OWN A HOME OPPORTUNITY (Broward, Volusia, Lee, Sarasota, Charlotte, Collier, DeSoto, St Johns & Palm Beach Counties ONLY)
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 who meet income, purchase price and other program guidelines, and can otherwise qualify for a Freddie Mac (FHMLC) Conventional, and Government Agency mortgage loan.
Maximum Purchase price:
Charlotte County = $ 271,165
Collier County = $ 415,058
Broward County = $ 317,646
Desoto County = $ 271,165
Lee County = $ 271,165
Palm Beach County = $ 317,646
Sarasota County = $ 275,294
St Johns County = $ 316,589
Volusia County = $ 271,165
The assistance comes in the form of a 3%, 4% or 5% Grant at Closing. The amount is dependent on credit scores.
Freddie Mac Advantage Conventional mortgage loans, FHA mortgage loans, USDA mortgage loans, and VA mortgage loans
Maximum Household Income for OWN program:
Charlotte County $ 93,750
Collier County = $ 112,500
Broward County = $ 99,550
Desoto County = $ 93,750
Lee County = $ 95,550
Palm Beach County = $ 111,450
Sarasota County = $ 105,450
St Johns County = $ 104,850
Volusia County = $ 93,750
No First Time Home Buyer restriction.
NO work visa, student visa, any temporary visas qualify for this program
Intangible Tax NOT exempt.
Documentation Stamps STILL exempt.
Minimum Funds directly from Buyer of $1000.00 to Close on Home
Minimum 640 FICO credit score on FHA, VA, USDA to qualify for 2% grant, 660 FICO to qualify for 3% FHA grant, and minimum 640 FICO for Freddie Mac (FHLMC) Conventional loans to receive either 3%, 4% or 5% grant at the Closing table. The outcome to determine if the loan is qualified for conventional loans is determined exclusively by LP Automated Underwriting findings, (AUS).
ALL bank deposits OUTSIDE of payroll requires detailed explanations.
44.9% Debt to Income ratio or less on FHA, VA and USDA loans. Up to 49.99% DTI for FHMLC conventional loans.
Low fixed mortgage interest rates are determined by program guidelines, NOT by individual local Lender.
Can purchase new or resale homes
8 hour face-to-face or online HUD-approved Mortgage Counseling course required.
No Bankruptcies in last 2 years, no foreclosure last 3 years for Government Agency loans (FHA, VA, USDA) or 4 years bankruptcy and/or 7 years foreclosures, short sales, or deed in lieu for conventional loans.
Primary Residences only, Single Family Residences and Fee Simple townhomes, conventional financing of condos must be approved by USB ONLY, no manufactured or mobile homes allowed.
No Prepayment Penalty Fee if 1st mortgage loan is paid out early
While there is no cash back in this program, the borrower may be reimbursed for any overpayment of escrow to the extent permitted by Agency (FHA, VA, USDA) or FHMLC guidelines.
Pay stubs and W-2's required.
Buyers CANNOT own any residential property at the time of Closing on this program.
No possibility of Recapture Tax.
Credit restrictions: No Manual Underwrites, 3 trade lines with no late’s in last 12 months, No NSF's in the last 12 months, Non-traditional credit allowed.
Cosigners Permitted for FHA loans under very specific conditions. Follow FHA guidelines for credit purposes only. Treat Consignor credit/income as directed by FHA. Consignors are allowable in an FHA transaction when meeting the following conditions (1) A Consignor cannot have any ownership interest in the property (they cannot be on the Mortgage/Deed) and (2) The Consignor cannot reside in the property being purchased. A Co-Signors income is not considered for program purposes, tax returns/transcripts are not required and Consignor’s do not sign any program documents.
Income must be supported by pay stubs and a 2-year history of continuous employment.
Grant forgiven at Closing, No second mortgages remain.
Refinances: Not permitted.
Lender credit not available.
The appraisal must indicate that the home has at least a 30-year remaining useful life.
Lot size cannot exceed basic livability standards. Example 4 acre lot properties not allowed.
No Prepayment Penalties if the mortgage is paid out early for whatever reason.