There is another bond issue for first time homebuyers now available in addition to the State of Florida issue. It is the 2007 Escambia County Bond Program. Here are the general parameters: -this issue is available in Okaloosa, Santa Rosa and Walton counties. -must be a first time homebuyer and have a contract to lock-in. A first time homebuyer is defined as someone who has not owned a primary residence in the last 3 years. -RATE-5.19% with 1.50 points. 30 year fixed rate only. -available for conventional, VA, FHA and Rural Development loans. -Maximum total family income-Okaloosa county - 1-2 members-$57,800 and 3 + members-$66,470. Santa Rosa and Walton counties-1-2 members-$54,800 and 3 + members-$63,020. -Maximum sales price limitations-Okaloosa -$281,137, Santa Rosa-$237,031 and Walton-$429,619. -owner occupied only. -no home buyer counseling required. -UP to $7000 in the form of a second mortgage to cover closing cost, prepaids and down payment. The Rate is 0% amortized over 10 years($58.33 per month). There is no monthly payment but the second is paid when the house is sold, or the borrower no longer resides in the property. This bond issue offers the lowest rate currently available on a 30 year fixed rate. If you are working with someone who is a first time homebuyer, please have them call me with any questions. 1-800-303-7010, or 651-5252 local. Thanks in advance, John Flournoy Mortgage Loan Officer
follow me on Twitter click the twitter image.
Brandon Jordan's Profile
Add me to your Facebook