LAST WEEK for BIG grants - $30,000 for 1st time homebuyers

HOME BUYER LOANS

Gulf and Southern Mortgage offers loans to qualified applicants who wish to purchase and occupy new or existing homes within the St Petersburg, FL city limits. Home buyer assistance loans can be used for down payment, closing costs and / or interest rate buy down. These loans are offered at 0% interest and are either repaid at 0% interest up to 10 years or deferred for 30 years. Repayment determination is based on the applicant's median family income (MFI), as define by HUD. (see below)

Eligible housing includes single family homes, condominiums or town homes with a maximum purchase price that does not exceed $215,555 for new or existing homes.

**** Before of February 1, 2010, the amount of the city's home buyer assistance loans is based on the MFI of the applicant's household as follows:

MFI	LOAN	TERMS
0%- 50%	$20,000	Deferred 30 years
50%- 80%	$15,000	Deferred 30 years

An additional $10,000 is available to borrowers who purchase homes located in the City's Special Assistance Areas (see attached SAP_Map.pdf)

**** After of February 1, 2010 those numbers are going to change to

MFI	LOAN	TERMS
0%- 50%	$10,000	Deferred 30 years
50%- 80%	$8,000	Deferred 30 years

And NO additional money will be available to the City's Special Assistance Areas. (see attached SAP_Map.pdf)

FISCAL YEAR 2009-Effective March 19, 2009

People	50%	80%
1	$20,700	$33,150
2	$23,700	$37,900

HOME BUYER GRANT PROCESSING PROCEDURES

Homebuyer loan processing and underwriting procedures have been modified to assist you in servicing our customers faster. To assure timely loan closing, it is essential that all required information listed on the attached REQUIRED DOCUMENTATION be provided with OUR loan package for grant consideration. If these procedures are followed, you can expect to close the loans within three weeks from the date that the FULL and COMPLETE application package has been received by our office.

SUBMISSION PROCEDURES:

•$ Application Addendum must be fully completed, signed and submitted with the Gulf and Southern loan application package,

•$ All loan packages will be required to include an appraisal, and a home inspection completed by appropriately certified individuals or company.

•$ The Rehabilitation Officer will review the appraisal and home inspection report, included in your loan application package, for deteriorated painted surfaces and housing quality standards. If the appraisal and/or the home inspection report indicates ANY deteriorated painted surfaces or if the loan includes any modifications, repairs or replacements of a painted surface, and if the home was built prior to 1978, then a lead inspection will be required if the loan goes forward. Our grant policy demands the elimination of any lead hazard from homes funded by our grant. If the buyer or seller declines the lead inspection, we cannot assist in any way.

HOME BUYER GRANT DOCUMENT CHECKLIST

	Check for $350 for Appraisal
	Home Inspection
	Analysis Worksheet Purchase Money Mortgage
	Fully Executed and Complete W.I.N. Addendum Application (see attached- Home Buyer Application - 3 pages)
	Borrower's Consent and SS Number Collection Notice (see attached- Social Security Consent Form - 1 page)
	Fully Exectued Purchase Contract w/ Extensions if Applicable
	Proof of Earnest Money Deposit - Cancelled Check
	Credit Explanation
	Two Years Tax Returns
	Year-to-Date Profit and Loss Statement if Self-Employed
	Two Years Corporate Tax Returns if Self-Employed
	Copies of Bank Statements (Six Months) or
	Verification of Deposit Reflecting Six Months Average Balance
	Copies of All Other Assets Accounts (IRA,401K or Other)
	Verfication of Rent (VOR) or Copies of Cancelled Rent Checks

Prior to closing or as soon as we can obtain them, we will also need:

	Title Commitment
	Property Boundary and Tie-in Survey
	Termite Report
	Home Owner's and Flood Insurance Policies
	Home Buyer Class Certification

Scott Hoag
Licensed Mortgage Broker

Gulf & Southern Mortgage
5521 38^th Ave N
Saint Petersburg, Florida 33710

Cell Phone- 727-644-3656

scott@livinginstpete.com