We at Florida State Mortgage Group, Inc in conjunction with various local government entities are very pleased to be able to cooperatively offer down payment assistance funds to qualified borrowers.
We are currently offering downpayment assistance funds in numerous cities within Broward, Palm Beach and Orange Counties. Additionally, we may be able to identify assistance in other areas throughout Florida.
Housing downpayment assistance is currently available in Fort Lauderdale for up to $75,000. We have several other cities eligible for up to $50,000. These funds are issued in the form of a simultaneous second mortgage with zero interest and zero payments for 15 years. After 15 years the debt is forgiven and the funds are no longer need to be repaid.
The use of these funds can result in a substantially lower monthly mortgage payment. Additionally, the use of these funds can typically result in no need for added and costly government or private mortgage insurances.
In addition to these downpayment assistance funds we typically are able to issue a Mortgage Credit Certificate. (“MCC”). The MCC provides the homebuyer with an annual IRS income tax credit of up to $2000. These funds can also be used when considering a borrower’s income for qualification in the application process.
There are income and purchase price guidelines. Although the MCC can be issued to eligible veterans and/or first time home buyers (“FTHB”) only FTHB are considered for the downpayment assistance programs.
Do you qualify for these housing downpayment assistance programs? Give us a call today and inquire.