Brevard First-Time Homebuyer Program Available
By Bobby Freeman, Realtor // April 12, 2014
offers a 30-year, fixed rate mortgage
BREVARD COUNTY, FLORIDA – Attention all first-time home buyers, are you dreaming of becoming a homeowner but feel that a mortgage is a little beyond your reach? Well there’s a new program that may help your dreams become a reality.
The Housing Finance Authority of Brevard County’s First-time Homebuyer Program offers a 30-year, fixed rate mortgage. There is a 1% fee charged as either Origination or Discount (but may not exceed 1% total), zero discount points and zero doc stamps and intangible tax on the mortgage and note.
The $10,000 is a 0% interest rate second mortgage deferred for 30 years. Keep in mind Sellers can still contribute up to 6% of the sale price (FHA) or 4% (VA); towards the buyers closing costs and prepaids.
“The Brevard County Housing Finance Authority program is our most popular first time buyer mortgage here at Embrace Home Loans,” said participating mortgage lender Stephen Thaggard, Senior Loan Officer for Embrace Home Loans. “As Brevard County residents, I speak with several local buyers every day and most are surprised they can qualify for up to $10,000 to use towards down payment and closing costs.”
Another benefit for qualified first time home buyers is the Mortgage Credit Certificate. This allows your buyer to save money each year they own their home.
Qualified first time buyers can deduct 50% of their annual mortgage interest up to $2,000 as a tax credit while the other 50% remains a deduction.
There are only a few qualified participating lenders that are allowed to use this new program. I recently closed on a Merritt Island home, and Stephen and Karen did a great job assisting my first-time home buyer in getting his dreams come true.
• Buyers must be first-time home buyers (have not had an ownership interest in their primary residence for the past three years). • This requirement is waived for qualified military veterans.
• Buyer must have a minimum FICO score of 640, and meet other standard credit requirements.
• Non-Target Area: There are household income limits:
• 1-2 Person Household Income Limit = $73,048
• 3 or More Person Household Income Limits = $84,005
• 1-2 Person Household Income Limit = $73,800
• 3 or More Person Household Income Limits = $86,100
• The purchase price of the home may not exceed $268,846 or $328,589 in a target area
If your buyers are exploring their first home purchase here in Brevard County and need the best in sound mortgage options or solutions then contact Stephen or Karen Thaggard at 407-733-6425, sthaggard@
To find out even more, CLICK HERE for a brochure.
ABOUT THE AUTHOR
Bobby Freeman, a life-time resident of Brevard County, has been a top Realtor in the area for two decades. In his first year as an agent, Freeman received a Rising Star award from his Brokers. Since then he has achieved numerous sales awards and has recently been presented with the prestigious RE/MAX Hall of Fame Award.
Freeman, Jennifer McCoy and Nikki McCoy Freeman are family partners for RE/MAX Elite’s McCoy-Freeman Group. Together they have more than 30 years of extensive experience in all aspects of the real estate industry and have sold over $200 million.
Among McCoy-Freeman Group’s achievement are RE/MAX Hall of Fame, RE/MAX 100% Club, Certified Distressed Property Experts (CDPE), Accredited Buyer’s Representative (ABR) and voted Best Realtor in Brevard County.
The group has been featured in many news publications including CNN Money Magazine, CNNMoney.com, WFTV 9 ABC News, Coastal Condo Living, & Hot Retirement Towns Magazine and SpaceCoastDaily.com.
For more information log on to BrevardRealtyConnection.