Date post: | 18-Jan-2018 |
Category: |
Documents |
Upload: | buck-shannon-francis |
View: | 216 times |
Download: | 0 times |
Education EventHomeownership Opportunities with
Pasco County Community Development
West Pasco Board of Realtors
June 11, 2013
Homeownership Programs
• Pasco County Loan interest rate is 0% • Second mortgage• 0% interest as long as owner-occupied
• If not, loan is due ( at about 6% interest).
Common Rules For All Programs
• First Loan may not be more than 1% over average rate. (www.freddiemac.com)
Maximum Lender Fees and Points cannot exceed 4% (Unless it is a very low first mortgage).
No Special Realtor fees Borrowers do not have to be first time
homebuyers, but the purchased property must be homesteaded
Other Program Rules
Neighborhood Stabilization Program
Moderate/Middle Income Households can receive up to $20,000 in Homebuyer Assistance (51-120% Median Income) Maximum Yearly Income
1 Person $47,760 2 Persons $54,600 3 Persons $61,440 4 Persons $68,160 5 Persons $73,680 6 Persons $79,080
Homebuyer Assistance – Moderate/Middle Income
Certain Essential Service Workers Can Receive an additional $10,000.
Government Employees – Local, State, and Federal
School Board and Other Educational Employees, including Private Education and Higher Education
Fire and Law Enforcement Personnel Active and Retired Military Health Care Workers
Low Income Households can receive up to half of the amount of the sales price (0-50%) of the median income)
Maximum Yearly Income 1 Person $19,900 2 Persons $22,750 3 Persons $25,600 4 Persons $28,400 5 Persons $30,700 6 Persons $32,950
Low Income Households cannot purchase a house with a sales price of more than $100,000.
Homebuyer Assistance – Low Income
Purchasing POP Homes – The Process
When construction is completed, price is set and property advertised on website and MLS
For 7 days offers are accepted (for the asking price only) but not committed.
After the 7th day if there are more than one offer a lottery is held in our office.
After that, first come first served. All offers must be for the asking price. There is no negotiation on the price
Homebuyer Assistance Program
This is Downpayment Assistance
Family Size 1 Person 2 Persons 3 Persons 4 Persons 5 Persons
6 Persons
Very Low $19,900 $22,750 $25,600 $28,400 $30,700 $32,950
Low Income
$31,850 $36,400 $40,950 $45,450 $49,100 $52,750
Mod Income
$47,760 $54,600 $61,440 $68,160 $73,680 $79.080
Any property is eligible, except mobile homes Maximum sales price $240,000 Available in entire County, including all cities Minimum required contribution:
Very Low Income $500 Low Income $1,250 Moderate Income $1,500
HAP Rules
Very Low Max Assistance $10,000
Low & Mod Max Assistance $5,000
$400,000 Available, $100,000 is Reserved for Very Low Income Households
HAP Benefits
New Construction Loan Program
Up to $10,000 available for Households at 80% of median income or lower.
Maximum Yearly Income 1 Person $31,850 2 Persons $36,400 3 Persons $40,950 4 Persons $45,450 5 Persons $49,100 6 Persons $52,750
New, Already Constructed Homes
• Single family homes, town houses and villas qualify.
• Condominiums and Mobile Homes are not eligible.
• The house must never have been occupied.• Homebuyer must put at least $1,250 into the
purchase.• Must be purchased from builder directly• Available in all areas of the County
Program Rules
Process and Timeline
1. County-sponsored homebuyer education class is required.
2. Homebuyer signs contract for home and is approved by lender.
3. If HAP, Lender must make send reservation.
4. Lender sends loan package to County.5. County approves application package.
6. Homebuyer meets with homebuyer counselor.
7. Mortgage package e-mailed to title company.
8. Homebuyer assistance check is released by county after HUD 1 is approved.
9. Closing occurs.
County Checklist Form Bank Application (1003) Good Faith Estimate (NUMBERS ON FIRST THREE DOCUMENTS MUST MATCH) Verification of Income and Assets of everyone living in property (3rd party
verification) Homebuyer Class Certificate (Within 2 years) Credit Report Real Estate Contract Most recent tax return.DOCUMENTS EXCEPT FOR CONTRACT, CLASS CERTIFICATE AND TAX RETURN MUST BE NO MORE THAN 90 DAYS OLD
Application Package
Wages, Salaries, Overtime, Fees, Commissions, Bonuses Net income from the operation of a business or profession Interest, dividends, and other net income of any kind from real or
personal property All gross periodic payments received from Social Security, SSI, welfare,
annuities, insurance policies, retirement funds, pensions, disability or death benefits, and other similar types of periodic receipts.
Payments in lieu of earnings, such as unemployment, worker's compensation and severance pay
Periodic and determinable allowances, such as alimony and child support payments, and regular contributions or gifts received from persons not residing in the dwelling
All regular pay, special pay, and allowances of a member of the Armed Forces (whether or not living in the dwelling) who is head of the family, spouse, or other person whose dependents are residing in the unit
What is Income?
Income from employment of children (including foster children) under the age of 18 years
Payments received for the care of foster children
Lump-sum additions to family assets, such as inheritances, insurance payments (including payments under health and accident insurance and worker's compensation), capital gains and settlement for personal or property losses
Educational Scholarships
What is Not Income?
Savings accounts and checking accounts Stocks, bonds, savings certificates, money market funds, and other
investment accounts. Equity in real property or other capital investments The value of land, in excess of land allowable for housing production Cash value of trusts that are available to the household IRA, Keogh, and similar retirement savings accounts Contributions to company retirement/pension funds that can be withdrawn
without retiring or terminating employment Assets that, although owned by more than one person, allow unrestricted
access by the applicant Lump-sum receipts, such as inheritances, capital gains, lottery winnings,
insurance settlements, and other claims Personal property held as an investment such as gems, jewelry, coin
collections, antique cars, etc. Assets disposed of for less than fair market value during two years
preceding
What Is An Asset?
If total assets more than $250,000, not eligible for County programs.
Asset Cap
Necessary personal property Interest in Indian trust lands. Assets that are a part of an active business or farming
operation. (Note: Rental properties are considered personal assets unless real estate is the applicant's main occupation.)
Assets not accessible to the family and that provide no income for the family
Vehicles specially equipped for the handicapped Equity in owner-occupied cooperative and manufactured
homes in which the family lives Assets held in applicants' name but which are actually owned
by someone else. Cash value of life insurance policies
What Is Not An Asset?
May not be greater than 35%/40% If they are above those numbers but less
than 40/45, a committee will decide if there are enough positive indications (great credit or large bank acct. etc.) to approve.
Over 40/45, automatic decline.
Ratio Requirements
Payments will be required if front-end ratio is 28% or less and the back end ratio is less than 38%
If ratios are higher, loan will be deferred for 5 years, with terms of 10-30 years, depending on level of assistance.
If appropriate there will be two notes, one payback and one deferred.
Pasco County Loans
Portion of the appreciated sales price will be shared with the County, in addition to the principal balance
For the first three years that percentage is 50% For years 4 and 5 it is 25%. Appreciation is defined as the gain a homebuyer receives
from the sale of the home, less any reasonable title and real estate costs. The cost of home improvements completed with building permits also shall be deducted from this amount. Under no conditions shall this penalty be more than twice the amount of the original County loan.
Recapture Affordability ProvisionsHomebuyer Assistance & New
Construction
Sign Up for Housing Updates
• Notify Me Email Updates• Go to http://www.pascocountyfl.net • Click on Customer Service Center (Left Hand Side of
Page)• Click on Notify Me/Message Center (Center of Page)• Enter Email Address and Click “Sign In”• Click On “Community Development Housing Updates”
Under Notify Me – Select Either Text or Email Method• Click on Confirmation Email Link When Received
• Follow Us on Facebook• http://www.facebook.com/pascocommunitydevelopment
Home Rehabilitation Programs
Family Size
1 2 3 4 5 6
Annual Income
$47,760
$54,600
$61,440
$68,160
$73,680
$79,080
Housing Investment Partnership Program
• Available for Essential Home Rehabilitation Items
• Families can make up to 120% of AMI
Applicants must bring 10% of required cost of repairs
HIPP will fund up to $10,000.00 Maximum value of home cannot exceed
$240,000.00 Correct Substantial Code Violations,
Upgrading Electrical, Heating, Sewer, or Water; Handicapped Modification
Debt to Value of Property cannot exceed 110%
Loan Deferred for 5 Years
Program Rules
Owner Occupied Rehab Program
Household Size
1 2 3 4 5
Low Income (Annual)
431,850 $36,400 $40,950 $45,450 $49,100
• Available for Applicants Making Less than 80% AMI
• House must meet current code after repairs are completed
Luxury and Non-Essential Items Cannot Be Completed
Eligible Repairs Include Creating Additional Living Space; Correcting Substantial Code Violations; Upgrading Electrical, Heating, Sewer or Water Facilitates; Handicapped Modifications
Loan Deferred for 3 Years
Program Rules
Questions?