The Florida Senate recently added $55 million in their budget for down payment assistance. The great thing about this, even though they are adding $55 million to the budget it won't actually cost the state a dime.
Their plan is to offer short term loans to home buyers who qualify for the $8,000 tax credit being offered by the federal government. Once the home buyer receives their federal check, they would then repay the loan from the state. This would allow the state to offer assistance without costing tax payers.
I know many first time home buyers in the Tampa Bay area who could make the monthly mortgage payments but simply don't have enough money for the down payment. With home prices dropping and interest rates at an all time low, now would be the perfect time for them to achieve their dream of home ownership. This program would allow them that opportunity. Our only hurdle now is for the House to concur with the Senate position and fund the program.
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