GREAT NEWS FOR FIRST TIME HOMEBUYERS - Home Affordable FL Housing Authority
Conventional Bond Program –
BEGINNING - January 15th,2014
· Must be a first time homebuyer- not have owned property in the last 3 years
· 660 minimum FICO score
· 45% maximum Debt-to-income ratio
· These loans will have Competitive interest rates
· Minimum $1000 from the borrower into the transaction
· Maximum 3% seller concessions (SELLER PAID CLOSING COSTS)
· You will receive $10,000 in down-payment assistance in the form of a “soft” second mortgage at 0% with no payments required. Goes to cover down payment and any closing costs or pre-paid items.
· No co-signers permitted (no non-owner occupied co-signers to help qualify)
· Maximum Income limits- family of 1-2 = $68,160 and family of >3 = $79,520
· Single family properties or PUD’s and townhomes only – no condos, mobile homes, etc.
· Home-buyer education course required- Contact me for the list of facilities offering the 8 hour course required- face-to face class which is free.
Benefits· 95% financing with $10,000 down payment assistance
· No property eligibility requirements
· Significantly reduced mortgage insurance compared to FHA- Example- FHA on a $100,000 purchase price would run $110.00/month, on this program with a 660 FICO score it would be $58/month and there is no Up- front Mortgage Insurance Premium as well.
· No Doc stamps on the mortgage or intangible taxes required since it is a Bond program saving the buyer money off closing costs, and leaving more for the down payment.
· Do not have to consider total household income - only the borrower, who is applying for the loan, qualifying income.
Hurry and get your class done so you will be ready to buy.For more info www.DeeSmithSellsHomes.com or www.LandoLakesRealEstateAgent.com or 813-714-9737 My Cell.
First Time Homeowners, do you need to buy a home? I am very good at solving that problem.