OWN A HOME Down Payment Assistance Grant (Not required to be a 1st Time Home Buyer)

Down Payment Assistance Grant Program for the following Florida counties: Volusia, St. Johns, Charlotte, Broward, Collier, DeSoto, Lee, Palm Beach, Sarasota, (Not required to be a 1st Time Home Buyer)

• This Down Payment Assistance Grant is NOT Restricted to First Time Home Buyers!
• 30-year, fixed-rate FHA 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 a Freddie Mac (FHMLC) Conventional, and Government Agency mortgage loan.
• Maximum Purchase price:
• Charlotte County = $ 271,165
• Collier County = $ 415,058
• Broward County = $ 317,646
• Desoto County = $ 271,165
• Lee County = $ 271,165
• Palm Beach County = $ 317,646
• Sarasota County = $ 275,294
• St Johns County = $ 316,589
• Volusia County = $ 271,165
• Minimum 660 FICO version 5-4-2 credit score on FHA, VA, USDA to qualify for 2.5% grants, 660 FICO may qualify for 3%-5% grant on FHA version depending on interest rate, and minimum 700 middle FICO version 5-4-2 for Freddie Mac (FHLMC) Conventional loans to receive either 3%, 4% or 5% grants at Closing table.Outcome to determine if loan is qualified for conventional loans is determined exclusively by LP Automated Underwriting findings.
• Freddie Mac Advantage Conventional mortgage loans, FHA mortgage loans, USDA mortgage loans and VA mortgage loans
• Maximum 1003 Borrower income or Household Income for OWN program FHA/VA/RD (first position) Freddie Mac HFA Conventional (second position) :
• Charlotte County, Government =$ 93,750, FHLMC =$ 78,800
• Collier County, Government = $ 112,500, FHLMC =$ 97,500
• Broward County, Government = $ 98,550, FHLMC =$ 85,450
• Desoto County, Government = $ 93,750, FHLMC =$ 67,750
• Lee County, Government = $ 95,550, FHLMC =$ 82,850
• Palm Beach County, Government = $ 111,450, FHLMC =$85,450
• Sarasota County, Government = $ 105,450, FHLMC =$91,400
• St Johns County, Government = $ 104,850, FHLMC =$90,900
• Volusia County, Government = $ 93,750, FHLMC =$71,650
• No First Time Home Buyer restriction.
• NO work visa, student visa, any temporary visas qualify for this program
• Intangible Tax is NO longer exempt.
• Documentation Stamps STILL exempt.
• Minimum Funds directly from Buyer of $1000.00 to Close on Home
• Minimum 660 FICO credit score on FHA, VA, USDA to qualify for 2% grant, 660 FICO to qualify for 3-5% FHA grant, and minimum 640 FICO for Freddie Mac (FHLMC) Conventional loans to receive either 3%, 4% or 5% grants at Closing table.Outcome to determine if loan is qualified for conventional loans is determined exclusively by LP Automated Underwriting findings, (AUS).
• ALL bank deposits OUTSIDE of payroll require detailed explanations.
• 44.9% Debt to Income ratio or less on FHA, VA and USDA loans. Up to 49.99% DTI for FHMLC conventional loans.
• Low fixed mortgage interest rates are determined by program guidelines, NOT by individual local Lender.
• Can purchase new or resale homes
• 8 hour face-to face or online HUD approved Mortgage Counseling course required or HUD approved Home Buyers Education course.
• No Bankruptcies in last 2 years, no foreclosure last 3 years for Government Agency loans (FHA, VA, USDA) or 4 years bankruptcy and/or 7 years foreclosures, short sales, or deed in lieu for conventional loans.
• Primary Residences only, Single Family Residences and Fee Simple town homes, conventional financing of condos must be approved by USB ONLY, no manufactured or mobile homes allowed.
• No Prepayment Penalty Fee if 1st mortgage loan is paid out early
• While there is no cash back in this program, the borrower may be reimbursed for any overpayment of escrow to the extent permitted by Agency (FHA, VA, USDA) or FHMLC guidelines.
• Pay stubs and W2's required.
• Buyers CANNOT own any residential property at time of Closing on this program.
• No possibility of Recapture Tax.
• Credit restrictions: No Manual Underwrites, 3 trade lines with no late’s in last 12 months, No NSF's in last 12 months, Non-traditional credit allowed.
• Cosigners Permitted for FHA loans under very specific conditions. Follow FHA guidelines for credit purposes only. Treat Consignor credit/income as directed by FHA. Co-signor’s are allowable in an FHA transaction when meeting the following conditions (1) A Consignor cannot have any ownership interest in the property (they cannot be on the Mortgage/Deed) and (2) The Consignor cannot reside in the property being purchased. A Co-Signers income is not considered for program maximum income purposes, tax returns/transcripts are not required and Co-signer’s do not sign any program documents.
• Co-Signers cannot be used for FHLMC Conventional version of the program.
• Income must be supported by paystubs and 2 year history of continuous employment.
• Down Payment Assistance Grants are forgiven at Closing, No second mortgages remain.
• Refinances: Not permitted.
• Lender credit not available.
• Appraisal must indicate that the home has at least a 30 year remaining useful life.
• Lot size cannot exceed basic livability standards. Example 4 acre lot properties not allowed.
• No Prepayment Penalties if mortgage is paid out early for whatever reason.

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