Florida Real Estate Blog

First let me say Time value of money is always a good idea and that is what we have here. This is a true credit but it does not come until the end of the year so you’re not going to the closing table with this money. It does allow you to borrow $7,500 from Mom/Dad and pay them back in the first part of 2009. Just remember it is not free. You will pay it back beginning in year 3 and going until year 15. That is $500 each year. But again Time Value of Money. By the time you’re last two years come around that $1,000 left in 2022 dollars will have the buying power of say $400.

They do have some hurtles. First you must be a first time home buyer or not owned a home in the last 3 years. Next you must purchase a home for greater than $75,000. Your income if single cannot be over $75,000 and this is adjusted up to include any student loans you may have. Or if married $150,000.

Given that Nehemiah and Ameridream are going away at the end of September this is the best game in town unless your income level is such that you can qualify for county funds.

Call us today and we can help you get into your dream home.