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Mortgage Closing Cost

by | May 7, 2018 | Uncategorized | 0 comments

Coming up with enough money for a down payment and closing costs to buy a home in Florida can sometimes be a challenge, especially for those buying a home for the very first time. Whether it’s a conventional or government backed, there will be some cash to close requirements. Even VA and USDA loans that do not require a down payment will also need closing costs. Future buyers will save a little money each month in order to buy and finance a home in which to live but there are resources out there that can help out coming up with the needed funds to close on a home.

Gift. While not a Florida-sponsored program the easiest way to obtain needed funds is from a financial gift from a family member or qualified non-profit agency. There are no income limitations nor does the property have to be located in a certain area. The lender simply needs to document the amount of gift funds and the source and confirm receipt of the gift funds with a copy of the final settlement statement.

Florida Housing Finance Agency HFA Preferred.This is a program that provides up to $7,500 in down payment assistance to be used with an HFA 30 year fixed rate loan and can be used anywhere in the state of Florida. There is a minimum credit score required of 640 with a 5 percent down payment and 680 with a 3 percent down payment. Borrower income must be at or below established limits. These limits will vary by county as well as sales price limits. Homebuyer education is required and funds issued in the form of a second mortgage.

FHA Loans and Florida Assist.Another 30 year fixed rate program used in conjunction with an FHA purchase mortgage. $7,500 is issued as a second mortgage with 0 percent deferred second lien. Repayment of the 0 percent loan is due in the event of a sale, refinancing or otherwise retiring the first lien or the borrowers no longer occupy the property as a primary residence. Income and purchase price limits apply. Owner occupied properties only. Minimum credit score 640 required.

FHFA Grant. A grant is issued up to $5,000 for down payment assistance. The grant does not have to be repaid. Borrowers with this program receive 3 percent of the sales price up to the maximum. This program is for first time home buyers only which means not having owned a home within the previous three years. Income limits and purchase price limits apply county by county.

Miami-Dade First Time Homebuyer Program. Down payment and closing cost assistance is available in amounts up to 6 percent of the sales price in the form of a second or third lien, depending upon the structure of the loan. For a first mortgage, the minimum down payment is 3 percent of the sales price of which 1 percent must be from the borrowers own funds.

Fort Lauderdale Housing Programs. Fort Lauderdale offers several housing assistance programs. For first time buyers, there is assistance of up to $75,000 for first time buyers. Buyers must meet specific income requirements and qualify for the new first mortgage based upon income and credit.

City of Tampa Mortgage Assistance Program. This program provides up to $14,999 to be used as a down payment and assistance with closing costs. Available to first time buyers to purchase an owner-occupied property within Tampa city limits. Homebuyer counseling required at an approved facility.

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