Gift funds - May be used for 100% of the borrower's closing costs and down payment - eligible donors include close relatives, a close friend with a clearly defined interest in the borrower, a corporation established for charitable purposes, a borrower's employer or labor union, Federal, State or Local Government agency.
Cash from private savings clubs - Savings clubs established and used by various ethnic groups.
Commission from sale - A licensed Realtor may use commission income from the sale of the property being purchased. If the borrower is a licensed real estate agent entitled to a real estate commission from the sale of the property being purchased, those funds may be used as part of the cash investment, a letter from the Real Estate Agency must state how much will be credited to the Sales Agent (after any commission split or deduction of other fees) at closing on the HUD-1.
Bridal Registry - Monetary gifts from friends and family - not restricted to couples getting married but can be applied to situations where such gifts typically are received. Only "first-time" homebuyers are eligible for this program.
Loans from family members
Loans secured by an asset - Funds may be borrowed for the total required investment as long as satisfactory evidence is provided that the funds are fully secured (collateralized) by investment accounts or real property. Sources of acceptable and unacceptable collateral (asset) for loans used to assist in the required down payment or closing costs include, but are not limited to, those shown below.
Please Call (813) 507-0296 for More Information
2008 Rural Development / USDA Income Limits for Florida
|
Counties |
1-Person |
2-Person |
3-Person |
4-Person |
5-Person |
6-Person |
7-Person |
8-Person |
|
All Florida & Virgin Island Counties EXCEPT those listed below. |
49,500 |
56,600 |
63,700 |
70,750 |
76,400 |
82,050 |
87,750 |
93,400 |
|
Clay, Duval, Nassau, St. Johns |
51,400 |
58,750 |
66,100 |
73,450 |
79,350 |
85,200 |
91,100 |
96,950 |
|
Collier |
56,200 |
64,250 |
72,250 |
80,300 |
86,700 |
93,150 |
99,550 |
106,000 |
|
Palm Beach |
55,700 |
63,650 |
71,600 |
79,950 |
85,900 |
92,300 |
98,650 |
105,000 |
|
Gadsen, Jefferson, Leon |
50,000 |
57,150 |
64,300 |
71,450 |
77,150 |
82,900 |
88,600 |
94,300 |
|
Okaloosa |
50,850 |
58,100 |
65,400 |
72,650 |
78,450 |
84,250 |
90,100 |
95,900 |
Please call (813) 507-0296 for more information
FHA has announced the new 2009 FHA Loan Limits for Hillsborough, Pasco, and Pinellas counties. Please not that they are a little lower than this year. January 2009 the minimum dowpayment for a FHA loan increases to 3.5%.
|
Hillsborough, Pasco, & Pinellas Counties |
$271,050 |
$347,000 |
$419,425 |
$521,250 |
01/01/2009 |
Please call (813) 507-0296 for more information
The income limits for Hillsborough county is...
1-Person: $49,550
2-Person: $56,600
3-Person: $63,700
4-Person: $70,750
5-Person: $76,400
In some instances your total income can be much higher than the adjusted income. If total income exceeds the limits, certain adjustments can be made, such as childcare expenses or children 12 or younger.
Example: Hillsborough County 4-person family (2 adults, 2 children) has a gross income of $80,410. Child care for the two children 12 or less is $10,000 annually. They would qualify because $80,410 less 10,000 child care less $480 for each child = $69,450
Please call (813) 507-0296 for more information
I was reading through a stack of bulletins I've received this week on product updates and this one stood out the most. Effective January 20, 2009 USDA is changing how they calculate household income. Currently they use eight different categories, but come January 20th they're going to two. It's not finalized yet, but as long as anyone doesn't object by January 5th it's a done deal.
Below is the new income limits for Hillsborough & Pasco counties in Florida.
1-4 person: $70,750
5-8 person: $93,400
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