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If you’re looking to buy your first home the state has 8-thousand dollars with your name on it. The state is advancing a federal tax credit for first time homebuyers. As Whitney Ray tells us, the move will help bridge the gap for people who can afford mortgage payments, but can’t find the money to get the ball rolling.

At the height of the foreclosure crisis, banks began to tighten their belts. No-money-down mortgages disappeared… closing the door for many Floridians looking to buy a house. Now the state is offering down payment assistance to first time homebuyers.

“With this added bonus of $8,000 up front to be used as down payment assistance, that’s going to increase the pool of people who can buy houses by quit a bit,” said John Sebree with the Florida Association of Realtors.

The state is setting aside 30 million dollars for the program. The money will be loaned to people who qualify for the federal 8-thousand dollar first time homebuyer tax credit.

To qualify you can’t make more than 75,000 dollars a year. Families with two household incomes can’t make more than 150,000.

The money will be available through the State Housing Initiatives Partnership, known as the SHIP program. SHIP has an office in every Florida county. The money won’t be available until early August, but the application process is already underway.

“These purchases need to close by November 30th of this year. So they really need to go out there find a home get a deal put together and close November 30th,” said General Council for the Florida Housing Finance Corporation, Wellington Meffert.

People who receive an advance will have 18 months to pay it back. A list of offices to help you receive an advance on the money can be found at www.floridahousing.org

Good News For Home Builders

There are 300,000 empty houses in Florida. If the first time homebuyer program is successful, some of the excess inventory will be soaked up and provide hope for the state’s 175,000 construction workers looking for a job. David Hart, a spokesman for the Florida Home Builders Association, says if the housing market turns around the rest of the state will follow.

“Housing and construction have always been one of the foundations one of the strongest pillars of Florida’s economy. It has suffered quite a bit in the last two years, but I’m positive it will comeback strong,” said Hart.

The construction industry continues to be the hardest sector hit when it comes to the state’s 10.2 percent unemployment rate.