Florida Bond Program

The Florida Bond program just lowered their program rates and with standard FHA, VA and conventional rates currently increasing, the Florida Bond Program is a wonderful way for buyers to get a low cost, low down payment alternative.  Don’t forget borrower does not have to pay doc stamps or intangibles at closing with these loans, which is an additional cost cutter!  The Florida Bond program is for first time homebuyers or any person who has not owned a primary residence in the last three years with the exception of the Military Hero’s program.  The Military Hero’s program is exempt from the first time homebuyer restriction.  There is an option for up to $7500.00 in down payment assistance in the form of an interest free, payment free 2^nd mortgage if they meet the income requirements.  The maximum income for any of the programs is $94,680 for a 1-2 person household and $110,460.00 for 3+ person household.  This includes anyone who will live in the home 18+ with a job.  Purchase price limits through 12/31/2010 are as follows:  1 unit:  $802,725, 2 unit: $1,027,620, 3 units:  $1,242,175 and 4 units: $1,543,740. (Borrower must occupy one of the units permanently if the property is multi-unit)  Minimum credit score for the Florida First Gov and the Military Hero’s is 600 and for Florida First Conventional it is 620.  There are no rate adjustments or to the loan-to-value regardless of credit score, loan size, CLTV, property type etc.  That could potentially be a huge saving in rate and more less money down for buyers.  This