All posts in Florida Bond Program

What’s the Maximum Purchase Price For The Florida Bond?

by Justin Miller on January 26, 2012 in Florida Bond Program with No comments

Many at first glance would think that this down payment assistance program was only for the lower end but that couldn’t be further from the truth.   If you are buying a property in Broward, Palm Beach, and Miami-Dade Counties Florida the home you want to purchase cannot exceed $386,202.60.  

If you want to find out the limits for any other counties through Florida click on the link below, click on the First Time Homebuyer Program image in green, choose your County, and the Number of People Living in the Household:  http://www.floridahousing.org/

Qualifying As a Borrower For The Florida Bond Loan

by Justin Miller on January 4, 2012 in Florida Bond Program with No comments

Here is what you need to know:

  • First Time Homebuyers only – someone who hasn’t owned their legal residence in the past 3 years.  Applies to the buyer and spouse even if the spouse isn’t going on the loan or deed.
  • 3 years of tax returns for all borrowers and spouses
  • You must have a minimum of a 620 middle credit score
  • Anyone who will be on the deed and spouse must complete the 8 hour homebuyer education.  You will want to set this up immediately.   To find an approved counseling agency in your area – Click here
  • You must be within the Household income limits.  To find out the income limits for your County click on the link below, click on the First Time Homebuyer Program image in green, choose your County, and the Number of People Living in the Household:  www.floridahousing.org
    • The household size is determined by the number of people  permanently residing in the property. 
    • For the Frequently Asked Questions – Click Here

Florida Bond – Miliary Heroes

by Justin Miller on January 3, 2012 in Florida Bond Program with No comments

If you are looking to purchase a home anywhere in Florida and you are a veteran or active duty military personnel you might qualify for the Florida Military Heroes loan.  It requires 0% down and down payment assistance with the $7500 Florida Assist or the $5k HAMI depending on your income

In order to qualify you have to be within the income limits for your county and family size.  To find out the income limits for your County click on the link below, click on the First Time Homebuyer Program image in green, choose your County, and the Number of People Living in the Household:  www.floridahousing.org or contact me.

 

Florida Bond – HAMI $5k Down Payment Assistance

by Justin Miller on January 3, 2012 in Florida Bond Program with No comments

If you are looking to purchase a home anywhere in Florida and you don’t qualify for the $7500 Florida Assist Down Payment Assistance program you will want to look into the $5k Homeowner Assistance for Moderate Income (HAMI) loan.  This loan is typically behind an FHA, VA, or USDA first mortgage.  This is a bond, not a grant.  I have helped a lot of first time homebuyers in the Fort Lauderdale and South Florida area.   All you have to do is the 8 hour first time homebuyer education course and we handle the rest. 

In order to qualify you have to be within the income limits for your county and family size.  To find out the income limits for your County click on the link below, click on the First Time Homebuyer Program image in green, choose your County, and the Number of People Living in the Household:  www.floridahousing.org or contact me.

It is a 10 amortizing loan but accelerated if any of the following occur – a sale, transfer, other disposition of the property (including any involuntary transfer by or as a result of foreclosure or judicial sale or operation of law), refinance or satisfaction of the 1st mortgage.  It is repayable and never forgiven.   The interest rate is 5%.

Florida Bond – Florida Assist $7500 Down Payment Assistance

by Justin Miller on January 3, 2012 in Florida Bond Program with No comments

If you are looking to purchase a home anywhere in Florida make sure to find out if you qualify for the $7500 Florida Assist Down Payment Assistance program.  This loan is typically behind an FHA, VA, or USDA first mortgage.  This is a bond, not a grant.  I have helped a lot of first time homebuyers in the Fort Lauderdale and South Florida area.   All you have to do is the 8 hour first time homebuyer education course and we handle the rest.  

In order to qualify you have to be within the income limits for your county and family size.  To find out the income limits for your County click on the link below, click on the First Time Homebuyer Program image in green, choose your County, and the Number of People Living in the Household:  www.floridahousing.org or contact me.

It is a 30 year deferred loan but accelerated if any of the following occur – a sale, transfer, other disposition of the property (including any involuntary transfer by or as a result of foreclosure or judicial sale or operation of law), refinance or satisfaction of the 1st mortgage.  It is repayable and never forgiven.   The interest rate is 0%.

 

No Doc Stamps & Intangible Tax With The Florida Bond

by Justin Miller on January 3, 2012 in Florida Bond Program with No comments

Another great feature when using the Florida Bond to purchase a home in addition to getting up to $7500 in down payment assistance is that you do NOT have to pay any doc stamps or intangible tax.  On a $100,000 loan that is a savings of $550. 

If you are renting or thinking of buying you need to look into using this program.  All you have to do is the First Time Homebuyer 8 hour class which you will find very informative.  We handle the rest.

The Florida Bond Program

by Justin Miller on December 8, 2011 in Florida Bond Program with No comments

The Florida Bond Programs is a great program to help borrowers with their down payment and closing costs. Not only does this help those that are tight on funds it enables them to have more money leftover after closing in reserve since owning a home has additional costs than renting.

These programs will qualify buyers who normally would be denied.   In order for the lending institution to do the bond loans they have to be approved and so does the individual Mortgage Professional.  FEMBi and I are approved. 

Here are some highlights:

  • Its for 1st Time Homebuyers only and that includes the spouse even if they aren’t on the loan and both have to do the homebuyer education
  • There are income and loan limits depending on the program and # of dependents
  • Homeowner Assistance for Moderate Income Loans (HAMI) – $5,000 loan payable in 10 years at a rate of 5%
  • Florida Assist – A loan up to $7500 at 0% and it’s a 30 year deferred loan – this is for median income households
  • No realtor or builder fees allowed
  • No doc stamps or intangible tax
  • The appraisal must show the property to have a 30 year remaining life

The information below is from the FloridaHousing.org website. 

For the Frequently Asked Questions – Click Here

To find an approved counseling agency in your area – Click here

To view the First Time Homebuyer flyer -  Click here

To find out the income limits for your County click on the link below, click on the First Time Homebuyer Program image in green, choose your County, and the Number of People Living in the Household:  www.floridahousing.org