2017 FHA Florida Housing First Time Homebuyer (FTHB) Down Payment Assistance Bond Program

•    30-year, fixed-rate 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 an FHA loan. Borrowers who qualify for an FHA first mortgage program are automatically qualified for one of Florida Housing's down payment assistance programs.
•    The assistance comes in the form of a 0% interest or low, fixed-rate second mortgage. Only one Florida Housing down payment program can be used by the borrower and only in conjunction with the FTHB program first mortgage products.
•    This program can be used anywhere in the State of Florida.
•    The DPA loan is repaid if the homebuyer sells the home, transfers ownership, satisfies or refinances the first mortgage, or ceases to occupy the home. This program targets applicants whose incomes are at or below 100% of the area median income (AMI), adjusted for family size.
•    Advantages to Florida Assist and First Mortgage program for First Time Homebuyers or Borrowers who have not owned a home in the last 3 years.
•    Receive up to $7,500 interest free loan Florida bond money with no monthly payment required
•    Do NOT have to pay Intangible Tax or Documentation Stamps (savings of approximately .05% of loan amount)
•    Minimum Funds from Buyer of $1000.00 to Close on Home
•    Minimum 640 FICO credit score to qualify
•    45% DTI or less
•    Low fixed mortgage interest rates
•    Borrower and Spouse hasn't owned a home for at least 3 years
•    Can purchase new or resale homes
•    Florida First & Military Heroes offers a first mortgage program for active Military and Veterans. This program offers a lower than market rate.
•    8 hour HUD approved Mortgage Counseling course required
•    No Bankruptcies in last 2 years and no foreclosure last 3 years, No NSF's within 6 months, no late 30 day credit accounts in past year.
•    Primary Residences only
•    No Prepayment Penalty Fee if loan is paid out early
•    No cash back at closing, any excess funds will be used to pay down first mortgage


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