• Manatee County Florida Key Ownership Program Homebuyer Down Payment Assistance Bond Program

Manatee County Florida Key Ownership Program Homebuyer Down Payment Assistance Bond Program

  • 30-year, fixed-rate Freddie Mac, VA, USDA, or FHA first mortgage loans originated by trained and approved lenders throughout the State of Florida. The program is offered to all borrowers in Manatee County Florida only who meet income, purchase price, and other program guidelines, and can otherwise qualify for a Freddie Mac Advantage Conventional mortgage, VA, USDA, or FHA mortgage loan.
  • Maximum Purchase price: $336,740
  • The Down Payment Assistance Grant is forgiven at the Closing table. No repayment of the grant is required.
  • FHA version - Maximum Household Income for Manatee County Florida included all people in household 18 years and older = 1-2 person Household income limit = $80,845
  • Conventional version - Borrower 1003 Income only - Borrower must qualify with 1003 Income below the threshold of the household income for county = $80,845
  • NO First Time Homebuyer's requirement.
  • Interest rates are determined by Manatee County and are non-negotiable with Lender.
  • Minimum Funds directly from Buyer of $1000.00 to Close on the home
  • Minimum 640 middle FICO credit score to qualify for 2% FHA grant, middle FICO 660 to receive 3% FHA grant or 640+ FICO to qualify for FHLMC Conventional grant of 3%-4%-5%.
  • FHA version Borrower must be less than 44.99% back end DTI. Conventional Borrower must have 49.99% back end DTI or less.
  • Low fixed mortgage interest rates
  • Can purchase new or resale homes.
  • Must occupy residence within 60 days of closing.
  • 8 hour HUD approved face to face or HUD-approved online Mortgage Counseling course required
  • FHA version - No Bankruptcies in last 2 years and no foreclosure last 3 years. FHLMC Conventional version 640 Credit score No Bankruptcies in the last 4 years and no foreclosures or short sales in the last 7 years.
  • No NSF's in the last 6 months, No late credit payments last 12 months.
  • Primary Residences only
  • Cannot own any other residential property at the time of closing.
  • A non-permanent manufactured home is permitted.
  • No cash back at closing, any excess funds will be used to pay down the first mortgage referred to as Principal Reduction.
  • 1003 Income must be supported by pay-stubs and a 2-year history of continuous employment for w-2 employees or 1099's, K1's and minimum 2 years business tax returns for the self-employed.
  • Refinances: Not permitted.