Together we can build a better home. #EndPoverty

As your trusted real estate brokerage, our goal is to help as many families accomplish their dream of homeownership. Today we acknowledge the International Day for the Eradication of Poverty #EndPoverty and want to share some housing programs in Florida that can assist in making our communities a better place for all.

Housing assistance in Florida includes a program that is federally funded that will provide safe and affordable housing for families of low income. Here is what you should know when looking into buying a home: talking to a knowledgeable expert can open many doors and opportunities for you. Many times, people drive away from speaking to a trusted realtor and loan officer because they are not properly educated and believe it will cost them. But here is the truth: it can potentially cost you MORE if you don’t speak with one and get the facts about the best help for your situation. Here are some programs you can look into:

Down Payment Assistance:

The Florida Assist (FL Assist)

• It can offer up to $10,000 on FHA, VA, USDA and Conventional Loans.

• 0%, non-amortizing, deferred second mortgage.

What you should know: it is not forgivable, meaning repayment is deferred, that is incase of the exception in the event of the sale, transfer, satisfaction of the first mortgage, refinancing of the property or until such a time the mortgagor ceases to occupy the property at which time, the Florida Assist will become due and payable, in full.

The Florida Homeownership Loan Program (FL HLP) Second Mortgage

• Offers $10,000.

• 3% fully-amortizing, second mortgage.

• 15-year term.

The FL HLP Second Mortgage carries a monthly payment. The remaining unpaid principal balance (UPB) is deferred, except in the event of the sale, transfer of deed, satisfaction of the first mortgage, refinancing of the property or until such a time the mortgagor(s) ceases to occupy the property as his/her primary residence at which time, the FL HLP Second Mortgage will become due and payable, in full.

Since the FL HLP Second Mortgage carries a monthly payment, this payment may need to be considered in a borrower’s debt-to-income (DTI) ratio when credit underwriting.

3%, 4% and 5% HFA Preferred and HFA Advantage PLUS Second Mortgage

Borrowers utilizing these down payment and closing cost programs receive 3%, 4% or 5% of the total loan amount in a forgivable second mortgage. This second mortgage is forgiven at 20% a year over its 5-year term when used with Florida Housing’s conventional HFA Preferred for TBA or HFA Advantage for TBA first mortgage products. The “PLUS” Second Mortgage is available only with these conventional first mortgage products.

Florida Hometown Heroes Housing Program

The Florida Hometown Heroes Housing Program makes homeownership affordable for eligible frontline community workers such as law enforcement officers, firefighters, educators, healthcare professionals, childcare employees, and active military or veterans.

We highlight this because we care about families and want to support our community in the best way possible. If you have questions about housing programs, feel free to connect with us! At Treasure, we have our in-house lenders that will go over any questions or concerns that you have, and will help you set up a plan to get the right loan for your home search. We want to make everyone feel guided and supported, so that your house is your Treasure. 

Housing information derived from: https://www.floridahousing.org/programs/homebuyer-overview-page