Home Possible Mortgage - Florida    















  


Home Possible Mortgage

 

Home Possible Mortgage

This program which is not credit score driven, is ideal for borrowers seeking 100% financing. This loan has reduced mortgage insurance, that is tax deductible. The Home Possible Mortgage Program has payment options with terms up to 40 years, with interest only payments available. This program allows for the seller to pay the borrowers' closing cost up to 6% of the sales price, and requires no contributions by the borrower. Let Florida Mortgage Corporation show you the cost savings and benefits with the Home Possible Mortgage Program.

If you're tired of renting but don't think you can afford to buy your own home... think again! Our latest mortgage loan option may help you achieve your dream of home ownership. It's called Home Possible Mortgage.

A great mortgage program for people who may not be able to qualify for a loan under other mortgage programs.

This mortgage program was developed to allow borrowers who may have limited savings, no credit histories, or nontraditional sources of income a better opportunity to buy or refinance a single-family home or condo, or a two- to four-family home that is used as a primary residence.

The program includes several options that can make it even easier for public service employees such as teachers, police officers, firefighters, and health care workers to buy a home. There are even special considerations for borrowers with a disability.

The Florida Mortgage Corporation Home Possible Mortgage may be ideal if...

   1.  You have limited funds for a down payment and closing costs.
   2.  You have non-traditional credit and/or income sources
   3.  You are looking to buy your first home
   4.  You are an educational institution employee, police officer, firefighter, or healthcare worker
   5.  You are disabled

Whether you're buying a home for the first time, or you've purchased a home in the past, Home Possible Mortgage offers you an affordable option. It is especially designed for potential homebuyers who cannot meet the strict income and credit requirements, down payment and closing costs of a more conventional home loan.
 


   Up to 100% financing - one loan   (Owner-Occupied property only)

   Seller can pay closing costs  -  Up to 6%

   Gift money can pay closing costs  -  (Family member only)

   NOT credit score driven

   Up to a 40-year term and options for initial interest-only period

   NO  minimum borrower contribution

   NO  cash reserves required

   Nontraditional credit allowed (only need three lines of credit verified) i.e.. rent, utilities, cell phone...

   Not just for the first time homebuyer

   Available for purchases and rate and term refinances  (No cash-out)

   Choose a fixed rate or an ARM if you don't plan on being in the home for long

   40 Yr fixed, 30 Yr fixed, 5/1, 7/1 or 10/1 arm available

   Borrowers must be at or below median area income limits to qualify  (Tampa area  - $54,400)

   Maximum loan amount - $417,000

PLEASE NOTE:   If property is in a FNMA Florida neighborhood, borrowers can EXCEED HUD Median income. We would require a Florida address of the property to know.

 

HUD Florida Median Income Chart

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