Loan Program Offering up to $15,000 in Downpayment/Closing Costs

January 10, 2018

Last year when asked about my favorite mortgage program for first time home buyers my answer was always the FL Bond Program aka Hardest Hit Fund.  This program is a downpayment assistance program that offers qualified buyers up to $15,000 in downpayment/closing cost assistance that does not have to be repaid.  I was originally told this program would undergo some pretty big changes for 2018, but the good news is that while there have been a few changes the program is still in intact!!!  The following information was sent to me by one of my preferred lenders, Erica Paradise with Eagle Mortgage.  

The Hardest Hit Fund, down payment assistance, is still in place with the $15,000.     Still forgiven 20% each year until the 5th year when is completely forgiven.

But there are a few changes:

·        FHA, VA, or USDA, only (can’t use the $15,000 with Conventional.   Only can use $7500 with conventional).

·        Hillsborough County, Brevard, Duval, Orange, and Osceola – minimum credit score 640.

·        Pasco, Pinellas, and Polk – minimum credit score is 660.

Conventional loans with down payment assistance for $7500, still available in all counties.

We continue to underwrite, process and FUND the down payment assistance for a quick closing.

Va exempt from being a first time homebuyer.

Household income limits and maximum purchase price amounts do apply and vary by location.

Please call me for more information on this fantastic loan program!!!