Hi Ramon,

This is right up my alley. I am a down payment specialist with several years experience working with SHIP (State Housing Intiative Program) also known as down payment assistance. Most counties and certain municpalities have their own version of SHIP.

SHIP is a lien that will become due if you sell, rent or refinance the property to take out cash during the lien period. All programs use HUD (Federal Housing Admin./Housing Urban Development) income guidelines to determine income eligibility. Otherwise, each has it's own credit, property, homebuyer education and borrower contribution requirements. In addition, there is certain amount of time you must own and live in the home (lien period) afterwhich the loan is forgiven. For instance, Orange County's lien period is for 15 yrs while the City of Orlando is 10 yrs.

One of the writers hit the nail on the head when he said that you have to work with a lender who knows what she's doing. I can't tell me how many loans I have saved for realtors and buyers who went with someone who was unfamiliar with the program's requirements.

I am a specialist. In addition to having an extensive experience in this area, I have a close working relationship with several program coordinators. This can come in handy. Again, knowledge of the guidelines can determine whether your request is denied or approved.

In addition to SHIP, there is the First Time Homebuyer tax credit in an amount up to $8,000. Income and property restrictions apply. You may be able to get the tax credit in advance of closing. Ask you tax professional about any restrictions or time period limitations.

And last, you can use SHIP along with the Florida Housing Mortgage Revenue Bond Program's First Time Homebuyer mortgages. In addition, Florida Housing has it's own down payment assistance. They have grants for certain income levels and (Florida Assist) down payment i/a/o $10,000. You can stack the SHIP and their Florida Assist.

You may give me a call or email to discuss which program best suits your needs.

Sincerely,
Jacqueline Clarke
Down Payment Assistance Specialist/Loan Officer
Enterprise Mortgage Group
Winter Park, FL
Direct: 407-739-3853
Email: jclarke@enterprisemortgagegroup.com

Ramon,

Visit my website and look for the 'First Time Buyer' tab, you will find information and links to Orange County and the City of Orlando assistance programs.

I have in the last month and will be over the next couple of weeks closing on first time buyer with assistance from Orange County and the City and my mortgage person works with the programs directly.

Visit my website and if I can help please contact me,

Dave Lowe, broker
GRI – ePRO – GREEN (Designations) http://brokerdave.topproducerwebsite.com/daves-designations.asp
Two4One of Orlando (Orlando Website) http://two4oneoforlando.com/
Two4One.com (Corporate Website) http://two4one.com/
Customer Testimonies http://brokerdave.topproducerwebsite.com/customer-testimonial.asp
Dave’s Bio http://brokerdave.topproducerwebsite.com/daves-bio-.asp

There are many programs available. these can differ depending on the county you wish to purchase. It takes a good mortgage person working with a good Realtor to find the perfect match for your situation. It all depends on your specific situation.
With a good mortage person all it takes is a few minutes of your time to find the right program. And don't forget you can also get seller concessions for a variety of expenses.

thanks
Ramon

ramon-polanco@earthlink.net

Downpayment assistance is available up to $35,000 from Orange County.

Here is a link to an information sheet about the program:

http://www.c21solutionsrealty.com/buyers-sellers/orlando-rea…

Look at step 2

Ramon,
Here is a link that may help.
Rick.
http://first-time-home-buyer-s.com/first_time_home_buyer_gra…

There are city, county and state down payment assistance programs. The key with those is to find a lender that really knows what they are doing. That way you do not waste your time, only to find out there are no funds left or you do not qualify. Check out my pages for first time home buyers, including my page about the first time home buyer tax credit.

There are incentives available for first time homebuyers. You will have to bookmark my BLOG address - http://barbaralaib.featuredblog.com/

I continue to put bits and pieces of information about the Economic Stimulus Package out there.

The Homebuyer Tax Credit - The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.

There are also grant monies coming in the programs such as Rural Housing Development, Neighborhood Stabilization, and Low-Income Housing. If you want more details on those programs, please contact me through email Barbara.Laib@Century21.com