In an attempt to clean up the national economic state, new financing regulations and programs are being brought on line at a rate hard to keep up with. Keeping informed will give you the opportunity to capitalize your financial gains. Two new changes to pay attention to are the Miami Dade Housing Financing Authority Bond Program and the upcoming FHA guidelines being consider going into effect during the summer.
Miami Dade Housing Financing Authority highlights:
Interest rate 4.95% with zero points or 4.82% with one discount point, 30 year fixed.
Owner occupied only, does not have to be first time homebuyer.
Mid credit score 600 FHA (620 conforming)
Down Payment assistance $7,500
Homebuyer Education required for all parties on the note/deed
Income limits – family 1-2 $80,880 3 or more $94,360
Sales price for single-family $452,548, property must be located in Miami Dade
Loan must close within 50 days of locking interest rate
Real Estate company transaction fees not allowed
This program will be available through the end of 2010 or until the money runs out. Regarding homebuyer education, go to www.ehousing.cc for a list of “Approved Homebuyer Education Providers”. If you need help in finding a participating lender send me an email to mbracket@hotmail.com. In order to not waist time, I suggest obtaining pre-qualification before searching the available inventory.
New FHA Guidelines Posted in February Effective Early Summer:
New borrowers required minimum FICO score of 580 to qualify for FHA’s 3.5% down payment program.
New borrowers with less than FICO score of 580 will be required at least a 10% down payment.
Reduce allowable seller concessions from 6% to 3%
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