I saw that you responded to one of the answers by saying that you needed to work with a certain lender because they would give you $1000 back. You should consider if getting $1000 back is worth losing $11500 in down payment assistance. You will save $63.50 per month on your house note by using the down payment assistance. That is $22860.00 over the life of the loan. Remember that purchasing a home is a long term investment and there is more to consider than a short term gain of $1000.
FHA FL Bond Assist program currently has a 5.25% interest rate, which is another factor to consider.
Is it possible that your new house note will be less per month than your current rent payment?
If you are a home owner, usually the interest rate charged on your credit cards is lower also. This can also apply to the interest rate charged on a car purchase, etc.
If you are purchasing a home at $82000 with $11500 in down payment assistance, your loan amount would be $70500. The princpal and interest payment on that amount for a fixed rate 30 year loan at 5.25 % interest would be $389.30 per month. You will need to add property tax, MIP, homeowners insurance, and possibly HOA fees to this amount to get the total monthly payment. The estimates on these items vary with each property. That is why it is important to get pre-approved by a mortgage company to determine the total monthly payment you quaify for before selecting a home. This will assist your Realtor in selecting homes that fit in your budget.
I hope this helps with your home financing decisions.
Brenda Gravitt CRS, GRI
Coral Shores Realty