A year or two ago you could easily purchase a home with no down payment. Everybody was doing it! Search for your dream home, make an offer, and move in. Those were the days! Times have certainly changed. Lenders have strengthened their standards and not only is a down payment expected, it is required. So how can you get the down payment for your oceanfront home in Key West? There are several ways you can go about getting your down payment. You can use an automated savings plan to save up for it. Selling assets such as stock or other investments is an option as well. You can even get in the form of a gift from a friend or relative. Of course, if you qualify you can take advantage of the Home Buyer Tax Credits to get your down payment.

Most people have heard of the tax credit program. First time home buyers can receive up to $8000 and repeat buyers can receive up to $6500. Many lenders are offering short term loans to borrowers who qualify for the program so they can use the funds toward the down payment. The tax credit expires April 30, 2010. You must have a contract signed by that date. You have until the end of June 2010 to close.

KW listingEven if you do not qualify for the tax credit, there are still programs around for teachers, law enforcement officers, fireman and others in a public service field. There are some state and even community programs that can help with obtaining a down payment. Florida is one state that has such programs. It may require a little hunting on part of the borrower, but it is well worth the effort!

Your dream of living the island life in Key West can come true! When you are ready to get down with owing a home, call Margarita Villoch! She is your complete resource for Key West Real Estate!