Home Ownership Program for Lee County
Lee County offers distressed borrowers access to the homeownership opportunities program or HOP provided by the Florida Housing Finance Corporation. This helps qualified homebuyers with a variety of assistance programs either for closing costs or down payment assistance. If the borrower’s income does not exceed 80% of the area median income, the borrower can qualify for this type of loan.
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Homeownership is such an American standard and something to strive for that Lee County Florida wants to make it as easy as possible for those that are interested in becoming homeowners obtain that dream. These programs require several different factors for eligibility and homeownership education classes but the end result is a rewarding future in real estate.
Qualifications for this type of loan in the County and cities like Bonita Springs are:
- Borrowers must provide a minimum down payment of $500
- Borrowers must not have personal assets in excess of $30,000
- Borrowers must complete an HUD approved by her education course
- Borrowers it must comply with underwriting guidelines for their type of home and city
- Borrowers must maintain homeowners insurance, title insurance and flood insurance if the home is located within the 100 year floodplain of Florida
In addition to this there are other down payment and closing cost assistance programs that may be available in your area. These can require certain stipulations and guidelines as well but may provide what the buyer needs for closing costs, down payment assistance or possibly both. Buying a home in Bonita Springs is exciting but it doesn’t have to be expensive. Sometimes sellers can pay for closing costs or closing cost can be built into the purchase price of the home if the appraisal covers the extra amount. There are lots of different options for distressed borrowers, those with less-than-perfect credit ratings or have had passed financial situations preventing them from the most ideal of home loan setups.
Read more: 6 Things You’ll Need to Get a Mortgage Loan in Florida
The Federal government and Lee County are constantly changing and evolving to work with borrowers and homebuyers trying to get into the property for the first time. If you’re unsure of what you currently qualify for simply call one of our agents and discuss your needs, your budget, and your current financial situation and we would be happy to offer all of the options and programs available to you.
Resources: Bonita Springs area housing development Corporation contact Diane Ledford 239-495-7100
