Guest article written by Diana Perkins

Are you thinking of buying a real estate property in Tampa Florida? Before purchasing a home you must be in need of financing the amount needed to purchase the house from a professional lender. Buying your first home can be a marvelous experience but you need to consult a real estate expert in order to make the best choice that will suit your needs as well as your affordability. There are lots of mistakes that most people commit while buying their first home. Taking out a home loan beyond your affordability may lead to financial disaster as you may run the risk of losing your dream home to foreclosure. You can always go in for home loan modification to retain your ownership rights but it’s always better to be safe than sorry.

The state of Florida provides free grants to residents who are buying their first home and need financial assistance for arranging the down payment and the closing costs. The state government provides this money. The amount of grant can be thousands of dollars. If you educate yourself on the first time homebuyer grants provided by the state of Florida, it will be in your best interest. Read on to know about them.

If you are residing in Tampa Florida, you must be aware of the Florida Housing and Community Development which is the only agency in Florida that provides financial assistance to first time real estate buyers in Tampa. There are different kinds of grants that vary from program to program and also depend on your income. For a first time home buyer in Tampa, it is very important to write the perfect grant application for receiving the grant. Without an application to the state government, it is quite impossible to qualify for such government grants in Tampa Florida.

Besides the state funded grants, some federal grants are also available to first time real estate buyers through the Homes and Communities program under the Department of Housing and Urban Development. Every potential home buyer should inquire about the grants that they can be offered to ease out their process of buying a real estate property. If they are a resident of Tampa, where such grants are given to home buyers buying their first home, they should spend more time investigating how many free grants they may qualify for.

All borrowers who receive first time homebuyer’s financial assistance in Florida are required to go through a Homebuyer Counseling Course. Through this counseling you may go through vital information on effective money management and savings plan. The Florida Housing believes that this counseling session will help homebuyers take informed and measured home buying decisions so that they do not have to go in for a home loan modification later, not being able to pay off their home loan.