$8,000 Tax Credit for Down Payment

The deadline for the $8,000 tax credit is quickly approaching and the state has approved doing short term loans so that the tax credit can be used for your down payment but where is the money?

While the state has approved doing the short term loans, each county is responsible for managing the money that's been allocated for these loans. The problem is that each individual county must set up guidelines for loaning the money as well as for collecting the money at the end of the loan. This has been a slow process that most counties haven't yet completed. Since each county will have different guidelines it is also imperative that a homebuyer select their desired county to live in early in the process.

One set of guidelines that we have been given is for Pasco County. In order to qualify for the "Florida Homebuyer Opportunity Program" the homebuyer must first take a Homebuyers Class prior to signing a contract. Once a contract is signed the buyer must go through the approval process with a lender then they must be approved by the county. After approval by the county, it will take five days to receive a check. Because of all these steps it will be a lengthy process from start to finish.

The problem with the delay in setting up these guidelines and the lengthy process in the guidelines which have been established is that the deadline to purchase is quickly approaching. A homebuyer only has three months in which to go through a Homebuyers Class, find a home, apply for a mortgage, wait for the lender's approval and then to apply for the county money. That's assuming that you're considering purchasing in a county which has already set up the guidelines.