Tuesday, February 9, 2010

New Loan Program - Hillsborough

HOME OWNERSHIP PROGRAM


The Authority currently offers a 4.99%, 30 year, fixed rate mortgage (actual APR to be disclosed by the lender). Down payment and closing cost assistance is also available in the amount of $5,000 per loan in the form of a 0% second mortgage. For more information, see the Single-Family Program page. There are $20 million of funds available on a first-come first-served basis.

Home Ownership Program
If you have ever dreamed about home ownership but felt that buying a home was a little beyond your reach, the Housing Finance Authority (HFA) of Hillsborough County may make your dream easier to reach with the 2009/2010 Home Ownership Program.

How does the program work?

The program offers a borrower a first mortgage loan at 4.99%. The borrower receives a 30-year, fixed rate, fully amortizing first mortgage loan. There are zero origination points and zero discount points on FHA, VA or RD loans (0.5% origination fee on conventional loans).

Down Payment and Closing Cost Assistance

Assistance is available in the form of a second mortgage of $5,000. The second mortgage is a 30-year deferred, 0% loan that may be used for down payment and/or closing costs. It is never forgiven and it is repayable at 30 years or sooner if the property ceases to be the borrower's principal residence, is sold, refinanced or rented.

What kind of home may I purchase?

You may purchase a new or existing single family home (attached or detached) a condo, town home or PUD anywhere in Hillsborough County, including unincorporated Hillsborough County, the City of Tampa, the City of Temple Terrace or Plant City. The purchase price of the home may not be more than $258,690. In some areas of the county there are areas referred to as "targeted areas" that have higher income and sales price limits. A participating lender can provide information regarding targeted areas.

Who qualifies?

1. Buyers must be first-time buyers (have not had an ownership interest in a home for the past three years) and meet standard credit requirements.

2. There are household income limits:

1-2 Person Household Income Limit = $63,831

3 or More Person Household Income Limits = $73,406

1 comment:

  1. hi nice post according to modern requirements of investor . In this era many people have not enough money to built their home. so they take loan from bank .Many bank have home ownership programs. f you have ever dreamed about home ownership but felt that buying a home was a little beyond your reach, the Housing Finance Authority (HFA) of Hillsborough County may make your dream easier to reach with the 2009/2010 Home Ownership Program.
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