For First-Time Homebuyers
We offer many programs geared to giving first-time homebuyers in the Fort Myers and Naples area the tools they need to find their way to homeownership. The main goal of most first-time homebuyer programs is that they relax the standards to make it easier for first-time homebuyers to qualify for a mortgage by easing down payment and credit requirements.
To be able to take advantage of First-Time Homebuyer programs, a borrower must meet certain criteria. A common definition of a first-time homebuyer is any borrower who did not appear to have a mortgage for the preceding three years. A National Association of Realtors (NAR, 2017) report found that 96 percent of first-time buyers financed their purchase with a mortgage and even with rising home prices, first-time homebuyers still account for approximately ½ of the home purchase mortgage market.
According to Fannie Mae, an individual is a first-time homebuyer who:
- Is purchasing the security property (a property secured by a mortgage)
- Will reside in the security property
- Had no ownership interest in a residential property during the three-0year period preceding the date of the purchase of the security property
- Is an individual who is a displaced homemaker or single parent also will be considered a first-time homebuyer if he or she had no ownership interest in a principal residence (other than joint ownership interest with a spouse) during the preceding three-year time period.*
Programs that are frequently used by first-time homebuyers include:
- FHA loans
- VA Loans
- USDA Loans
- Fannie Mae HomeReady
- Fannie Mae Homestyle
- Freddie Mac Home Possible
- Down Payment Assistance
- Florida State Housing Programs
*Fannie Mae selling guide, October 29, 2020.
