* **Florida Housing Finance Corporation (Florida Housing):** Offers various programs like down payment assistance (DPA), low-interest rate mortgages, and tax credits.
* **First-Time Homebuyer Definition:** Generally, someone who hasn’t owned a home in the past 3 years.
* **Down Payment Assistance (DPA):** Can significantly reduce upfront costs; amounts and eligibility vary by program. Examples include loans, grants, or forgivable loans.
* **Florida Hometown Heroes Loan Program:** Offers lower first mortgage rates and reduced upfront fees to essential community workforce.
* **Closing Costs:** Typically range from 2-5% of the home’s purchase price, encompassing fees for appraisals, title insurance, taxes, and lender charges.
* **Credit Score Impact:** A higher credit score leads to better interest rates, potentially saving thousands over the life of the loan; aim for 620 or higher, ideally 740+.
* **Home Inspection:** Crucial to identify potential issues (mold, structural damage) before purchase, saving money on future repairs. Cost range: $300-$500.
* **Florida Property Taxes:** Vary by county and municipality; can significantly impact monthly housing costs; research local rates before buying.
* **Homeowner’s Insurance:** Mandatory in Florida, premiums are influenced by location (hurricane risk) and home characteristics.
* **Mistakes to Avoid:** Overlooking total cost (taxes, insurance, maintenance), skipping pre-approval, ignoring inspections, and not understanding loan terms.