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The American Dream

Down payment assistance makes the dream of home ownership possible for families in our county that would otherwise be unable to buy a home. Instead of paying high rental costs, families who qualify can begin to build equity and pride in their own home. A couple months back I went to vote on the one cent sales tax increase for schools. I was wearing my real estate tag and so the lady at the desk ask me the standard, “What’s you prediction of how the markets going question.” We talked for a few minutes and I found out she is a single mother with two kids and was renting locally but would really wanted to buy a home. She told me she didn’t think she could afford it on her salary. She wanted her kids to go to a certain school and she didn’t really want an older house built in the 1960’s due to her not having anyone that could repair the house. I told her about the Sarasota Down Payment Assistance Program which is a program that will contribute up to $50,000 in down payment assistance depending on your income. She went to the one day class and was eligible for $37,000 of assistance! The next day we found the perfect house in the perfect neighborhood. We closed on the house and she couldn’t have been more pleased. She finally had a place she could call her own and even better she was comfortable with her monthly payments. Below is an overview of how this program works. Do any of you have a program like this in your city?

The Sarasota Down Payment Assistance Program was established to encourage home ownership by paying a portion of down payment and closing costs associated with the purchase of a home for low-income first time homebuyers. Down payment assistance is crucial to low-income homebuyers due to the difficulty they encounter saving money as a large percentage of their monthly income must be spent on rent.

The program provides second mortgage loans to purchase new and existing single-family homes, and condominiums. Homebuyers agree to reside in the home as their primary residence, or repay the loan in full. Homebuyers between 80% to 70% of the area median income adjusted to household size are eligible for $37,000 in Down Payment Assistance.

Homebuyers who earn less than 70% of the area median income adjusted for family size will be eligible for $50,000 in Down Payment Assistance. Both income ranges may also apply for the Impact Fee Program if building a new home.

The purchase price for any home cannot exceed $216,000. The interest rate on the second mortgage is 0% and no monthly payments are required. Repayment of the loan is required if the home is sold, the property is transferred, the home is no longer owner- occupied or 30 years has passed.

 

Roxanne Moore, Realtor

Shannon Moore, Realtor

Prudential Florida WCI
North Port, Port Charlotte, Venice
http://www.byownernorthport.com/
http://www.twomoores.com/
http://www.comeseeswflorida.com/
http://www.northportfloridaproperty.com/
http://www.twomoores.net/

http://www.north-port-florida-real-estate.com/

Comment balloon 1 commentShannon Moore • July 22 2006 09:02AM

Comments

First time home buyers in Florida can get more than $60,000.00 from local county and/or State of Florida funds for a down payment and closing costs on your new real estate in Orlando and central Florida. The price ceiling for first time property acquisition has risen to over $289,000.00 for certain programs. (Different Counties have different statutes, call to find out more info.)

I think us helping first time buyers is a great thing..... keep it up, Moores.....

Posted by Alexander Harb, Dallas, Texas Real Estate Investing (Knights Investing) about 11 years ago

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