Article Advocates - Blogging and Content Management System
Welcome!

Florida's First Time Buyer Incentives

16
Submitted by Wilhelmina Mungera | RSS Feed | Add Comment | Bookmark Me! print

Florida has been labeled a progressive state before, when it introduced radical 'green' measures throughout the state, but this time its innovative idea is to offer help to first time buyers. Florida has recognized that younger people are being pushed out of the housing market, and are trying to rectify this with fairly substantial financial incentives.

This failure to accommodate young people in the realty market has happened because nationwide, most homes have become larger and more expensive. Consequently, they are too pricey for the average first time buyer.

A spokesman for a local builders association told the St. Petersburg Times that builders will still be building over-sized homes but there will also be an increase in smaller houses being built. This change in strategy is not seen as a fad by builders; it is simply sound economics as smaller homes are in short supply.

Building smaller homes in the Florida area could also be one way of keeping the younger generation active there. There have been extensive studies involving the affordability of house prices for young people. One recent study was carried out in Boston, Massachusetts. This is an area known for its lack of moderately priced housing.

Boston is the third most expensive property market in the nation and according to the 'Boston Globe' newspaper, young people are moving away in droves because of the house prices. This is costing Massachusetts the 'human capital' needed for future growth and economic expansion. This type of situation could easily be replicated in Florida because it is such a popular retirement area; approximately 17% of the population is over 55.

This youthful exodus has been recognized and hotly debated in Boston. Part of the blame has been laid at the local government's feet with their zone rulings favoring large residential lots. A study proved that homes built from 1998 to 2002 used an average of 1.3 acres per lot.

With the cost of a building lot in Boston quoted at around $300,000 and a house costing around $250,000, young people have no chance of owning a home.

Perhaps learning from Boston's mistakes, the news in Florida is that the government is trying to encourage more first time buyers. This will expand the younger segment of Florida society and consequently will also be likely to increase the permanent population.

The first time buyer program is designed to help those people who may have only a modest income. (There is a ceiling on the monthly salary.) Income limits are not rigid, but determined by the number of individuals living in the house.

The help that the state of Florida is offering is very worthwhile to look into if you are a first time buyer. Help can come in the form of assistance with the down payment, with the closing costs and in the provision of low, fixed rate mortgages.

There are several requirements to be met in order to qualify, including established credit worthiness and not having owned a home in the last three years. The program details can be found on the web listed as Florida's First Time Buyer Program, or you can ask your real estate agent to help you sort out the details.

Contact Us
Support and Sales
Contact Us


Associated Articles:
Trading Your Way To A Secure Retirement Income - Attention traders! You can bring your well honed equity skills to the most conservative securities o...
Zero Overhead Real Estate Investing – Right Now (June 2008) - Real Estate investing is not nearly as legally complicated, financially burdensome, or time consumin...
Real Estate Investing: No Lawyers, Debt, or Plungers - Without having mega millions to work with, or a line of credit that goes around the block, you can h...
Can You Deduct Your Mortgge Payment From Taxes? - As a landlord, you will want to make sure you take advantage of all of the tax benefits you can rece...
Endowment Mortgages - Are endowment mortgages, though highly controversial, on the rise again? Made popular in the ‘8...
Buy To Let – Decision Time - Maybe you’re planning ahead for your retirement? The popular choices for funding this important...
Your Credit Rating Can Affect Your Eligibility For A Home Equity Loan - As a homeowner, there will always come a time when your property needs some significant work. This c...
What You Need To Know About UK Personal Loans - Are you thinking about taking out a personal, secured or unsecured loan, or are you already in the p...
What the insurance companies aren't telling you about your premium - Although insurance companies offer peace of mind to the policy holders, it is important for all cust...
What is an Interest Only Mortgage - The CML (Council of Mortgage Lenders) show that nearly 6 Million people have received mortgages that...

Related Tags (related articles): mortgage (392), First Time Buyer (12), Buyers (131), Buyer Incentives (1), Florida Homes (1)