WellsFargo has committed $30,000,000 to the State of Florida to stabilize the market in the distressed areas that were the hardest hit in the real estate crisis. The Neighborhood Lift Program provides down payment assistance funds for First-Time Home buyers in these cities as follows: Jacksonville, Florida, Orlando, Florida, Tampa, Florida and Miami, Florida. The program provides the opportunity for First-Time Homebuyers to purchase an affordable home. It takes the pressure off of buyers trying to save all of their funds to purchase an affordable home. As long as First-Time Homebuyers have invested 3.5% of the sale price as their contribution into the program, the buyer may qualify for the program. There is no maximum sale price limit for the program but the home should be at an affordable home price.
The
City of Jacksonville has been allocated $7,000,000 from WellsFargo for the
First-Time Homebuyers Program. The program offers the community the opportunity to reduce the
high inventory houses in the market and to increase the real estate value. The
Neighborhood Lift Program requires the applicant to meet the household income limit
guidelines and to qualify for a credit score at least 640. The applicant may be
eligible for the household income limit.
Neighborhood
Lift Requirements
The
applicant may qualify for the program under a FHA Loan as well as a VA and
Conventional Loan. The major requirements for an applicant are a credit score
at least 640 and invested funds with 3.5% of the sale price. Based on the
income the First-Time Homebuyer may qualify up to $15,000 of the down
payment assistance funds. The additional requirements for Neighborhood
Lift Program are as follows:
1.
Household Income cannot exceed 120% of the median income in the area
2.
Single Family Home - Detached Home-owner-occupied in Duval County
3.
No manufactured housing
4.
Homebuyer Education Class-(required) from a HUD Approved Counseling
agency
5.
Fixed Interest Rate
6.
Currently-No home ownership. If the applicant owns a home, it must be
sold prior to closing.
7.
Must be approved by the participating lending institutions for the first
mortgage loan in order to receive the down payment assistance funds.
Soft Second
Mortgage-Payment Repayment Plan
The down payment assistance fund is 0%
interest rate for the five years period. It is a soft second mortgage and there is
no monthly payment due on the second mortgage as long as the first mortgage is paid on
time. The second mortgage is forgiven after the five years period. If the home is
sold prior to the five years, 20% is forgiven for each year the applicant owned
the home.
Household
Income - Jacksonville, Florida
Check Credit
Score
Each
applicant should pull their credit report from all credit bureaus, Equifax,
TransUnion and Experian, at least six months before applying for a mortgage
application. This gives the applicant time to repair any duplicate accounts,
late payments, charge-off, repos and judgments on their credit report and to
increase their credit scores. The Neighborhood Lift Program requires at least a
credit score of 640 for a FHA approval.
Credit Score
Below 600
Applicant
with credit scores below 600 may still have the opportunity to purchase an
affordable home. The booklet, "Increase Your Credit Score After Short
Sale, Foreclosure and Bankruptcy", provides the techniques to increase an
applicant's credit scores. The program offers “FREE 30 DAYS COACHING” as well
as the booklet at increaseyourcreditscorenow.com
We
provide monthly newsletters on how to increase an applicant's credit scores and
weekly blogging information at increaseyourcreditscorenow.blogspot.com
Opt-Out
No comments:
Post a Comment