Looking for a strategy to make purchasing your first home a little bit easier? The Florida Bond Program will allow first time homebuyers to secure a range of diverse home loans (FHA, USDA, VA, or Conventional) ranging from 95% to 100% loan-to-value ratio. Which means that many homebuyers will be able to acquire low interest financing through the Florida Bond Program, whilst putting little to no cash down in advance. Down payment proportions for the various eligible loans are listed below:
  • VA - 0% down
  • Conventional - 3% or 5% down
  • USDA - 0% down
  • FHA - 3.5% down

Who Is approved as a First-Time Home Buyer?

Contrary to what many think, this doesn’t have to be your first home purchase to be considered a first-time home buyer. As long as you have not owned and occupied a primary residence in the previous three years, you are eligible for the Florida Bond Program as a first-time buyer.

Down Payment Assistance

The Florida Bond Program delivers down payment assistance for first time buyers in a couple various ways. The Florida Assist down payment assistance loan is a $7,500 loan with a 30-year term, 0% interest, and $0 payments as long as you inhabit and do not refinance the home.
Buyers that opt for the Conventional Bond program are able to receive a grant equal to 3% of the home’s sale price, and aren't expected to pay the grant back after living in the home for 5 years.

How Does the Program Work?

The Florida Bond program is provided from the Florida Housing Finance Corporation and is offered to buyers through specific local and approved lenders. Loan originators must be certified to participate in the program, and all loans in the program are sold to the Florida Housing Finance Corporation after origination. Loans are then serviced by US Bank.
Are you a first-time homebuyer in search of a way to make that down payment process less complicated? The Florida Bond Program may be the optimal remedy.


Resources:
https://www.producthunt.com/@donna_saber
https://docs.google.com/document/d/1lKBw-ncyDKVoZXErCQbqXHS5dtXUYF_PuXaEc5ubb20/edit?usp=sharing
https://docs.google.com/document/d/10wDtxpXN8xnR1lGIUYoVvFT5usworC1U4rGrMaD369g/edit?usp=sharing
https://docs.google.com/document/d/1nMNgj2rhI2A4_Cdnen-7HlKRq895FUtH5SOGiUE-dk4/edit?usp=sharing
https://docs.google.com/document/d/10l9-a7N_r0NWY3ZxuZmNsvC3wdQ-iZKoZ1vhWfxRpsU/edit?usp=sharing
https://docs.google.com/document/d/1uJnmXNh8w3LExStJjCXv1Gw0vdwiZptk9cd-OIo1irA/edit?usp=sharing
https://docs.google.com/document/d/1drFa0n85VLDnyZsxrZqAmNE2Y0-j7ZqYWHiOuqTXtF4/edit?usp=sharing

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