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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
MORTGAGE PROGRAMS - CLICK
HERE
MORTGAGE APPLICATION
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