As of February 20, 2009 Florida Housing Finance Corporation (FHFC) or Florida Housing still has in access of $25 million available between their 2008 Series 3 and 4 Mortgage Revenue Bond Issue for mortgage financing and down payment assistance (DPA) up to $10,000 subject to borrowers eligibility.
If you are seeking DPA funds to help make your home purchase attainable or affordable the Florida Housing program presents a higher probability of assistance when compared to local SHIP programs. Most of the local SHIP programs have already closed their application period or exhausted their available funds.
Florida Housing remains committed to the continuous availability of funds. Home prices are down and with $10,000 in assistance you may be able to complete your home purchase with very little out of pocket funds.
Although Florida Housing has been committed to continuous funding the more recent bond issues have been increasingly difficult to get negotiated.
Visit me at www.ronwithers.com or www.myfloridamortgagepro.com
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
Ron,
I have an idea! An epiphany! A Wow moment! I wanted to run it by you but your went to the service. So I wrote it up and posted it at Worth Looking In To
Some fools skip local blogs thinking they don't do bussines in your area why read it. Well it's nearly all one mortgage market. Great information can come from any where.
Keep up the good work!
Bill
What is the interest on the mortgate bonds? I am being told that the rates are somewhere in the neighborhood of 7%
Shane:
Depending on the option used the 30 year fixed rate ranges from 6.00% to 6.50%.
When does it have to be repaid? I have been told it is tacked on the original mortage when you sign your contract, and then I read that it does not have to be repaid until either you sell, refinance, or rent it out within their time frame. What is the bond program all about, because what I have read and what I am being told is totally opposite?
Shane:
Firstly, I can only address your questions based on Florida Housing requirements/guidelines. Other states may vary. The Florida Assist of up to $10,000 is a fully deferred loan (2nd lien-no payments, no interest). The assistance would be repayable at 30 years or when you sell, refinance or fail to occupy your home as a principle residence.
For additonal information on Down Payment programs to include Mortgage Revenue Bond (MRB) you can visit my website at www.ronwithers.com and/or www.floridahousing.org Also, feel free to call me if you wish. You can find my contact number on my profile page here on ActiveRain.
I recently came across your blog and have been reading along. I thought I would leave my first comment. I don't know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.
Alanna
http://www.craigslistguide.info