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 forgivable 0%, "silent second" mortgage. 36 months of consecutive on-time payments must be made for "silent second" mortgage to be forgiven.
30 year fixed term.
For all Florida counties.
The buyer does not need to be the first time Home Buyer.
NO Origination fee on mortgage loans.
Unlimited income.
Back end debt-to-ratio less than 49.99% on all mortgages.
Must be a primary residence, no Investors.
Must NOT have other concurrent residential real estate.
Stick built homes or manufactured homes allowed for Conventional and Government Agency loans (FNMA, FHA, VA, and USDA).
Non-Owner Occupant Co-Borrowers allowed for Credit only, NOT income.
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.
The borrower must qualify for Conventional, FHA, USDA or VA Loan.
Duplexes ARE allowed. NO triplexes or quadruplexes.
NO Income limit.
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 620 or higher.
Maximum debt-to-income 50% or higher depending on credit score, compensating factors and Automated Underwriting findings.
47% LTV or higher must have 12 months of documentable rental history.
No Prepayment Penalty Fee if the loan is paid out early.
No cash back to Borrower/Buyer
The seller can tribute up to 6% towards FHA, VA or USDA and 3% for all conventional Buyers closing costs.
