i don't care who you are, when a new program comes to the market you just
don't know what you don't know
The conventional option on the "Hardest Hit" program is just outstanding, if I do say so myself, and I do.
So, let's go over the basics;
the home buyer can receive up to $15,000 for downpayment and closing costs, which are forgiven at 20% per year. So, if you own the home for 5 years, essentially the $$$ was free.
You need to be a first time homebuyer, or someone who has not owned a home for the last 3 years, or a qualified Veteran. There are income guidelines but they are fairly liberal, for this type of a program. You also must have a 640 credit score. Finally the maximum ratio is 45%.
But Jay, you promised us more! yes I did now, didn't I.
Okay;
1. the program is 1003 driven, meaning only the applicant, that being the buyer on the application, is taken into consideration...this option is huuuuuge!
2. the MI is at a reduced cost, and can be discontinued when appropriate equity levels are reached.
3. you need not ask the seller for any assistance.
i don't care which side of the contract you're on, you've got to like that.
"Hardest Hit" is a program offerred through the Flrorida Housing Finance Corporation and their approved lenders, of which I'm one.
*the buyer(s) must be purchasing a home in the following counties: Brevard, Clay, Duval, Hillsborough, Orange, Osceola, Pascco, Pinellas, Polk, St. Lucie, Volusia
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