what funding programs are avail for a low income buyer with good credit?

Asked by hammerdrvr, Fort Walton Beach, FL Wed Sep 5, 2012

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Hokkeydad631…, Home Buyer, Panama City Beach, FL
Tue Feb 5, 2013
USDA loans. You have to meet income requirements. 640 score minimum. The property MUST be in a "qualified" area. You get a low interest rate (currently 3.25%) for 30 years. NO down payment. In most cases, the closing costs can be rolled into the home loan. Go to USDA.com and on the left column you will see "property eligibility." Type in the prospective address and it will tell you if it is in a qualified area.
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Fri Sep 28, 2012

You need an FHA 3.5% down program that will allow up to a 55% Debt To Income ratio to be able to maximize your purchase power.

Also, what can help qualified borrowers obtian fixed rates in the 2% range in order to buy a nicer home is working with a Buyer's Agent that offers REALTOR REBATE to buy the rate down. My realtor partners offer this savings to my buyer referrals.

See loan programs at: http://www.pro-option.com

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Peter Mohyls…, Agent, Destin, FL
Thu Sep 27, 2012
The financial market is changing on an almost daily basis. It is best to work with a professional who can guide you thru the process.
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, ,
Thu Sep 6, 2012
Hi Hammerdrvr,

Unfortunately, Shalimar is not an area that's eligible for a no money down USDA mortgage but some of the surrounding areas are like Destin.

You can use the following link to see which areas are eligible by clicking on the state and "zooming" in.


One of the best things about this mortgage is the monthly mortgage insurance is substantially less than an FHA or conventional mortgage and that's with no money down.

Here's an example: An FHA mortgage of $200,000 is going to have a monthly mortgage insurance payment of $208 but on a USDA mortgage it's only going to add $67 to your monthly payment.

The other nice thing is you can actually roll your closing costs into the loan as long as the appraised value supports it.

Please feel free to contact me for more information or help. You can also find info on my USDA Mortgage website by clicking the link below.

John Burke
Senior Mortgage Banker
ENG Lending
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Myke Atwater, Agent, Santa Rosa Beach, FL
Thu Sep 6, 2012
Hello Hammerdrvr,

Some programs available are first time homebuyer program, rural housing, and fha - I would recommmend that you speak with Dawn Hoffman at Beach Community Bank - She is the best one I have worked with in assisting lower income clients with programs that fit your needs. Please let me know if I can assist with her contact information or with any other information.

Myke Triebold, GRI, LMC, SFR, ABR
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, ,
Thu Sep 6, 2012
The USDA Rural Housing Mortgage Program would be a great one for you. It offers 100% financing for qualified borrowers and it is both income and geographically restricted (you can't make over a certain amount and you have to buy within certain locales). I would be more than happy to talk to you about this program. Feel free to contact me!

Sue Botelho
Sales Manager
Waterstone Mortgage Corporation
Ft. Walton Beach, FL

850-362-6901, ext.2
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Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Thu Sep 6, 2012
Qualified borrowers can go up to a 59% DTI (Debt To Income) ratios which allows them to purchase more home.

Contact me and we'll take for a few about your situation and options.Call after 2:00 today.
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Irina Karan, Agent, Aventura, FL
Wed Sep 5, 2012
Each county in FL has their own low income programs.
In addition to that, they might have grants (free money), closing costs and downpayment assistance and even housing built through them. One of those programs is Neighborhood Stabilization.
Also - municipalities have their own grant programs (the money runs out fast in those, so you got to go to the city manager where you'll be buying and talk to them to see how to prepare for the purchase, ahead of time).

Try to google first time home buyers seminars on HUD.gov - people who do those seminars usually know local info more specifically and are good resource.

Think of this as a process that you'll be preparing to.
When selecting a mortgage person - talk to them on how to prepare best for your purchase.
How much you'd need to save, what cards to pay off (if have balances) - and sooner than you might think today - you'll be ready to buy!

Hope this helps,

Irina Karan 305-904-2355
Beachfront Realty, Inc.
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Susan Rood, Agent, Niceville, FL
Wed Sep 5, 2012
This would be a good question to talk over with a local lender. If you would like me to email you the contact information for a few local lenders, just call, text or email me.

Susan Rood
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