Down Payment Assistance - MASH Realty Services, LLC
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Down Payment Assistance

Kids selling real estate.

30 Apr Down Payment Assistance

Posted at 16:02h in Financing by
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Down Payment Assistance:

We often get asked about options for first-time homebuyers to be able to utilize down payment assistance programs. Well, you’re in luck! There is an excellent program that provides $15,000 to use towards down payment and closing costs. We have seen buyers purchase homes with NO money needed at closing.

What Costs Can I Expect to Pay?

Usually, the only expense is the upfront cost of the binder deposit, home inspection(s), and the appraisal. You can figure that you will need about $1,500 for those items, but maybe a little more depending on the home that you are purchasing. One of our agents can walk you through that process in more detail when the time comes.

Who Qualifies as a First-Time Buyer?

You might be surprised to know that being a “First-Time” homebuyer doesn’t necessarily mean that you have NEVER owned a home before. If you have not owned a home in the past 3 years, you are now magically a “First-Time” homebuyer again! That’s really great news since you have the knowledge that comes with owning a home before and the benefit of utilizing a down payment assistance program like it’s your first time.

Show Me The Details:

Although there are other down payment assistance programs; here are some details about the program we are most excited about. It is the Florida’s FHFC “Hardest Hit” Bond Program

2ND MORTGAGE UP TO $15,00 IN DUVAL COUNTY FOR DOWN PAYMENT AND CLOSING COSTS ON A PRIMARY-HOME.

0% INTEREST WITH NO MONTHLY PAYMENTS AND FORGIVEN AT A RATE OF 20% OF THE BALANCE PER YEAR. COMPLETELY FORGIVEN AFTER 5 YEARS IF STILL RESIDING IN THE PROPERTY.

PAIRED WITH AN FHA OR CONVENTIONAL 30-YEAR FIXED 1STMORTGAGE.

INTEREST RATES FOR THE 1ST LOAN ARE DETERMINED BY THE STATE AND VARY. CHECK WITH YOUR LENDER FOR TODAY’S RATES.

MINIMUM 640 CREDIT SCORE.

MAX. SALES PRICE:  $298,192.

MUST BE 1ST TIME HOMEBUYER (FHA:  NO PRIMARY HOME OWNERSHIP IN PAST 3 YRS. BY BORROWER ORSPOUSE;  CONVENTIONAL:  NO PRIMARY HOME OWNERSHIP IN THE PAST 3 YRS. BY BORROWER).

HOUSEHOLD INCOME LIMITS APPLY;  FHA (USES ENTIRE HOUSEHOLD INCOME OF ALL FAMILY MEMBERS AGES 18+):  $69,176 FOR A 1-2 PERS. HOUSEHOLD AND $79,552 FOR A 3+ PERS. HOUSEHOLD, AND CONVENTIONAL (BORROWER(S) ON APPLICATION ONLY):  $90,860 TOTAL.

BORROWER(S) CANNOT GET ANY CASH BACK AT CLOSING.

 

Let us put you in touch with a lender that offers this program.   

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