Conventional Preferred Plus Down Payment Assistance Mortgage Grant
Conventional Preferred Plus Down Payment Assistance Mortgage Grant
2019 TBA Income & Purchase Limits
30-year, fixed-rate first mortgage loans originated by trained and approved lenders throughout the State of Florida. The program is offered to all borrowers who meet income, purchase price and other program guidelines, and can otherwise qualify for a loan.
First Time Home Buyer hasn't owned a primary residence in the past 3 years.
3% or 4% grant of the purchase price is in the form of a forgivable grant at Closing that does not require repayment by the borrower. This down payment assistance grant is forgiven at closing. This can be used for down payment, Buyers mortgage closing costs, or can also be used to "split pay" mortgage insurance premium to lower mortgage insurance cost or pay mortgage insurance completely off.
This program allows for much higher borrower income limits.
This program can be used anywhere in the State of Florida.
Last 3 years Federal Tax Returns required.> Intangibles Tax and Doc stamps are still exempt under this program.
Maximum LTV 97%- 105% CLTV
No cash back at closing, any excess funds will be used to pay down the first mortgage.
1 unit only - Single Family Residence, Townhouses. Approved Condos by USB with 95% LTV or below.
Household income limitation if both people are on the loan - However, 1003 Applicant income is below the HUD Median Income of 140% for the county, the non-borrowing person income will not be used for qualification or household income limitation. 1003 Income to be used for qualification ONLY
49.99% debt to income ratio or less or whatever Automated Underwriting will approve.
Lower mortgage insurance rates for Borrower with this Conventional loan/grant program.
Mortgage Insurance rates could be reduced or even paid off at Closing. Maximum Seller contribution 3% maximum towards Buyers closing costs.
Purchase only, no construction to permanent loans - no investment properties.
Purchase price limits determined by HUD county median income limits. See county Income Limits above.
Owner Occupants only-No Investors.
Lender Credit not available.
22-hour Buyer education required or any HUD-approved agency (online or in-person) or approved 1-hour mortgage insurance education class from MGIC or Genworth
Florida e-housing fee's $225 compliance fee + $300 US Bank funding fee + $85 tax service fee at closing to be deducted from the 3% or 4% Grant.
