30-year, fixed-rate FHA first mortgage loans originated by trained and approved lenders throughout the State of Florida. The program is offered to all borrowers in Miami-Dade county Florida who meet income, purchase price and other program guidelines, and can otherwise qualify for an FHA, VA, FNMA HFA Preferred or FHMLC HFA Advantage mortgage loan.
Funds may only be used with a Florida HFA 1st mortgage loan.
Maximum Purchase price = $317,646
Property to be located anywhere in Miami-Dade County
The down payment assistance comes in the form of a $15,000 - 0% interest, fixed-rate second mortgage Loan for Miami-Dade County. No monthly mortgage payments for the "silent second" mortgage.
Monthly payments on 2nd mortgage down payment assistance funds are not required.
Only one Florida down payment program can be used by the borrower per transaction.
The Down Payment Assistance loan is immediately repaid if the homebuyer sells the home, transfers ownership, satisfies or refinances the first mortgage, or ceases to occupy the home.
First Time Homebuyer's or Borrowers or Spouse have not owned a home in the last 3 years.
IRS Tax Returns filed for the past 3 years for all Borrowers.
First and second mortgage Doc Stamps ARE Exempt on this program. Intangible Tax is NOT exempt on the first mortgage but is exempt on the "silent second" mortgage.
Minimum Funds directly from Buyer of $1000.00 to Close on Home.
44.99% Debt to Income or less for FHA. Fannie Mae and Freddie Mac loans possible 49.99% back end DT Use AUS Findings for acceptable ratios.
Must be First Time Home Buyers or not have owned a home in the past 3 years.
Low fixed mortgage interest rates.
Eligible Loan Types include Conventional (Fannie Mae, HFA Preferred, Freddie Mac HFA Advantage), FHA, USDA, and VA loans.
Can purchase new or resale homes.
Single family residences, townhouses, villas and Program APPROVED Condos, NO manufactured homes. No duplexes, triplexes or quadraplexes without Borrower contributing 3% of the purchase price.
Buyers must occupy property within 60 days of Closing.
8 hour HUD approved Mortgage Counseling course required. Certificates valid for 2-years. Buyers CANNOT use any Mortgage Insurance Companies online education class.
Primary Residences only, no second homes or investment properties.
No Prepayment Penalty Fee if the 1st mortgage loan is paid out early.
No cash back at closing, any excess funds will be used to pay down the first mortgage. In excess money will be used as a Principle Reduction.
Borrowers are permitted a reimbursement of prepaids and reimbursement of overage of earnest money deposit to the extent any minimum contribution has been satisfied and permitted by Agency guidelines.
Appraisal must indicate the structure has at least 30 years of possible life.
Credit restrictions:
Minimum 640 FICO scores credit score to qualify for all Conventional loans.
Minimum 660 FICO scores to qualify for FHA loans.
Bankruptcies discharged over 2 years or Foreclosures older than 3 years, minimum 2 trade lines with no late's in last 12 months, No NSF's in last 6 months.
Co-Signors/Non-occupying Co-Borrowers allowed if related by blood, marriage or law and Agency guidelines.
Lender credit not available.
No Manual underwrites on FHA loans.
Borrower Income from 1003 Mortgage Loan Application Household income not required if Borrower qualifies alone and is below income limits.
Income must be supported by pay stubs and 2 year history of continuous employment. Gaps in employment can be considered. 2 year overall employment required, not necessarily continuous employment required.
