Real Estate Agent with Watson Realty Corp. SL3239555



All buyers who qualify for a bond loan may use the Florida Assist Down Payment Assistance Program that may provide down payment and closing cost assistance. This is a 30 year, fixed rate loan. There is a $750 origination fee and 1% Discount on this loan.


This is a first mortgage for Honorable and general discharged Veterans and Active Military personnel. This is a 30 year, fixed rate loan. There is a $750 origination fee and 1% Discount on this loan.

DOWN PAYMENT ASSISTANCE PROGRAMS (to the extent funds are available)


A down payment assistance program (DAP) available to first time homebuyers or military in Duval County. First time homebuyer is defined as anyone not being on a title deed within the last 3 years. This program offers up to $15,000 towards down payment and/or closing costs. It is a 30 year deferred 0.00% second mortgage. Best thing about this program is that this amount is FORGIVEN after 5 years of continual occupancy if the borrower has paid their first mortgage on a timely basis. Most programs provide that the money has to be paid back in full upon sale of the home or if the mortgage is paid off.



With a fixed–rate mortgage, you'll always know what your monthly principal and interest payments will be. You can also lower your monthly payments by spreading them out over a long period of time. Your interest rate is guaranteed to remain fixed for the length of the loan. You can choose a 10, 15, 20, 25 or 30 year terms.

ARM (Adjustable Rate Mortgage)

ARMs offer lower early payments than a fixed rate mortgage. They may also give you the opportunity to take advantage of lower rates in the future. If you're planning on owning your home for a short period of time, an ARM may be a good option. Your interest rate is fixed for 5, 7 or 10 years (based on the chosen product), and becomes variable for the remaining loan term, adjusting every year thereafter. For example, a 5/1 ARM would have a fixed interest rate for the first five years and then convert to an adjustable rate, with annual adjustments for the remaining term of the loan. You can choose a 5/1, 7/1 or 10/1 ARMs with a 30 year term. Low Down Payment Mortgage Insurance or Private Mortgage Insurance (PMI) Qualified borrowers can make down payments as low as 3# with PMI. For most borrowers, PMI costs less than FHA mortgage insurance. However, PMI has stricter credit requirements. PMI provides the homeowner the opportunity to cancel the PMI once the mortgage balance is under 80% of the home’s value. The mortgage insurance for FHA loans are for the life of the loan unless you refinance into a non-FHA loan.


A Conventional Mortgage is simply a mortgage loan that is not insured/guaranteed by the federal government. These mortgages typically require a higher down payment (usually 5-20%) and typically require higher income and credit scores. Some of the benefits of a Conventional Mortgage are that you have instant equity, lower closing costs and fees and no private mortgage insurance (PMI) with a 20% down payment. They can either be fixed or adjustable rate mortgages. Fixed rate mortgages are usually for 15 or 30 years but many lenders offer other options.


FHA Loans are insured by the Federal Housing Administration (FHA). FHA mortgages include a down payment as low as 3.5% and flexibility, if you have "less than perfect" credit. 100% gift funds are acceptable for down payment and closing costs. A FHA Mortgage is a loan insured by the government and can be for 10, 15, 20, 25 or years. FHA requires an upfront premium of 1.75% of the mortgage amount. As an example, on a loan with the minimum down payment, there’s an annual mortgage insurance premium (MIP) of 1.25% of the mortgage amount, or $1,250 a year for each $100,000 borrowed which equals a little over $100 per month. MIP for FHA loans are for the life of the loan unless you refinance into a non-FHA loan. FHA-insured loans include:

 FHA 203(b) home mortgage loans for qualified buyers desiring to purchase or refinance a primary residence.

 FHA 203(k) Renovation Loans for those interested in buying and fixing up a home. This loan allows the costs to be in one loan. It can be used to buy or refinance 1– to 4–unit properties.

 FHA Energy-Efficient Mortgages for those wanting to make their homes more energy efficient.


VA Home Loan programs help veterans finance the purchase of homes with favorable loan terms. VA loans have little or no down payment requirements, no monthly mortgage insurance and provide up to 100% financing. Interest rates are typically lower than rates charged by other types of mortgages. VA Home Loans are made available to eligible veterans (who were honorably discharged) for the purchase of a home for personal occupancy. For VA housing purposes, the term “veteran” includes certain members of the Selected Reserve, active-duty service personnel, and certain categories of spouses.


The United States Department of Agriculture (USDA) Rural Development Loan Program provides 100% financing. The mortgage comes from a bank and there is no mortgage insurance. However, the USDA levies a 2% upfront guarantee fee which can be included in the mortgage. These loans are for low to moderate income homebuyers desiring to buy a home in a rural development area. This program is so popular that it has been known to run out of funds by the end of the year. The USDA has maps on its website that allow you to search for eligible areas. Normally, this program is intended for first-time homebuyers.

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