Apr 22 2016 19502 1

Apr 22 2016 19502 1

I just wanted to give you an update on the 2016 Florida Bond Program changes. Florida Housing’s First Time Homebuyer (FTHB) Program offers 30-year fixed rate FIRST mortgage loans to first time homebuyers through Supreme Lending. Eligible borrowers may also participate in one of Florida Housing’s second mortgage programs to assist borrowers with down payment assistance and closing costs. 

I just received an email that gives you some information to pass onto your clients. Let me know if you have any questions.

Florida Housing Participating Lending Partners,
2015 was a record setting year for our Homeownership Programs. Through your efforts, 4,327 Floridians became homeowners in 2015. In the face of TRID, Program changes and other headwinds, you originated $547,846,734 in Program first mortgage volume which was leveraged with almost $45,000,000 of Program downpayment (DPA) and closing cost assistance, also a record amount. We thank you for your hard work and efforts and will try to help you surpass these records in 2016. We are pleased to announce that beginning MONDAY, JANUARY 11, 2016, you will once again be able to input reservations for FHA loans with minimum FICO scores of640.

We would also like to take a moment to clarify acceptable uses of Program DPA as we are suddenly receiving a lot of questions that haven't been asked in the past. Our funds can be used for normal and customary closing costs and downpayment. This includes additional downpayment used to reduce the principal loan balance of the first mortgage beyond that required by the Agencies or GSEs. However, what IS NOT ACCEPTABLE is using our funds to make up any shortfall between the sales price and appraised value of the home being purchased. Additionally, any borrower debt that is required to be paid off prior to or at closing cannot be paid from our funds. In both cases the borrower must use their own funds to bridge the gap in sales price/appraised value or to pay off the debt.

2016 Preferred Florida Down Payment Assistance Guidelines

  • 30-year, fixed-rate 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 loan. Borrowers who qualify for this first mortgage program are automatically qualified for one of Florida Housing’s down payment assistance programs.

  • First Time Home Buyer or haven’t owned a property for at least 3 years

  • $7,500 Florida Down Payment Assistance can be used for down payment, Buyers mortgage closing costs, or split mortgage insurance premium to lower mortgage insurance cost

  • Credit score FHA 640 minimum for 96.5% LTV or less – Conventional 680 credit score required for 95%-97% LTV

  • Maximum LTV 97%- 105% CLTV

  • No cash back at closing, any excess funds will be used to pay down first mortgage

  • 1 unit only – Single Family Residence, Townhomes & Condos with 95% LTV or below

  • 45% debt to income ratio or less

  • Lower mortgage insurance rates for Borrower.

  • Seller contribution 3% maximum towards Buyers closing costs

  • Must pay back $7,500, 0% loan when home is sold or refinanced within 30 years

  • Purchase only No- construction to Perm loans

  • Purchase price limits determined by county median income limits (Palm Beach $75,000)

  • Owner Occupants only-No Investors or second homes

  • 8 hour face to face Buyer education required or any HUD approved agency (online or in-person) or approved mortgage insurance education class.

  • Florida e-housing fee’s $225 compliance fee + $300 funding fee + $85 tax service fee

  • FHA & Fannie Mae guide lines apply

  • Co-Signors not permitted

  • 0% interest rate / $7,500 Down Payment assistance is payable upon any of the following conditions.

  • The FL Assist offers a 30 year, fixed, deferred but accelerated upon any of the following – the sale, transfer or other disposition of the property (including involuntary transfer by or as a result of foreclosure or judicial sale or operation of law), refinance or satisfaction of the FL HFA Preferred first mortgage loan. The FL Assist is repayable and is NOT forgiven.

Victor DeFrisco Headshot
Phone: 561-951-3759
Dated: April 22nd 2016
Views: 263
About Victor: ...

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