HappySeniorHomeOwners Blog

1st Time Homebuyers

January 23rd, 2012 3:09 PM by Juan Luis Rodriguez-Kohly

1ST TIME HOME BUYERS

DOWN PAYMENT ASSISTANCE PROGRAMS - MIAMI-DADE COUNTY, Florida

Qualifying 1st Time HomeBuyers are able to PURCHASE a primary residence (SFR or Townhouse) in Miami-Dade with Down Payment Assistance from Miami-Dade County, Florida. A person who has not owned a property in the last 3 years, might be considered a 1st Time Buyer.

HAP PROGRAM

SHIP PROGRAM

Purpose: Program will provide a Zero Percent interest, forgivable loan for qualifying low to moderate income 1st Time Homebuyer households.

 

(changes effective 2/14/2012)

Purpose: Program will provide qualifying low to moderate income 1st Time Homebuyer households,a 2nd mortgagre with very low monthly payments
(depending on income). From the 10th year on, you would pay the normal amortization at very low Fixed Annual Rate.

  • Up to $4,500 or $7,000 applicable to Down Payment or Closing cost.
  • Benefit based on family size # _____ and total Household Income. $___________
  • Borrower must invest 1% or 3% from their own funds.
  • Gifts and Sellers Contributions up to 6% acceptable
  • Credit Score of 620 or higher
  • Must qualify for the FNMA, FHA or FMAC 30 years fixed rate
  • All Borrowers must occupy the home.
  • Loan forgivable after living 10 years.
  • Sales-Purchase Contract MUST have 60-90 days to close.
  • Up to $80,000 applicable to Down Payment or Closing cost.
  • Benefit based on family size # _____ and total Household Income. $___________
  • Borrower must invest minimum of 1% own funds.
  • Gifts and Sellers Contributions up to 6% acceptable
  • Credit Score of 620 or higher
  • Must qualify for FHA 30 years fixed rate.
  • All Borrowers must occupy the home.
  • REO/Short Sales MUST have 60-90 days to close after Bank Acceptance.
  • Sales-Purchase Contract MUST have 60-90 days to close.

Properties: Miami-Dade only. Maximum Value $423,750, Single Family, Townhomes. FHA acceptable. Condos FHA Approved ONLY. Immediately inhabitable.

Properties: Miami-Dade only. Maximum Value $205,000, Single Family, Townhomes. FHA acceptable.  Condos FHA Approved ONLY. Immediately inhabitable.

Miami-Dade County Homeownership Assistance Program

Miami-Dade County State Housing Initiative Partnership (SHIP) Program

Note: Information subject to errors and omission and may change without prior notice. Programs subject to change and/or availability of Funds.


Request Information online: Click here

http://RodKohlyMortgages.com/1stTimeBuyerMDC

Call me for more information at 305-445-9003 ext 118 or Mobile: 786-262-6486 or email me at RodKohly@GMail.com or eFax at 786-345-0783


Your comments will be appreciated. Post here or send them to RodKohly@Gmail.com   *   For most answers call me at 786-262-6486  or visit http://HappySeniorHomeOwners.com   (English-Español).  Follow me in Facebook: http://Facebook.com/RodKohlyLO    To tell a friend visit  http://www.happyseniorhomeowners.com/tellfriend.aspx 

 

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Posted by Juan Luis Rodriguez-Kohly on January 23rd, 2012 3:09 PM

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