Florida Down Payment (Bond Money) Can I Get It??.......
YES YOU CAN!!
You have heard about some type of Bond Money but you hear it's hard to get? So, Can I get a hold of this money, you ask? and How?
You hear it is always running out? You hear it is ONLY available to LOW INCOME? well that's not necessarily the fact!
First thing is- which Bond Program are you hearing about? There are different types of Bond Money Programs, there is usually some type of County or City Bond Program which can be a very limited pool of funds and a waiting list of people who have applied for it months ago. Those local programs carry some more restrictive guidelines in order to obtain the funds. Guidelines such as- Lower Debt to Income Ratio, Lower to moderate Income levels will also depend on the amount of funds received. More Often you will find it more challenging to obtain local funds...
The majority of what you may hear just might be associated with these local programs, mainly because not many know about the FLORIDA STATE DOWN PAYMENT ASSIST PROGRAM(Below is a brouchure based on Brevard County Florida)
This program must be obtained by a State Authorized Lender, such as a Bank or Mortgage Company. You most likely won't find any Mortgage Brokerage firms participating in this State Program.
As you will notice there are TWO Types of Programs- Florida HAMI or Florida ASSIST, which outline the Income based on members of the Household. The allowable assistance is Up to $7500 which can be applied to the down payment and or closing costs. These programs are usually married to a Low Interest Rate First Mortgage such as FHA or VA. FHA requires a 3.5% Down Payment and VA a 0% Down, so any remaining amount of the Down Payment assist funds can be applied to the Principal balance or the Closing Costs.
The Benefits of using these programs are:
-Working through the State Authorized Lender allows for smooth process, The Lender has direct access to the Funds
-Low Fixed Interest Rate Loan
-ZERO DOC STAMP TAX (CLOSING EXPENSE)
-ZERO INTANGIBLE TAX (CLOSING EXPENSE)
Most Importantly- Home Ownership!
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the information above is believed to be reliable but not warranted or guaranteed. Suggestions, advice and information is general and not based on knowledge of your specific circumstances. Any information offered should not be assumed as being financial or legal advice. Consult with a professional to verify any information and basing your decision on such.
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