Help is on the way for First Time Homebuyers (in Brevard, Indian River, and St. Lucie Counties)

Mortgage and Lending with Christensen Financial Mortgage 385907

Well, actually it's already available, but the question is do the buyers know this?

first of all, let's make clear, who is, and isn't, a first time homebuyer.

by definition a first time homebuyer is someone who has not owned a home in the previous 3 years.

I'd also like to note that in the case of the Florida Housing Finance Corp. that Veterans may qualify for exceptions to this quideline.

Who is the Florida Housing Finance Corporation? you may ask, and I'm glad you did.

In my opinion, for what it's worth, the Florida Bond Program, administered by the Florida Housing Finance Corp is the most stable and best funded downpayment and closing cost assitance program available.

I'd like to add that it is also the most consistent, and buyer friendly program.

So, why do I feel that way? Let me share some of the programs parameters;


Florida Assist: offers borrowers up to $7500 to assist with down payment and closing costs. This is a deferred, non amortizing, 0% interest, second mortgage that is repayable when the borrowers sell, refinance, or no longer occupy the property as their primary residence.


Home Ownership Assistance for Moderate Income (HAMI): offers borrowers up to $5,000 to assist with down payment and closing costs. This is a 10 year amortizing, second mortgage repaid on a monthly basis, for the 10 year term of the loan.

Are there Income guidelines you may ask?

Good question, yes there are.


Income guidelines for Florida Assist

   County       1 person         2              3               4              5             6              7

 Brevard         $49,320     $56,280    $63,360     $70,320   $75,960   $81,600    $82,040

 Indian River   $45,360     $51,840    $58,320     $64,680   $69,690   $75,120    $75,460

 St. Lucie        $47,880     $54,720    $61,560     $68,400   $73,920   $79,440    $79,800


Income guidelines for HAMI

   County         1-2 persons           3+

   Brevard          $70,320            $82,040

   Indian River    $64,680            $75,460

   St. Lucie         $68,400            $79,800


I don't know about you but when I look at those guidelines I can't help but think that there's a lot of first time buyers who should fit.

Two other items; the buyer needs a 640 score, and must take a Homebuyers Education course.

pssst; a little secret the smiley guy up there in the right hand corner is an instructor.

also, they are very well funded there is no concern with them running out of funds.

So if you have any questions or need any help, just reach out, because

Help is on the way for Brevard, Indian River, and St. Lucie Counties

Comments (3)

Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

I am glad to see there are some of these programs left in the market.

Oct 20, 2012 01:34 AM
Dan Hopper
Dan Hopper - Gold Way RE - Westminster, CO
Denver Broker / Author / Advocate/Short Sale

It is great to see these type of Down Payment Assistance programs out there in many states.  WE have our own, that is really pretty good, other than the fact it averages about .375-.5% higher than the FHA market rate.  But it does help out the first time buyers, and others with the down payment in the way of a 2nd that is the same interest rate!

Oct 20, 2012 01:51 AM
Jay Beckingham
Christensen Financial Mortgage - Port St Lucie, FL
Seniors ROCK!

okay, mark or tim?

this program is very stable and very well funded. a great program for the buyers.





the first mortgage is an FHA with a fixed rate of 3.5%. It's a good deal for the buyers.




Oct 20, 2012 05:44 AM