If you are looking for free money I would contact the Housing and Community Development Division, where you can get up to $60,000.00 for free, there are certain income limitations and purchase price limitations for each individual city. They will give you up to $60,000 that you do not have to pay back. You can qualify for Government Grants SHIP, HOME or CDBG program in Broward County call 954.765.5311 where you will have to attend a class from HUD called the Community Home Buyers Program before you are allowed the Grant. If you are in Dade then Miami Dade Housing 305.250.5238 As with any free money program from the city there is a lot of red tape so if you want to know if you will qualify for the funds give me a call 786.556.8633 TODD or Visit my website http://www.houselendersinc.com/ I will let you know if you will qualify for these funds.
1. Please select a mortgage company that you would like to apply to for a pre-approved mortgage loan and see if you are eligible to receive purchase assistance funding. As a part of the pre-approval process, the lender will review the First Time Home Buyer Program and State Housing Initiatives Partnership (SHIP) Program guidelines to see if you meet the established criteria.
2. You must attend a Community Home Buyer Workshop that is held twice a month. Your lender will register you at the appropriate time.
3. Once the lender provides you with written loan approval, the lender will submit your loan package to the Housing and Community Development Division. Your assigned staff member will contact you to schedule an appointment for Income Certification. Be advised, the Income Certification process can take up to four weeks to complete.
4. It is important that you are available to come to our office in a timely manner to make an application for these funds.
Down payment assistance (State Housing Initiatives Partnership, Home Investments Partnership, American Dream Downpayment Initiative) are funds that are available on a first come, first served, first qualified basis. These funds can be used for part of your down payment and closing costs. Down payment assistance amounts can vary. The down payment assistance program will be explained to you when you meet with staff at the Housing and Community Development Division to complete your application.
5. As soon as you have found a property and have a signed real estate sales contract, please provide the mortgage company a copy of the contract.
6. The Housing and Community Development Division's staff will work with you and your lender, realtor, and the seller to coordinate your closing.
7. At your closing, you will be required to pay a one percent (1%) origination fee payable to the Housing Finance Authority of Broward County. This fee must be paid from your own funds and cannot be waived.
Qualification and Selection criteria:
Applicants will be selected on a first come, first served, first qualified basis within income groups; however, you may experience a lengthy wait for funds if you choose to apply for this assistance
Applicants can not own any other residential property
Applicants must attend a Community Home Buyer Workshop
Applicants must make a mortgage application with the Housing Finance Authorityâ€™s First-Time Home Buyer Programâ€™s registered lenders. Applicants using non-participating lenders must meet or exceed the First-Time Home Buyer Program terms
Broward Countyâ€™s Median Income is $64,000(Effective February 2008)
(Household Size) Extremely Low (30%) Very Low (50%) Low (80%) Moderate (120%)
1 $14,950 $24,900 $39,850 $59,760
2 $17,100 $28,500 $45,550 $68,400
3 $19,200 $32,050 $51,250 $76,920
4 $21,350 $35,600 $56,950 $85,440
5 $23,050 $38,450 $61,500 $92,280
6 $24,750 $41,300 $66,050 $99,120
7 $26,450 $44,150 $70,600 $105,960
8 $28,200 $47,000 $75,150 $112,800
SALES PRICES MUST NOT EXCEED THE FOLLOWING:
New Construction: $429,619
If you do not qualify for that program at the beginning of the calendar year there are grants for Teachers, Policemen, and Firemen available. They usually run out of funds by May so you want to go to the Home Buyer Workshop in November because the classes get full.
If none of the above works then FHA allows for a 3% Seller Contribution and a 3% Gift funds for the down payment. So a total of 6% so you will not have to bring any money out of pocket. I use the Nehemiah Program to gift the funds from the seller. The Nehemiah program used to be expensive and time consuming. It is much easier now. Call me if you have any questions
Call Todd 786.556.TODD (8633) or Visit my website http://www.houselendersinc.com/ I will let you know if you will qualify for these funds.
Another reason to use a mortgage company is that they use the same credit report with the different wholesale lenders they send your application to. This protects you if, like on the above example, the bank went out of business and now you have to reapply with another bank, by the time you reapply your credit score is no longer what it was at the begining, it' a lot lower. That might prevent you from qualifying for that very low interest rate at that particular 95-100% loan, or disqualify you completely.
Mortgage brokers who are approved with many lenders, usually know ahead of the public which ones are in trouble months in advance, and they try to avoid these lenders. Email me if you would like more information.
Julie Jensen, Realtor
Prudential Florida 1st Realty
Direct Line 954-288-2429
Prudential Network Realty
Shonda.Sauls@Prudential Network Realty.com
We would recommend you take the initiative and contact the county of interest yourselves for this important information. When money is available there are normally criteria to qualify, applications, verifications, and waiting lists involved.
The "Eckler Team"
Century 21 Almar and Associates
Venice, Fl 34285
The first time home buyer programs and community bond money is harder to come by these days. The FHA loan programs allow 'gifting' which does help somewhat. You can also get seller concessions up to 6% & of course you'll always find people/programs that will 'creatively' find alternatives. My best advice is to get your credit score in tip top shape and speak with a GOOD mortgage professional about laying the groundwork for a mortgage. I'd be happy to point you in the right direction. Call or email me anytime.