Duval Counties New Florida Bond Program Offers $15,000 In Down Payment And Closing Cost Assistance!
If you are a first time home buyer or have not owned a home in the last 3 years, you may be able to qualify for The Florida Bond Program also known as the Hardest-Hit Fund. You can get $15,000 in down payment and closing cost assistance. The best part is 20% is forgiven each year you live and own the home as your primary. This means after 5 years the ENTIRE debt is forgiven!
This specific program is only available in 5 different counties in Florida with Duval being one. The others are Brevard, Hillsborough, Orange and Volusia. It is available for FHA, Conventional, VA and USDA loans. You must have a minimum credit score of 640. Also, there are different income limits depending on which type of loan you get. Those limits are as follows:
Income Limits FHA/VA Family of 1-2: $71,890
Income Limits FHA/VA Family of 3 or more: $82,673
Income Limits Conventional across the board: $88,620
Buyers must complete home ownership class prior to closing.
This is really big news for the area. Keep in mind, you had to pay the assistance back on Bond before no matter how long you lived in the home (once you sold or made your last payment). This assistance will not be here forever and will eventually go back to how it was. This is not available in Clay or St. Johns County.
If you have any additional questions about the program post them here or PM me. Just happy to help offer information to our great Jaguar fan base.
You need to sell my house so I can buy a new one.
Quote:You need to sell my house so I can buy a new one.
Lol. PM me the MLS number.
Hacked?
Looks like a spam advertisement.
Quote:Hacked?
Looks like a spam advertisement.
Quote:Hacked?
Looks like a spam advertisement.
Or a post by someone in real estate
Not advertisment. This is something that was introduced for hardest hit States. Florida being one of them. 5 counties in the state of Florida have been given the funds which will run out. It was introduced July 13th and just improves The Florida Bond program which has been available for a while. Unless funds or programs from the government are considered advertising.
Damn that's a good deal. Wonder why it's only for the big counties? Is it supposed to be an urban assistance program?
i'm a realtor in Volusia and one of my friends used the program, or something very similar to it. The one they used you weren't allowed to refinance the loan so it is not the best in all circumstances. Is a great program for a lot of people, I'm hoping it helps me get more clients real estate is not the easiest industry to get started in.
My wife used a similar program about 15 years ago when she bought her townhome.
There seems to be a program like this that, when the old program expires, a new one replaces it. They give it a cute new name that follows the current political climate, so those who passed it can take credit. The program my wife took part in was only 10k, I think. As prices are driven higher, so goes financing etc.
For those looking to buy a primary residence for the first time (and stay in for the duration of the bond) these are extremely helpful programs.
With my wife's program, once the bond was satisfied (5yrs) we were free to refinance etc.
Quote:Damn that's a good deal. Wonder why it's only for the big counties? Is it supposed to be an urban assistance program?
I believe this particular program is targeting the hardest hit counties in the state from the downturn in the real estate market.
Quote:The one they used you weren't allowed to refinance the loan so it is not the best in all circumstances.
Dealbreaker. What good is a $200,000 loan if you can't tap into the new value when your house is worth $275k ten years from now?
Quote:Hacked?
Looks like a spam advertisement.
I would call it spam since the OP does work in real estate. I'm not against the content at all, but I would think that it's probably against the CoC.
Quote:I would call it spam since the OP does work in real estate. I'm not against the content at all, but I would think that it's probably against the CoC.
He's not "drumming" up business with it, he's just putting the info out there...everything is fine.
Quote:He's not "drumming" up business with it, he's just putting the info out there...everything is fine.
You do have a point. I stand corrected.
Eric - They identified specific counties in Florida that we believe were not using The Florida Bond program as much as other areas. The Hardest Hit funds are used as a way to maintain market stability and help areas that were hit very hard by the great recession. Honestly though, I'm surprised Duval County was one of the counties picked (now).
Realtor Pat - Not entirely true on refinancing. When we bought our home in 2007 we used The Florida Bond and we refinanced at 3.75%. They have to approve it and you also have to show that your payment is being reduced. Granted, there is no guarantee and they approve/deny it on a case by case basis.
Pirkster - The Florida Bond has been around for a while. They have other programs like SHIP, but those funds aren't guaranteed and you just have to be buying at the right time. Once the funds run out it can take months before they get more. This is not the case with The Florida Bond, though they have changed the program and assistance many times since I started Real Estate in 2005. $5,000, $7,500, $10,000, $12,500 and $15,000.
TJBender - Again, not entirely true and especially not for The Hardest Hit Funds. After 5 years the entire amount is forgiven. You will not have a 2nd lien any longer and can certainly tap into your equity after that. Also, while not likely, if bank is willing to be 3rd lien holder than you can still tap into your equity. Granted, most probably wouldn't be willing to do that.
Just like everything in life, there are positives and negatives and it isn't for everyone. The interest rate is going to be higher (currently 4.75%). But for a lot of first time home buyers, getting $15,000 free and clear after 5 years of owning your home is a pretty sweet incentive.
I used the first time homebuyer bond when I bought my first house, but it was it was a lien that I had to re-pay. This is a great deal to get the market moving.
Hello, im new to Florida and im trying to get a first time home loan. I was told about a "Duval County bond program" so im doing some digging.
The first mortgage company i was pre-approved with, approved me for 98k conventional loan with 3% down and 115k FHA 5% down. I found out about the bond program after this, so i asked the loan agent about it and she told me she doesnt offer the bond program.
I found another mortgage company via my real estate agent that does offer the bond program and was approved for it. Now, because i am busy on the phones all day all of my contact with tthis loan agent has been via email. The way he worded things was a little confusing. He said " i have approved you for a FHA bond loan of 100k with 10k going towards down payment and 5k going toward closing".
Ideally i would like a 115k FHA with the bond program.. Should i try another Mortgage company?
This is all new to me and a bit confusing. It's seems like the Loan agent wont do anything not specifically asked for. For example, How much did i quallify for a conventional loan or any other programs etc etc.
I guess im asking for a little guidance, this being my firstt home/first dealing with mortgage and real estate agents.. Thank you for any and all help in advance!
Quote:Hello, im new to Florida and im trying to get a first time home loan. I was told about a "Duval County bond program" so im doing some digging.
The first mortgage company i was pre-approved with, approved me for 98k conventional loan with 3% down and 115k FHA 5% down. I found out about the bond program after this, so i asked the loan agent about it and she told me she doesnt offer the bond program.
I found another mortgage company via my real estate agent that does offer the bond program and was approved for it. Now, because i am busy on the phones all day all of my contact with tthis loan agent has been via email. The way he worded things was a little confusing. He said " i have approved you for a FHA bond loan of 100k with 10k going towards down payment and 5k going toward closing".
Ideally i would like a 115k FHA with the bond program.. Should i try another Mortgage company?
This is all new to me and a bit confusing. It's seems like the Loan agent wont do anything not specifically asked for. For example, How much did i quallify for a conventional loan or any other programs etc etc.
I guess im asking for a little guidance, this being my firstt home/first dealing with mortgage and real estate agents.. Thank you for any and all help in advance!
I can certainly answer your questions and advise you, but your current Real Estate Agent should be doing that.
If you can go Conventional than you should. It is a better loan and lower monthly mortgage insurance. You can also negotiate the seller to pay for your closing costs (most) and use more funds towards your down payment. I certainly can recommend a loan officer who you can talk to and is local, but again, I would share your concerns with your Real Estate Agent. In my opinion, if you can't talk with your loan officer and meet them in person than you are setting yourself up for issues throughout the process of purchasing.
I'm not sure if you got the number mixed up, but FHA is minimum of 3.5% down and Conventional is minimum 5% down.
Thanks for the quick reply.
I got more clarification from my Loan Officer today, she told me the FHA was 3.5% down and the conventional is 3% down. Which doesn't make sense because youy're telling me Conventional is 5% minimum down.
She is going to refer me to another Loan Officer that can do the bond program, just so i have that option.
To tell you the truth, i haven't been too impressed with my Real Estate Agent. She is not very detail oriented and i have caught her contradicting herself on a few occations, which just makes things more complicated and confusing. I'm pretty sure she is a fairly new agent. I'm going to have to sit down with her and my Loan Officer and get to the bottom of a few things.