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First Time Home buyer Presentation
- 1. SUN SAND HOME FLORIDA FIRST-TIME HOMEBUYER PROGRAMS
- 2. Miguel J. Muniz Palm Beach County Area Manager NMLS 575598 Direct: 561.644.1933 mmuniz@houseloan.com Stephanie Hernandez Licensed MortgageBanker NMLS 910965 Direct: 561.293.5756 shernandez@houseloan.com Erwin Bohorquez Licensed MortgageBanker NMLS 1198443 Cell: 561.452.4848 ebohorquez@houseloan.com OUR TEAM IS HERE FOR YOU TAKE A DEEP BREATH YOU’VE GOT THIS Hector Fernandez Loan Officer NMLS 1164327 Direct: 561.571.2785 hfernandez@houseloan.com Michael Schwartz Loan Officer NMLS 342529 Direct: 561.371.5625 mschwartz@houseloan.com Lynn Nemes Licensed MortgageBanker NMLS 1416448 Direct: 561.400.8265 lnemes@houseloan.com
- 3. Buying your first home may seem overwhelming. But you’ve got our team to walk you through the whole process! WWW.PALMBEACHHOUSELOANS.COM
- 4. You’ve also got the entire state of Florida on your side! Thanks to special state programs, you’ll have all the help you need to become a homeowner. Let’s take a look at available first-time homebuyer programs. WWW.PALMBEACHHOUSELOANS.COM
- 5. BUY A HOME GET PAID TO LIVE IN IT
- 6. MORTGAGE CREDIT CERTIFICATE (MCC) WWW.PALMBEACHHOUSELOANS.COM Gives you up to $2,000 in tax credit for every year you live in your home
- 7. MCC HIGHLIGHTS • Claim up to 50% of paid mortgage interest on your federal income taxes each year • Available as long as you pay mortgage interest and have a federal income tax payment • Maximum tax credit is $2,000 annually You could save up to $60,000 on taxes over your loan term! WWW.PALMBEACHHOUSELOANS.COM
- 8. QUALIFYING FOR MCC • Income and purchase price limits apply – Vary by household size and county • Buyers in targeted areas in Florida have higher limits than those in non-targeted areas • Targeted areas are where 70% of the population earns less than 80% of state median income • MCC can’t be combined with some first- time homebuyer programs WWW.PALMBEACHHOUSELOANS.COM
- 10. FLORIDA FIRST MORTGAGE • Available only to first-time homebuyers • Offers fixed rates that are generally lower than market rate • Higher loan-to-value (LTV) ratio with lower down payment and credit score requirements than standard mortgage programs WWW.PALMBEACHHOUSELOANS.COM
- 11. F LORIDA F I RST MORTGAGE (CONTINUED) • Minimum 640 FICO credit score • Available for FHA, VA, USDA, or conventional financing • May be combined with Florida Assist down payment program • Homebuyer education course required WWW.PALMBEACHHOUSELOANS.COM
- 12. F LORIDA F I RST MORTGAGE (CONTINUED) INCOME LIMITS – Non-targeted areas Broward County: 1-2 persons: $75,456 3+ persons: $89,920 Palm Beach County: 1-2 persons: $75,440 3+ persons: $78,720 WWW.PALMBEACHHOUSELOANS.COM
- 13. MILITARY HEROES PROGRAM Similar to Florida First Mortgage • Offers veterans and active duty military even lower mortgage rates • Same credit score, homebuyer education, and income/price limits as Florida First • Available to first-time buyers and past homeowners WWW.PALMBEACHHOUSELOANS.COM
- 14. OWN A HOME OPPORTUNITY PROGRAM Palm Beach County Only • 30-year fixed mortgage loan, plus second mortgage loan of up to $10,000 • Second mortgage for down payment and closing cost assistance – must be paid back WWW.PALMBEACHHOUSELOANS.COM
- 15. OWN A HOME OPPORTUNITY PROGRAM Palm Beach County Only (Continued) • Available to qualified first-time buyers only • Minimum 640 FICO credit score for VA loan • Minimum 660 FICO credit score for FHA loan • Conventional loan options available WWW.PALMBEACHHOUSELOANS.COM
- 16. OWN A HOME OPPORTUNITY PROGRAM Palm Beach County Only (Continued) • Homebuyer education course required • May be combined with MCC INCOME LIMITS – Non-targeted areas Palm Beach County: 1-2 persons: $76,156 3+ persons: $87,579 WWW.PALMBEACHHOUSELOANS.COM
- 17. COVER UPFRONT COSTS GET THE FUNDS WWW.PALMBEACHHOUSELOANS.COM
- 18. FLORIDA ASSIST • Can be used with Florida First or Military Heroes mortgage • Up to $7,500 in down payment and closing cost assistance as a second mortgage loan • No interest owed on second mortgage – only $7,500 amount due • Second mortgage repayment due at end of first mortgage loan term or if buyer refinances or sells the home before then • Income limits apply – vary based on county of residence WWW.PALMBEACHHOUSELOANS.COM
- 19. DOUBLE THE FUNDS Homebuyers who live in the following counties could qualify for an even more generous version of Florida Assist: Up to $15,000 in down payment assistance in the form of a deferred five-year loan. The loan is forgiven at a rate of 20% per year over five years. BREVARD • CLAY • DUVAL • HILLSBOROUGH ORANGE OSCEOLA • PASCO PINELLAS • POLK • ST. LUCIE • VOLUSIA WWW.PALMBEACHHOUSELOANS.COM
- 20. OWN A HOME OPPORTUNITY GRANT Palm Beach County Only • Grant funds never have to be paid back! • Available to qualified first-time buyers and past homeowners • Offers 4% or 5% of the loan amount in down payment/closing cost assistance • Grant amount varies based on loan type and borrower’s credit score WWW.PALMBEACHHOUSELOANS.COM
- 21. OWN A HOME OPPORTUNITY GRANT Palm Beach County Only (Continued) • Can only be combined with MCC program • Homebuyer education course required • $98,100 household income limit WWW.PALMBEACHHOUSELOANS.COM
- 22. OWN A HOME OPPORTUNITY GRANT Palm Beach County Only (Continued) GRANT AMOUNTS • 5% grant for VA/USDA with 640 FICO credit score • 5% grant for FHA with 660 FICO credit score • 4% grant for FHA with 640 FICO credit score • Conventional loan options also available WWW.PALMBEACHHOUSELOANS.COM
- 23. CORNERSTONE HOME LENDING’S GOALS • Take amazing care of you while closing your loan on time • Offer personalized mortgage planning and clear guidance • Keep you updated so you know where you are in the process • Provide competitive rates, terms, and pricing • Be your trusted resource year after year
- 24. M IGUEL J. M UNIZ Palm Beach County Area Manager NMLS 575598 Direct: 561.644.1933 mmuniz@houseloan.com 8461 Lake Worth Road, Suite 170 | Lake Worth, Florida 33467 | Branch NMLS 1202689 Not a commitment to lend. Borrower must meet qualification criteria. Equal Housing Opportunity. HERE FOR YOU FROM START TO HOME Let us help you make the move to your first home!