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All income in house must be counted, not just qualifying income. The property shall be sold to another eligible low-income homebuyer who will use the property as his or her principal residence throughout the period of affordability. If all of the $5,000 is not needed for repairs, the remaining balance can be applied towards additional down payment/closing costs assistance, IF needed. Minimum middle FICO credit score is 640 or higher for all mortgage products. FHA version allows up to 6% Seller contribution maximum towards Buyers closing costs.
The HFA currently offers three first mortgage options with rates as low as 5.00% . Down payment and closing cost assistance is available in the form of a 0% second mortgage. Mortgage Credit Certificates are also available with most loans.
USDA / Rural Development Loans
8 hour face to face or online HUD approved Mortgage Counseling course required. Interest is zero percent (0%) on the loan EXCEPT in the case of default, at which time the remaining balance shall accrue interest at five percent (5%). The actual amount of repair assistance will be based upon the actual repair costs as determined by obtaining three bids. A clear Wood Destroying Organism Report is required prior to closing. Income is based off qualifying income reported on the 1003, regardless of household size. Borrowers 1003 income must be below 115% of the HUD Area Median Income, adjusted for family size where the house is located.
No Prepayment Penalty Fee if 1st mortgage loan is paid out early. The Down Payment Assistance loan is immediately repaid if the homebuyer sells the home, transfers ownership, satisfies or refinances the first mortgage, or ceases to occupy the home. This program allows for much higher borrower income limits. Borrower can use 3% their own funds if their credit scores are lower than 640 middle FICO to satisfy the No Mortgage Insurance exemption. First-Time Homebuyers must complete a Program-approved pre-purchase homebuyer education course. Please speak with a participating lender for details.
Home Sweet Home Hillsborough Program
FEDERAL INCOME TAX LIABILITY- In order for a borrower to benefit from the Mortgage Credit Certificate they must have Federal income tax liability. Just because you received a tax refund does not mean you don't have liability. To determine your tax liability look at your IRS 1040 form. On 1040A line 39, on the 1040EZ line 12 and on the 1040 line 63. The number indicated on that line is your tax liability. A large number means you are a great fit for the MCC program.
FHA version, bankruptcies must be discharged over 2 years, and/or foreclosures, short sales, or deed in lieu 3 years, minimum 2 trade lines with no late's in last 12 months, No NSF's in last 12 months. Borrowers are permitted a reimbursement of prepaids and reimbursement of overage of earnest money deposit to the extent any minimum contribution has been satisfied and permitted by FNMA guidelines up to $1000. If you think you qualify for any of the programs listed based upon the criteria above, contact a participating loan officer to get pre-approved for a mortgage. FHA.com is a privately-owned website that is not affiliated with the U.S. government.
SEE YOUR CREDIT SCORES From All 3 Bureaus
No cash back at closing with only exceptions being Earnest Money deposit, Appraisal money and Home Inspection funds with receipt and evidence of home inspection. First & Second mortgages are exempt from documentary stamp tax and intangible tax. Please speak with your tax advisor or tax professional or tax preparer to determine your estimated tax liability and the value of the MCC. The following information is for informational purposes only and does not constitute professional tax advice. A good FICO score is key to getting a good rate on your FHA home loan. Below are links to the 2023 MF Bond NOFA and Applications, as well as the MF handbook.
For Veterans and Active Military, Military Certificate of Eligibility not required for this program, only DD214 Discharge paperwork to prove discharge status. Pertaining to Military ONLY, does NOT have to be First Time Home Buyer, Spouse does NOT have to be a First Time Home Buyer if Spouse is NOT on the loan. This program is for Active Military or Veteran who was discharged as any status except dishonorable. Build your credit over the next months, or if you're just moving into the area and aren't sure where you want to live but don't want to live in an apartment. When you rent to buy, You pick the house in an approved subdivision. The subdivision must be in the upper 50% rating of school county districts.
This program allows for higher borrower income limits. The Income limits are based on 100% AMI except those high cost and underserved counties where higher income limits are allowed. The down payment assistance comes in the form of a $10, % interest, fixed-rate second mortgage Loan for Miami-Dade County. No monthly mortgage payments for the "silent second" mortgage.
Even a small number means you will benefit from the MCC. However, zero indicates you would not be a good fit for the MCC because you have no tax liability. The MCC could save you THOUSANDS of dollars by reducing the amount of federal income tax you owe. The MCC is not down payment assistance but rather a dollar-for-dollar reduction in your federal tax liability. The FHA Loan is the type of mortgage most commonly used by first-time homebuyers and there's plenty of good reasons why.
Eligible property types include new or existing one- to four-unit detached or attached homes, condos, and townhomes. Buyers are also required to occupy the property within 60 days of closing. The information contained on this site including down payment assistance programs, grants, awards, limits, and restrictions are deemed to be accurate at the time of writing. We make every effort to keep our down payment assistance information current; however, some programs may alter their terms or max out their funding. We recommend talking to one of our Down Payment assistance experts to maximize your chances of getting the Down payment assistance you need. With their Home Ownership Program, the Housing Finance Authority of Manatee County offers homebuyers down payment assistance.
There are no monthly payments but the loan must be repaid when the first mortgage is refinanced, sold, foreclosed, or no longer serves as the borrower’s primary address. Compare the top down payment assistance programs and first time home buyer special mortgage financing available in Florida. We offer these Special Mortgage Financing programs free to you as a service to our local Florida community.
First Time Homebuyer's or Borrowers or Spouse have not owned a home in the last 3 years, Veterans do not need to be first time home buyers. No Bankruptcies in last 2 years, no foreclosure last 3 years for Government Agency loans or 4 years bankruptcy and/or 7 years foreclosures, short sales, or deed in lieu for conventional loans. NO mortgage insurance for Borrower with this Conventional loan program. This program has income limits of 100% of the HUD Median Income for Low to Moderate HUD Tract Income Level and 80% of the Income Tract Level if tract is not in Low to Moderate Income level.
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