During the housing boom that started in 2004, many lenders were requiring little or no down payment to qualify for a mortgage loan. Many of the home owners that benefited from these breaks are now upside down on their payments and have decided to just allow the home to foreclose, as they see no light at the end of the tunnel. Due to this fact, lenders are now requiring down payments in order to qualify for a mortgage loan.

The Homeowner Affordability and Stability Plan introduced to American Citizens on February 18th of 2009, provides an $8,000 federal tax credit for homeowners that purchase a home between Jan 1 and Nov 30 of this year, and only for buyers that have not bought a home in the past three years. However, one of the biggest problems for first time home buyers is coming up with the initial down-payment!

Fear not, potential home buyers!  An alliance of lenders, real estate professionals and home builders all led by the Consumer Federation of the Southeast is on your side! This coalition of professional’s plans to pressure the state lawmakers in finding a way to advance the $8,000 credit to the new home buyers to use as the down payment! Home buyers would still be required to qualify for a mortgage based on good credit standing and other requirements, but the down payment would no longer be a worry!

A big “thanks” to the Florida Home Builders Association, Florida Association of Realtors, Florida Credit Union League and the Florida Bankers Association for fighting for us!