The New year is almost here; 25 days to be precise. This is the time of year many of us prepare our goals for the new year...As we all know despite the real estate crisis, buying a home is still the American dream...With the crisis comes great deals; first time home buyers can purchase a home with a great interest rate and find a good solid deal on a home..After talking to a few prospective first time home buyers that were ready to make the jump from renter to owner, they only one problem "no down payment'. Ainsley Daux to the rescue!!!I referred them to our county's "first time home buyer program". If eligible, the buyers can receive up to $40,000 in down payment assistance. First thing I hear whenever I present this program "what is the catch" I than explain there is absolutely no catch. I closed a few deals with the buyers utilizing down payment assistancePlease see below for more detailed information on down payment assistanceWhat Is The First Time Home Buyer Program?Hillsborough County’s First Time Home Buyer Program provides Downpayment Assistance, and Closing Cost. These funds are provided by Hillsborough County through the State Housing Initiatives Partnership (SHIP) Program and through the HOME Investment Partnerships (HOME) Program.This assistance is provided in the form of a 0% interest, deferred payment loan. This simply means that there is no interest accrued and no payments are made during the life of the loan. The DPL is a second mortgage with a 30 year term. If ownership is maintained for the full term of the loan, then the second mortgage with Hillsborough County is forgiven and repayment is notnecessary.
Who Is Eligible For This Program?To qualify you must be a first time home buyer in Hillsborough County. Your total household income must be 120% and below the area median income; you must also meet certain requirements.
1) You cannot have owned a home within the last
2) Applicant must be able to qualify for primary financing by a lender.
3) The annual percentage rate of the primary financing the applicant must be eligible for FHA, VA and conventional loan from a private lending institution, with a rate no higher than one ( 1 ) point above the "Fannie Mae 60-Day Rate".
4)You must attend an 8-hour mandatory FTHB Education class. The list of contact phone numbers to schedule a class is listed below
5)A minimum down payment is required, which may include prepaid amounts such as appraisal, and application fees
6)Applicant's debt ratios shall be at or below 33%, but not less than 25% (PITI ÷ monthly income) and no higher than 45% ( [PITI + monthly debt] ÷ monthly income ).
7)Applicant's gross income must be at or below the following annual income limits - (80% median income) according to household size as determined by HUD, or (120% median income) according to household size as determined by the State of Florida - State Housing Initiatives Partnership ( SHIP ) Program
Please feel free to call or email for any other real estate concerns
Thank you
Regards
Ainsley Daux
Home Run Real Estate inc
(813)546-1954
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