Rate Reduction, Program Extension and Increased DPA
 |
|
Total Program
Funds |
15
Million |
|
Interest Rates |
4.49% HOME Key Eff 11/1/2010
4.75% HOME Key Eff 9/3/2010
5.175% HOME
Key Eff 1/26/2010
5.75
%- HOME KEY
30 year
FHA, VA
0%
Origination
0%
Discount |
|
Eligible Areas |
Pinellas, Pasco and Polk Counties |
| DPA |
Pinellas HOME KEY PLUS-
up to $8,000
Polk
-
up to $7,000
Second mortgage loans are
available for down payment and closing costs and
must be used with the Home Key 1st Mortgage Loans. Loan Term 30 year,
deferred loan but accelerated if any of the following occur – sale,
transfer, other disposition of the property (including any involuntary
transfer by or as a result of foreclosure or judicial sale or operation
of law), refinance or satisfaction of the first mortgage loan. This loan
is repayable and is not forgiven. |
|
Allocations |
Pools are available to all
lenders |
|
Loan Commitments
Time Line |
TIMELINE |
CREDIT
requirement
All buyers |
600 for
Government loans (the mid score)
620 for Conventional loans (the mid score)
Home buyers with
non-traditional credit or where there is no FICO score, manual
underwriting shall be permitted. |
|
Homebuyer Education |
Face to Face Required for
ALL Borrowers & anyone listed on the Deed |
|
Income Limits |
Pinellas & Pasco -
Non-Target
1-2persons -
$71,280 & 3+persons -
$83,160
Polk - Non
Target
1-2persons -
$63,240 & 3+persons -
$73,780
|
|
Acquisition
Limits |
Pinellas & Pasco - Non-Target -
$263,250
Polk-
- Non-Target -
$243,945 |
|
Final Purchase
Date - |
TIMELINE
March 1, 2011 |
Contact
Bond Compliance for additional information.
Program Information and Materials-
Administrator's Program Guidelines,
ALL Program Forms, Shipping Checklists and Stacking Sheets, Guidelines
(Underwriting, Delivery & Funding, Fannie, Freddie, FHA) All Presentations,
Homebuyer Education, Bulletins, DPA & Second Mortgages, Manufactured Homes,
PMI, Closing Docs, Marketing Materials.....
Home Key Plus
-
|
