About the Down Payment Program
One of the newest programs of 2016 are the Florida Bond Down Payment programs. With the assistance of up to $15,000, these programs are one of the best for the local communities. The Down Payment and Closing Cost Assistance Programs is held by lenders who have been approved by the appropriate institutional investors.
The income limits for every one of the program are very extensive. There is a huge variety of Payment Assistances as well as grants and loans included in the Down Payments Program.
Conventional Bond Program
One of the first down payment assistance programs is the 2016 Conventional Preferred Down Payment. Its time length is 30 year, as it comes with fixed rate first mortgage loans that are distributed through approved lenders of the program.
There is no cash back at closing, and any excess funds that occur will be used to pay down the first mortgage. The interest rate is 0%, and the fees are varying to $620 total, in which e-housing, compliance, funding and tax service fees are covered. This program comes with a plus. The 2016 Conventional Preferred PLUS Payment Assistance offers even more. It’s income limits are more extensive and flexible to different needs.
FHA/VA Loan Bond Program
First-time homebuyers are also considered as a part of Florida’s new programs. Speaking of which, the 2016 FHA Florida Housing First Time Homebuyer (FTHB) Program gives a larger scope to the solutions. With the same length of 30 years, this is a program that reflects solely to first-time buyers. Moreover, military heroes and veterans are given a lower than the market rate, as well as 8 hours approved Mortgage Counseling course that is required. Here are some of the specific requirements:
- Middle Score must be a 640 score
- Household Income requirements (varies by county)
- Attend a First Time Home Buyer class (must be approved by HUD)
- Your Lender must participate in this program
- Property must be in livable condition (like the one below)
- 0% interest
- 5-year Term
- Forgivable at the rate of 20% per year over a 5-year term of the loan provided the borrower is not in default
Any of these programs can be selected and is available throughout the state of Florida. Counties that qualify for the Hardest Hit Category and qualifies for the $15,000 down payment assistance are Pasco, Polk, Pinellas, Hillsborough, Volusia, Osceola, and Orange County. You can save a lot by qualifying for these programs, loans or grants that are beneficial for anyone that is eligible to apply.
Tip: Having this information is an excellent way to measure where you currently stand should you be looking for assistance for down payment. Please know that we recommend having a professional (both the realtor and mortgage loan officer) that is savvy in this type of program as you will find there is a lot of "gray" areas in mortgage financing.