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First Time Home Buyer Programs Available in Florida

The first step is to get prequalified and determine what programs you are qualified to use.

Mel Gilson, Broker Associate 863-‐602-‐1320 [email protected]

First Time Home Buyer Assistance Programs

First 8me home buyers are typically defined as not owning a

home in the last 3 years.

Most programs will use income and purchase Price and debt to income raJos

to determine eligibility.



What are your minimum qualifica8ons to buy a home and

par8cipate in the assistance programs

•  640 FICO score or above •  Full Jme job for a year or more •  Debt to Income raJo of not greater than 43% •  (gross income – personal debt) •  Cost of the home plus taxes and insurance.



10 First Time Home Buyer Assistance Op8ons in Florida



Florida Homeownership Loan Program or (HLP) • 30 year fixed rate first mortgage • $10,000 Florida homeownership loan 2nd mortgage now allowed; This is a fully amortized 2nd mortgage for 15 years at 3% interest rate which ends up being a $69 a month payment. • This can be used with the Florida assist FHA first mortgage or the HFA Preferred conventional first mortgage - Minimum credit score 640+ middle score for 95% LTV • Minimum credit score 680+ middle score for 97% LTV • Available statewide • Home buyer education required • Discount on mortgage insurance for those that qualify • Income limits and purchase price limits do apply • Non Occupant Co-signers are not permitted • Owner-occupied, 1 unit properties • Town homes or Condos (Condos must be prior approved) • New construction or foreclosures okay



CONVENTIONAL HFA PREFERRED LOAN • 30 year fixed rate mortgage • $7,500 in assistance to help with down payment assistance in Florida and/or closing costs • Minimum credit score 640+ middle score for 95% LTV • Minimum credit score 680+ middle score for 97% LTV • Available statewide • Home buyer educa8on required • Discount on mortgage insurance for those that qualify • Income limits and purchase price limits do apply • Non Occupant Co-‐signers are not permi[ed • Owner-‐occupied, 1 unit proper8es • Town homes or Condos (Condos must be prior approved) • New construc8on or foreclosures okay FHA w/Florida Assist with 4% Grant



FHA w/Florida Assist with 4% Grant • 30 year fixed rate first mortgage • 4% grant non repayable forgiven at closing based on purchase price, can be used for down payment and or closing costs. • Minimum credit score 640+ middle score • Available statewide • Home buyer educa8on required • Income limits and purchase price limits do apply • First 8me home buyer requirement applies to all borrower{s) and spouses • No cash back at closing • Non Occupant Co-‐signers are not permi[ed • Owner-‐occupied, 1 unit proper8es • Town homes or Condos (Condos must be prior approved) • New construc8on or foreclosures okay



FHA w/Florida Assist • 30 year fixed rate mortgage • $7,500 to help with down payment assistance Florida and /or closing costs also under the conven8onal FHA program • Minimum credit score 640+ middle score • Available statewide • Home buyer educa8on required • Income limits and purchase price limits do apply • First 8me home buyer requirement applies to all borrower{s) and spouses • No cash back at closing • Non Occupant Co-‐signers are not permi[ed • Owner-‐occupied, 1 unit proper8es • Town homes or Condos (Condos must be prior approved) • New construc8on or foreclosures okay



CONVENTIONAL HFA PREFERRED PLUS LOAN • 30 year fixed rate mortgage • 3% or 4% grant based on purchase price to help with down payment assistance Florida and/or closing costs • Minimum credit score 640+ middle score for 95% LTV • Minimum credit score 680+ middle score for 97% LTV • Available statewide • Home buyer educa8on required • Discount on mortgage insurance for those that qualify • Income limits and purchase price limits do apply • Non Occupant Co-‐signers are not permi[ed • Owner-‐occupied, 1 unit proper8es • Town homes or Condos (Condos must be prior approved) • New construc8on or foreclosures okay • Higher income limits than most programs • Veterans do not have to be first 8me home buyer • Must be first 8me home buyer (except Veterans) • May qualify for reduced private mortgage insurance



First Jme home buyer Matching grant • $5000 maximum subsidy • 4 to 1 ra8o. For every $1, grant provides up to $4, up to the maximum of$5,000 • Minimum contribu8on is $1,000 • Owner-‐occupied, 1 unit proper8es • Town homes or Condos ( condos must be prior approved) • New construc8on or foreclosures okay • Must be first 8me home buyer – not have owned a home in the last 3 years • Available statewide • Income limits and purchase price limits apply



MATCHING GRANT – Community • $7500 maximum subsidy • Must be one of the following: • Current or re8red law enforcement officer • Educator, Firefighter, Healthcare worker, Those who are serving or have served in any branch of the US Military, or their surviving spouses, Other first responders • Do not have to be a first 8me home buyer • 4 to 1 ra8o. For every $1 contribu8on, grant provides up to $4, up to the maximum of $7500 • Minimum contribu8on is $1,000 • Owner-‐occupied, 1 unit proper8es • Town homes or Condos ( Condos must be prior approved) • New construc8on or foreclosures okay • Available statewide • Income limits and purchase price limits apply • Minimum credit score 640+ middle score • Homebuyer counseling required



USDA/Rural Development Loans • 100% loan – no down payment required • Property must be in eligible area • Income limits do apply – higher than most programs • Minimum credit score 640+ middle score • Lower MI rates than Conven8onal or FHA loans • Home buyer counseling required • Owner-‐occupied, 1 unit proper8es • Town homes or Condos (Condos must be prior approved) • New construc8on or foreclosures okay



VA Loans • 100% loan – no down payment required for those that qualify • No monthly MI • Owner-‐occupied, 1 unit proper8es • Town homes or Condos (Condos must be prior approved) • New construc8on or foreclosures okay • Minimum credit score 640+ middle score • The length of your service or service commitment and/or duty status may determine your eligibility



HomeKey First-‐Time Buyer Program Con8nuously funded program -‐ Never "runs out" of money ELIGIBLE AREAS – Polk County ELIGIBILITY CRITERIA* -‐ Buyers and their spouses (occupant and non-‐occupant) must be first-‐8me buyers and must be able to permanently reside in the US. -‐ Buyers must live in the property they purchase as their principal residence. -‐ All applicants must be considered irrespec8ve of age, race, color, religion, na8onal origin, sex, marital status, military status or physical handicap. -‐ Buyers must occupy the property purchased within 60 days of closing. -‐ Buyers must live in the property as their principal residence and the property may never be rented. -‐ See loan officer for addi8onal informa8on DOWN PAYMENT ASSISTANCE – 30 Year Deferred, 0.00% second mortgage, up to $5,000. Must be used for down payment and closing cost. The second mortgage is never forgiven and must be repaid when the first mortgage is refinanced, sale, short-‐sale, foreclosure or if the borrower ceases to live in the property. �



INCOME LIMIT CRITERIA – Household income is considered for ALL Borrower(s) listed on the 1003 Loan Applica8on only,, 1 -‐ 2 person household $70,800, 3 or more person household $82,600 MAXIMUM SALES PRICE LIMIT – This price must include everything paid by the buyer or on the buyer's behalf. $255,573 HOMEBUYER EDUCATION – First-‐Time Homebuyers must complete a Program-‐approved pre-‐purchase homebuyer educa8on course. Please speak with a par8cipa8ng lender for details. ELIGIBLE PROPERTY – New or exis8ng, one to four units, detached or a[ached, condos, townhomes. CREDIT SCORE -‐ FICO mid score must be 660 or higher. DTI – The maximum debt-‐to-‐income (DTI) ra8o is 45%. Affordable Income Subsidy Grant Addi8onal down payment assistance is available for borrowers who qualify for the Home Key Program, with lower income limits. The borrower must u8lize the Freddie Mac conven8onal loan offered in the Home Key Program to be eligible for the addi8onal assistance. Polk County borrowers at or below $42,880 may receive an addi8onal $1,500 grant for down payment and closing cost assistance. Polk County borrowers at or below $26,800 may receive an addi8onal $2,500 grant for down payment and closing cost assistance. WHAT'S THE NEXT STEP? If you think you qualify for the program based upon the criteria above, contact a par8cipa8ng loan officer to get pre-‐approved for a mortgage.



Home Key conJnued

Other Down payment OpJons • Parent or friend down payment gio -‐ Parent or friend down payment loan -‐ Contribu8on from the seller for closing costs



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