Provides 3.5% in down payment assistance in ALL Florida counties for both FHA and Conventional FNMA Loans.
3.5% down payment assistance is in the form of a monthly repayable 10-year 2nd mortgage at 8%.
30 year fixed term on the 1st mortgage.
The buyer does not need to be the first time Home Buyer.
Borrowers 1003 income must be below 115% of the HUD Area Median Income, adjusted for family size where the house is located.
Back end debt ratio of less than 49.99%.
Must be primary residence, no Investors.
Must NOT have other concurrent residential real estate.
Stick built homes or manufactured homes allowed for Government Agency loans (FHA, VA, and USDA.
NO Non-Owner Occupant Co-Borrowers allowed.
Competitive mortgage Interest rates.
Can be used with Conventional mortgages (3.5), VA mortgages (3.5%), FHA mortgages (3.5%) and USDA mortgages (3.5%)
Supplemental alternative credit not allowed. No manual underwrites.
No duplexes, triplexes or quadruplexes.
Income is based on qualifying income reported on 1003, regardless of household size.
Maximum loan amount of FHA limits in the area purchased. Generally, the lesser of $424,100 (not including MI) or maximum loan amounts permitted by HUD.
Home Buyer Education required.
Minimum middle FICO credit score is 640 or higher for all mortgage products.
Maximum debt-to-income 45%-50% Depending on credit score and compensating factors.
47% LTV or higher must have 12 months of rental history.
No Prepayment Penalty Fee if the loan is paid out early.
No cash back to Borrower/Buyer
NO Non-Owner Occupant may be used.
The seller can tribute up to 6% towards FHA, VA or USDA Buyers Closing Costs, or 3% contribution if Conventional FNMA loan.