extending a helping hand (to first time homebuyers)

By
Mortgage and Lending with Christensen Financial Mortgage 385907

First of all let's get this out there. Mortgage lenders have their own terms and guidelines. We hear all the whinning about those that many feel are too restrictive, but not too much about those that may be helpful. Try this one on for size.

a first time homebuyer is someone who has not owned a home for the last 3 years

so by definition someone who had previously owned a home, but not in the last 3 years may qualify for some first time homebuyer programs.

I receive many calls from potential new homeowners professing to be first time homebuyers and asking if there are any special programs for them.

Well here's a good one available to first time homebuyers here in Southwest Florida, and across all of Florida actually, brought to you by the

Florida Housing Finance Corporation

it's the

Florida Bond Program

Unfortunately not many lenders offer it. Frankly, I know why, but it's a secret, but to me it doesn't matter, as I work for a company that does offer the program.

So, for potential homeowners in Cape Coral, Ft. Myers, Lehigh Acres, Port Charlotte, Punta Gorda, San Carlos Park, Estero, Bonita Springs, Collier County

Well anywhere in the State of Florida, there is a stable, reasonable, and well funded program available to you offering down payment and closing cost assistance.

yes, there are income restrictions, but I did say I'd be reasonable. Try these out for size (this is for the HAMI program, the more liberal of the two)

               County               1-2 persons               3+ persons

              Charlotte                $66,960                     $78,120

              Collier                    $87,360                     $101,920

              Lee                        $68,400                     $79,800

I think these are reasonable. What do you think?

there are 2 basic programs for downpayment and closing cost assistance. Here's a brief summation.

Florida Assist

up to $7500 to assist with downpayment and closing costs. This is a deferred, non amortizing, 0% interest, that is repayable  when the borrowers sell or refinance the property, satisfy the first mortgage, or no longer occupy the property as their primary residence. 

HAMI

offers borrwers up to $5000 to assist with downpayment and closing costs. This is a fixed rate, 10 year amortizing, second mortgage that is repaid on a monthly basis, for the 10 year term of the loan.

Both Programs require that you have $1,000 of your own funds invested in the transaction.

Also, remember as I mentioned above there are no property restrictions as to location.

You are required to take an 8 hour face to face Homebuyers Education course (psst I know one of the instructors real well). The course that I am affiliated with includes the following areas of study;

Are you ready to buy a Home, Managing your money, Understanding Credit, Obtaining a Mortgage, Shopping for a Home, Protecting your Investment.

Good Stuff

So, do you think you're ready?

Here's a few miscellaneous thoughts/points:

Veterans may receive an exemption from the first time buyers requirement.

If you are ready, great; but if not, don't let anyone talk you into doing something you are not comfortable with, only you know what you can afford.

Beware; our proerty values in many areas are increasing. If you were considering buying a home 5, 6, 7 years ago, you saw values increase where for many, homes were no longer affordable. Prices are still reasonable, in my opinion.

So, if you're ready. We'd like to possibly

Extend to you a helping hand

 

 

  

 

 

Comments (7)

Ed & Tracy Oliva
West USA Realty - Arizona - Fountain Hills, AZ
The Oliva Team Arizona Agents

Jay:   This is some great Info for all in the business, keep up the good work and good luck with your business,  E

Aug 26, 2012 11:28 PM
Karen Crowson
Coldwell Banker Residential Brokerage - Rancho Bernardo, CA
Your Agent for Change
There are many city programs in our area the hardest thing for first timers here though is to compete with the stronger borrowers and offer prices on play with so many multiple offers.
Aug 26, 2012 11:31 PM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Without first time buyers....there are no seconds of anything for anybody...Buy and spend is USA mantra

Aug 26, 2012 11:47 PM
Chris and Dick Dovorany
Homes for Sale in Naples, Bonita Springs and Estero, Florida - Naples, FL
Broker/Associate at Premiere Plus Realty

It's nice to know we have a great mortgage broker just a few short miles away.  I've had a real problem here in Naples so I will be calling on you.

Aug 27, 2012 12:12 AM
Jay Beckingham
Christensen Financial Mortgage - Port St Lucie, FL
Seniors ROCK!

Ed & Tracy,

thanks,

most areas have similar programs. It's just finding someone whose interested in using them to help others.

Karen,

we're experiencing that also, but with persistence most of these buyers are having success.

Richie,

how true. We're just getting to the point where we're seeing the buy ups which first time homebuyers help create.

Chris & Dick,

thank you for the kind words. If I don't hear from you, I'll reach out to you.

thanks everyone,

jay

Aug 27, 2012 12:52 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Jay:  You're spot-on with your info and the suggestion that Mortgage Lenders can be your friend and advocate.  You prove ... positives exist too and we are a wealth of information for all types of buyers ... first-timers can gain much by having a simple, one-on-one heart-to-heart talk with a Lender.  Your post proves we're the "good guys", not the evil monsters the media can portray us as.

Hope this post gets the word out about your Florida programs and your helpful services ...  congrats on a well-deserved Feature!

Gene

Aug 27, 2012 02:53 AM
Jay Beckingham
Christensen Financial Mortgage - Port St Lucie, FL
Seniors ROCK!

Gene,

thanks,

it feels more like the old days to me where part of the Loan Officers job was to educate.

the "good guys" are alive and well.  

Jay

Aug 27, 2012 05:13 AM