The Florida Bond Program

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