· Florida Housing Finance, the administrator of the Florida Bond program has just delivered some great news for area First Time Homebuyers. The interest rate on the program has been lowered to a fixed rate of 3.5%! Lender fees are still very limited on the program and no doc stamps or intangible taxes are collected on the note and mortgage which saves the borrower a significant amount at closing.
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· A second program change that has been communicated is that the borrower’s minimum cash investment under the program of $1,000 can now be gifted!
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· Most borrowers under the program will qualify for a $7,500 zero interest, zero payment second mortgage that can be used towards the down payment and closing costs of the loan. Certain borrowers may qualify for additional assistance of up to $10,000 under the Lee County HOME program, up to $20,000 under the Collier County SHIP program or up to $5,000 under the Federal Home Loan Bank first time homebuyer program. And if further assistance is needed, the seller can pay up to 6% of the purchase price towards closing costs!
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· Keep in mind that to qualify for this program, the borrower and/or their spouse cannot have owned a primary residence over the last three years. Also, maximum household income cannot exceed $79,800 for a family of three or more or $68,400 for a one or two person family in Lee County or $101,920 for a family of three or more or $87,360 for a one or two person family in Collier County. The minimum credit score on the program is 640 and non-traditional credit can be developed for a borrower if no credit scores exist.
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Cape Coral Florida
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