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8 hour face to face or online HUD approved Mortgage Counseling course required. Interest is zero percent (0%) on the loan EXCEPT in the case of default, at which time the remaining balance shall accrue interest at five percent (5%). The actual amount of repair assistance will be based upon the actual repair costs as determined by obtaining three bids. A clear Wood Destroying Organism Report is required prior to closing. Income is based off qualifying income reported on the 1003, regardless of household size. Borrowers 1003 income must be below 115% of the HUD Area Median Income, adjusted for family size where the house is located.
8 hour HUD approved Mortgage Counseling course required. Buyers CANNOT use any Mortgage Insurance Companies online education class. First and second mortgage Doc Stamps ARE Exempt on this program. Intangible Tax is NOT exempt on the first mortgage, but is exempt on the "silent second" mortgage.
hillsboroughassistance.com
Florida Assist version is a $10,000 silent second mortgage deferred payment at 0% interest. This $10,000 must be repaid when the property sells, is refinanced, rented out or when the Mortgagor leaves the property for any reason. Florida HLP version is a $10,000 - monthly repayable 2nd mortgage low interest loan. The remaining balance of this mortgage must be repaid when the property sells, is refinanced, rented out or when the Mortgagor leaves the property for any reason.
Single family residences, townhouses, villas and Program APPROVED Condos, no manufactured homes. Duplexes, triplexes or quadraplexes are allowable unless the loan is a Freddie Mac loan, in which case the unit must be single. At 70 to 80 percent of area median income paying no more than 30 percent of income for principal, interest, property taxes, and insurance. Stick built homes or manufactured homes allowed for Government Agency loans (FHA, VA and USDA. 3.5% down payment assistance is in the form of a monthly repayable amortized 10 year 2nd mortgage. Seller can contribute up to 6% towards FHA, VA or USDA and 3% for all conventional Buyers closing costs.
Federal Home Loan Bank Down Payment Assistance Matching Grants
Even a small number means you will benefit from the MCC. However, zero indicates you would not be a good fit for the MCC because you have no tax liability. The MCC could save you THOUSANDS of dollars by reducing the amount of federal income tax you owe. The MCC is not down payment assistance but rather a dollar-for-dollar reduction in your federal tax liability. The FHA Loan is the type of mortgage most commonly used by first-time homebuyers and there's plenty of good reasons why.
Purchase only, no construction to permanent loans - no investment properties. 1 unit only - Single Family Residence, Townhouses, Manufactured and Mobile homes allowed. If Census Tract has a 50.01% Minority population, there is NO income limit. The program is available to First Time Home Buyers only. 2-years of Federal Tax returns required for Self-Employed, income will be averaged over two year period. Either FHA or Conventional Versions of program, Borrowers must be employed full time with 2 years continuous .
HOMEBUYERGRANTS
NO mortgage insurance for Borrower with this Conventional style program. Benefit-under-served counties and those high cost Florida counties included. (Exceeding 100% counties) increased income limit for those counties. Higher Income limits than typical state or county programs. Borrower must have a minimum of 1% of own funds in the transaction. 2% Gift funds from family can be used for rest of down payment.
A Co-Signer cannot have any ownership interest in the property (they cannot be on the mortgage/deed/warranty deed). 1st mortgage Intangibles tax is NO longer exempt on this program. Primary Residences only, Single Family Residences and Fee Simple townhomes, financing of condos must be approved by USB ONLY, no manufactured or mobile homes allowed. HUD approved Homebuyer education required before Closing. Florida e-housing fee's $225 compliance fee + $400 US Bank funding fee + $85 tax service fee at closing to be deducted from the 3% or 4% Grants. 8-hour online Buyer education required or any HUD approved agency (online or in-person).
FEDERAL INCOME TAX LIABILITY- In order for a borrower to benefit from the Mortgage Credit Certificate they must have Federal income tax liability. Just because you received a tax refund does not mean you don't have liability. To determine your tax liability look at your IRS 1040 form. On 1040A line 39, on the 1040EZ line 12 and on the 1040 line 63. The number indicated on that line is your tax liability. A large number means you are a great fit for the MCC program.
1) Annually when a borrower files their federal income tax returns, or. 2) A portion may be claimed with each paycheck by filing a revised W-4 form with the employer adjusting federal income tax withholding. Another added bonus - this MCC program may be used with one of the first mortgage programs listed above that offer down payment and closing cost assistance. The Mortgage Credit Certificate program will have the strictest eligibility requirements so those must be followed in order to be combined with the program first mortgage. The City of Tampa offers down payment assistance loans to income-eligible home buyers of property within the City limits of Tampa.
3% to 5% down payment assistance of the purchase price is in the form of a forgivable grant at a rate of 20% per every year the Borrower lives at the property. These forgivable grants do not require repayment by the borrower. This down payment assistance grants are forgiven at a rate of 20% per year for every year the Borrower resides at the property. This can be used for down payment, Buyers mortgage closing costs, or can also be used to "split pay" mortgage insurance premium to lower mortgage insurance cost or pay mortgage insurance completely off. The Home Sweet Home Hillsborough Program offers first-time homebuyers assistance in the form of a 30-year second mortgage. The zero-interest deferred loan offers applicants up to $10,000 in funds, which must be used to cover down payment and/or closing costs.
VA Funding Fee higher the second time the VA Loan is used. Minimum middle FICO score is 640 or whatever AUS will approve. For every year the Buyer physically lives in the home, the "silent second" mortgage is forgiven at a rate of 20%. Bankruptcies discharged over 2 years or Foreclosures older than 3 years, minimum 2 trade lines with no late's in last 12 months, No NSF's in last 6 months.
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