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The state of Florida has allocated $100 million towards down payment assistance (DPA) for first responders and front-line workers. Up to 5% of the first mortgage amount for a maximum of $25,000 towards down payment or closing costs. We had Ryan Brown at Cross Country Mortgage as a guest to talk about this program and how it will assist & encourage essential workers to stay in the area. Besides the loan assistance, it can also be used as an “appraisal gap” strategy.
amount = max $25,000
Some other notes on this. The program in for an eligible occupation in Florida and for first time homebuyers. Veterans are exempt from this.
The minimum credit score has to be 640 and maximum debt to income (DTI) is 45% with 640-669 FICO or 50% with 680+ FICO. Borrowers must attend a homebuyer education course, occupy the home within 60 days, and not have a primary home in the last 3 years (Veterans are exempt).
Gift funds are allowed if needed. A borrower may have ownership in one residential property at time of closing (investment, second home). Single-family homes, townhomes, condos, 2-4 units, and manufactured homes all qualify.
Down payment assistance is given in the form of a second mortgage loan. 30 year deferred loan at 0% interest unless the home is sold, transfer of deed, satisfaction of mortgage, refinance of until such time when they cease to occupy the property. Up to 5% of the loan amount is not to exceed $25,000. It can be used for down payment and closing costs. Note that this loan is not forgivable.
Loans that borrowers can use are….
An example of this on a $500,000 loan amount would equate to $7,750 in savings. $5,000 typical costs (1% discount points), $1,000 in intangible tax, and $1,750 in mortgage doc stamps.
There are County Income Limits. In our immediate area, Palm Beach County has a $138,000 income limitation. Miami-Dade has the highest limitation at $146,250 and Broward County is 2nd with $136,050. Martin County is at $120,000.
Loan Limits are $647,200 for Conventional/VA. FHA and USDA are determined by the county maximum.
Eligible Occupations – Law Enforcement
|Certified Correction Officer|
|Correctional Probation Officer|
|Juvenile Detention Officer|
|Juvenile Probation Officer|
|Sworn Law Enforcement Officer|
Eligible Occupations – Educators
|Employed by a licensed childcare facility or registered home childcare provider|
|Licensed/Registered Childcare Operator|
|Owner of childcare facility|
Eligible Occupations – Healthcare
|Advanced Practice Registered Nurse (APRN)|
|Certified Basic X-Ray Machine Operator|
|Certified Chiropractic Physician Assistant|
|Certified General Radiographer|
|Certified Medical Assistant|
|Certified Nurse Midwife|
|Certified Nursing Assistant (CNA)|
|Certified Podiatric X-Ray Assistant|
|Certified Radiologist Technician|
|Certified Radiology Assistant|
|Certified Registered Nurse Anesthetist|
|Certified Respiratory Therapist|
|Child Protective Service Enforcement|
|Clinical Laboratory Personnel|
|Clinical Nurse Specialist|
|Clinical Social Worker|
|Hearing Aid Specialist|
|Hearing Aid Specialist Trainee|
|Home Health Aid (HHA)|
|Laboratory Testing Technician|
|Licensed Dietician or Nutritionist|
|Licensed Medical Physicist/Radiologist|
|Licensed Nutrition Counselor|
|Licensed Practical Nurse (LPN)|
|Marriage & Family Therapist|
|Mental Health Counselor|
|Nursing Home Administrator|
|Occupational Therapist Assistant/Aide|
|Orthotic Fitter Assistant|
|Physical Therapist Assistant|
|Registered Dietician or Nutritionist|
|Registered Nurse (RN)|
|Registered Respiratory Therapist|
|Respiratory Care Practitioner|
|Specialty Technologist (Radiology)|
|Speech Language Pathologist/Audiologist|
|Veterinarian Assistant/Technician (employed by a permanent or mobile vet practice)|
Eligible Occupations – Military
|Active Military Personnel – Are exempt from the ‘First Time Homebuyer’ requirement – Must provide a copy of his/her military ID to validate eligibility|
|Surviving spouse is eligible with providing a valid Certificate of Eligibility (COE)|
|Veterans – Are exempt from the ‘First Time Homebuyer’ requirement – Must present a valid DD-214 that reflects discharge status|
Jeff Lichtenstein is owner and broker of Echo Fine Properties, a luxury real estate brokerage selling real estate in Jupiter and homes in Palm Beach Gardens, Florida. He has 20 years of real estate experience, has closed over 1,000 transactions, and manages over 70 agents in a non-traditional model of real estate that mimics a traditional business model. Some publications he has been quoted in.
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