted by Carbondated

I wonder how many first time homebuyers are aware of this program?

I try to educate everyone I come across, but it's like shooting fish in a barrel. Even many of my real estate and mortgage colleagues haven't heard of it. It's an awesome benefit for those who can qualify.