FHA 203-B

3.5% down, credit scores as low as 600, seller can pay up to 6% of sales price towards closing costs

 

FHA 203-K (Rehabilitation Loan)

3.5% down, credit scores as low as 620, seller can pay up to 6% of sales price towards closing costs. The mortgage can include the price of the home plus the costs of repairs. The repairs have to be completed by a licensed contractor. The down payment is based on the total cost (price of home plus repairs). The total costs cannot exceed 110% of the after-completion appraised value.

 

FHA 203-B $100 down Program

This program is only for qualified HUD-owned properties. Same as the 203-B except the down payment is only $100 instead of 3.5%

 

FHA 203-B for Manufactured Homes

This program is the same as the 203-B program. The MH has to be a doublewide built prior to  1976 (caution on the older ones, the mortgage term will only be as long as the economic life determined by the appraisal). This requires an engineering certification to determine proper set up (costs up to $500).

All FHA Mortgages have a maximum loan limit of $271,050

All FHA Mortgages have an upfront Mortgage insurance premium and a monthly mortgage insurance premium

All FHA Loans are for owner-occupied only

 

VA

100% financing for veterans who have eligibility. Maximum loan amount is $417,000. Seller can pay up to 4% of the sales price towards closing costs

VA Mobile

                Same as above

VA loans do not have a monthly mortgage insurance premium

All VA loans are for owner-occupied only

USDA

These loans are 100% financing. USDA loans are restricted to rural areas. Basically, north of Hexam road and east of California Street. This program has income limits to qualify depending on the family size. Seller can pay all closing costs. There is a monthly mortgage insurance fee added to the mortgage payment.

Owner Occupied Only

 

Conventional Loans

Up to 95% financing (97% in certain cases). Mortgage insurance is required on any loan that is over 80% loan to value.

Home Style Loan (conventional rehabilitation loan)

This is similar to the FHA 203-K except cost of repairs is limited to 50% of the value of the property

Seller can pay closing costs limited to 3% above 90% LTV 6% below 90% LTV and 2% on all investment homes

Conventional loans may be used for Owner-Occupied, Second Homes (limited to 90% LTV) or investor (limited to 80% LTV)

Investment properties and second homes require reserves

 

SHIP (State Housing Initiatives Program) Loans – Down Payment Assistance Program

Hernando County Housing Authority. Zero-interest loans of up to $10,000 for down payment and closing costs and up to an additional $10,000.00 for qualified code-related repairs/construction upgrades. Must meet income limits for family size, pre- qualify with a financial institution, participate in First Time Home Buyers Education Class. Must not have owned a home anywhere within the three previous years. Available in all FL counties with varying requirements.