First time home buyer programs brevard county fl

Second Mortgage The assistance provided to each homebuyer will be in the form of a second mortgage. In the event of default the loan must be repaid in full to Brevard County. Housing and Human Services Department. Phone Fax Email Ian.

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The assistance provided to each homebuyer will be in the form of a second mortgage. The second mortgage will be recorded in the Public Records of Brevard County. Under Florida law, e-mail addresses are public records.

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Only Applicant income used for qualification purposes. NO mortgage insurance for Borrower with this Conventional loan program. Purchase only, no construction to permanent loans - no investment properties. Gift Funds from family and employers allowed. This Active Military or Veteran Down Payment Assistance program is offered to all Fannie Mae or Freddie Mac Conventional Borrowers in the State of Florida who meet income, purchase price and other program guidelines, and can qualify for a Conventional 1st mortgage loan.

Active Military or Veteran Borrower must live at the property for 5 years for the entire grant to be forgiven. Any remaining balance if the Borrower leaves within 5 years must be repaid upon sale of property, refinance, payoff 1st mortgage, transfer deed or no longer occupy the property as their primary residence.

Active Military or Veteran Borrowers who qualify for the Preferred Conventional First Mortgage loan automatically qualify for this second mortgage grant program. No prepayment penalty for early payoff. This program is for Active Military or Veteran who was discharged as any status except dishonorable. FHA version Debt to Income back end ratio up to Military Certificate of Eligibility not required for this program, only DD Discharge paperwork to prove discharge status. Very low fixed first mortgage interest rates for this Military only program.

Buyers must occupy within 60 days of Closing. This program does not require entire family Household income if the Military personnel is the only one on the loan. It would be considered Qualifying Income only. Primary Residences only, no second homes or investment properties. No Prepayment Penalty Fee if either 1st or second mortgage loans are paid out early. No cash back at closing, any excess funds will be used to pay down first mortgage.

Borrowers are permitted a reimbursement of prepaids and reimbursement of overage of earnest money deposit to the extent any minimum contribution has been satisfied and permitted by Conventional guidelines. Program is exempt from documentary stamp tax and intangible tax. Mortgage Deeds are not exempt. Borrowers must be employed full time with 2 years continuous not necessarily with the same company.

Income must be supported by: 3 years Federal Tax Returns, W-2's, pay stubs and 2 year history of continuous employment. Gaps in employment can be considered. Refinances: Not permitted. Any unpaid balance to either of these two second mortgages must be repaid upon sale of property, refinance, payoff 1st mortgage, transfer deed or no longer occupy the property as their primary residence. HLP Version either FHA or Conventional is a 15 year - low interest rate amortized loan with low monthly payments on the second mortgage.

The remaining balance of this mortgage must be repaid when the property sells, is refinanced, rented out or when the Mortgagor leaves the property for any reason. The balance of either FHA or Conventional version of second mortgage is payable and due under the following circumstances. Both down payment assistance loans are immediately repayable if the homebuyer sells the home, pays off the 1st mortgage, transfers ownership, satisfies or refinances the first mortgage, or ceases to occupy the home.

FHA version Debt to Income back end ratio Conventional versions with FICO middle scores at least has a possible Borrowers are permitted a reimbursement of prepaids and reimbursement of overage of earnest money deposit to the extent any minimum contribution has been satisfied and permitted by FNMA guidelines. Either FHA or Conventional Versions of program, Borrowers must be employed full time with 2 years continuous not necessarily with the same company. The program is offered to all borrowers who meet income, purchase price and other program guidelines, and can otherwise qualify for a loan.