First time home buyers should consider the Florida Bond Program. Why? Because a buyer may not have to bring any money to closing at all!

Our first time home buyers Brad and Sarah choose the Florida Bond Program and just closed on their first home without having to bring any money to closing. They chose Michael Burchette of VanDyk Mortgage to help finance the home purchase. Initially, they were considering with an FHA loan and put 3.5% down. However, Michael Burchette after talking to him they decided on a conventional loan. He then introduced them to the Florida Bond Program.

Who can apply for the Florida Bond Program?This program is designed for first time home buyers as well as buyers who have not owned a home within the past three years. The Florida Bond Program is going to help many people realize their dream of home ownership this year. It is going to free up money that a buyer may have earmarked for a down payment and closing costs. 

How does the Florida Bond Program work? It offers down payment assistance of up to $10,000. This money can be used as a down payment, as the name suggests, and it can be used to pay for closing costs. Sarah and Brad used the money for their down payment and the balance for the closing costs. That meant for them that they didn't have to bring any money to closing. Now they can use their savings to spruce up their new home, to pay down the mortgage, or to simply keep it in a rainy day fund. 

Why would a first time home buyer use this program instead of using his/her own savings? This question may come up if a first time home buyer has the money. The $10,000 Florida Bond is secured as a second mortgage at 0% interest and is paid back at the time of the sale. This is a win-win situation for a buyer because he/she gets to use "free" money to purchase a house and doesn't have to pay it back until the house is sold. There are no payments necessary until the home is sold and then the bond money is being paid back from the proceeds. The money that a buyer has saved up can be used for improvements or to create a rainy day fund. Since we all know that it is going to rain one day, this may not be a bad idea.

Where can a buyer learn more about the Florida Bond Program? Simply by calling John Buetergerds at 941-894-4063 or Michael Burchette of VanDyk Mortgage at 941-504-9275. We look forward to helping many more buyers dreams come true and help them buy a home! You can search for all homes for sale in Lakewood Ranch here. 

UPDATE: The Florida Bond Program is going to be reduced to $7,500. This applies to buyers who have not locked in their loan by June 15, 2015. To take advantage of the full $10,000 make sure you write a contract on a house NOW and lock in your loan!