Ready to buy? First-Time Homebuyer Programs!
If you are a first-time homebuyer looking for a manageable mortgage, the First-Time Homebuyer Programs we offer may make it possible for you to buy!
FL Assist Down Payment Program:
Is a bond for $10,000 at 0%, 30 year deferred (no payments, but is recorded as 2nd lien)
Important to Note:
- First Time Homebuyer – Defined as borrower and spouses not owning primary residence in last 3 years
- FHA, VA, Conventional
- Florida Assist is a bond for $10,000 at 0%, 30 year deferred (no payments, but is recorded as 2nd lien)
- The $10,000 bond does not have to be paid back if the buyer occupies the home as Primary Resident for 9 plus years
- Cash back is not allowed
- Home Buyer Education required – you can take it online
- 640 minimum credit score
- Household Income limits – http://webcdn.ehousingplus.com/wp-content/uploads/FHFC-Incomelimits8_13.pdf
- Recapture informative link – http://webcdn.ehousingplus.com/wp-content/uploads/PreClosing-new.pdf?865bfc
It gives $2,000/ year or 50% of the mortgage interest you pay per year – whichever is less. This is not a tax write off, but an actual $2,000 refund given back to you every year you have your mortgage. I think it is a no-brainer.
Important to Note:
- Homebuyer Education class is required http://homebuyers.mgic.com/
- Must be a Primary Residence and must occupy within 60 days after closing
- Borrowers have not owned in past three years
- MCC does not expire as long as the home remains principal residence and borrowers are paying mortgage interest.
- Credit will be 50% of the annual interest paid on the mortgage loan, maximum of $2,000 or whichever is less.
- Household limits are defined as the gross annual income and any other person who is expected to live in the residence being financed. (18 years or older unless fulltime dependent student)
- Non-Occupying co-borrowers are not permitted
- MCC can only be a component of the first mortgage financing
- Does it Expire? The MCC will only expire if the home is sold or is no longer used as the primary residence of the homeowner. If sold within the first nine years the homeowner may be subject to the Federal Recapture Tax.
- Is there a cost – Yes, there is a one-time fee payable to Florida Housing of $500 at closing
Please call me at your convenience to discuss YOUR best option!