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Down Payment Assistance for First Time Homebuyers
Conventional Mortgage Loan Programs for eligible First Time Homebuyers in Florida. Funds can be used for Down Payment, closing costs and prepaids, mortgage insurance premiums, or as a principal reduction to the first mortgage.
- First Time Homebuyers: Must not have had an Ownership Interest in a principal residence at any time during the last three (3) years.
- Veterans Exception: Veterans need not be First Time Homebuyers.
- Federally Designated Targeted Area Exception: Borrower(s) purchasing in a Federally Designated Targeted Area are exempt from the First Time Homebuyer Requirement.
- Income Limits: Income limits apply as per program guidelines.
- Credit Score: Minimum FICO score of 640.
DG Pinnacle TBA | First Mortgage Loan Options
We offer four first Mortgage Conventional Loan Programs to eligible First Time Homebuyers.
Conventional Option
The FL HFA Preferred | FL HFA Preferred Advantage
- These first mortgage options offer reduced Mortgage Insurance (MI) premium for borrowers with income at or below 80% of AMI (Fannie Mae | Freddie Mac determine the AMI not DG Pinnacle).
The FL HFA Preferred | FL HFA Preferred Advantage (Plus)
- Buyers who qualify for the FL HFA Preferred | FL HFA Preferred Advantage will automatically qualify for 3%, 4% or 5% of the TOTAL loan amount in a forgivable second mortgage that can be used towards down payment and/or closing costs.
DG Pinnacle TBA | Eligible Second Mortgage Options
DG Pinnacle offers a Second Mortgage Program that provides eligible borrowers with funds that can be used for down payment, closing costs and prepaids, mortgage insurance premiums, or as a principal reduction to the first mortgage.
The Florida Assist Second Mortgage
- $10,000 for Down Payment Assistance
- 0%, non-amortizing, deferred.
- Carries no monthly payment.
The FL Homeownership Loan Program Second Mortgage
- $10,000 for Down Payment Assistance
- 3%, fully-amortizing, second mortgage.
- 15-year term.
- Carries a monthly payment.
Forgivable Second Mortgage Option
The PLUS Second Mortgage option is only available as the HFA Preferred PLUS 3%, 4% or 5% or as the HFA Advantage 3%, 4% or 5%. This second option is not available with a standard HFA Preferred or HFA Advantage.
Highlights
- Five-year, deferred loan.
- 0% interest rate.
- Carries no monthly payment.
- Assistance is calculated on a percentage (3%, 4% or 5%) of the TOTAL loan amount.
- Any time before the end of the fifth year, any unpaid balance of the PLUS Second Mortgage Loan will become payable in full in the event of sale, transfer, satisfaction of the first mortgage, refinancing of the property or until such a time the borrower ceases to occupy the property as primary residence
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