Charlotte County offers 2 great options to homebuyers. Please choose one of the options listed below.
Option #1 – Own a Home Opportunity Program
ELIGIBILITY CRITERIA* –
* See loan officer for additional information
OWN A HOME OPPORTUNITY FIRST MORTGAGE – Qualified buyers will receive a 30-year fixed rate first mortgage from a participating lender. Eligible loan products include FHA, VA, RD and Freddie Mac HFA Advantage Conventional.
DOWN PAYMENT ASSISTANCE – Available as a 30-year deferred, 0% Second Mortgage of up to $7,500. Must be used for down payment and/or closing cost assistance. Must be repaid, this is never forgiven.
INCOME LIMIT – Income of the borrower, spouse and everyone 18 years of age and older who will live in the property must be included..
1-2 Person Household $59,000
3 or more Person Household $67,850
HOMEBUYER EDUCATION – Required for all borrowers and anyone listed on the deed. Homebuyer Education Certification is acceptable for a period of one year from issuance. Approved education courses include:
1) Face to face from a HUD approved education provider
2) Online education ONLY from: www.eHomeAmerica.org
3) Online education ONLY from: hometrackonline.org
4) Online education ONLY from (MGIC Homebuyer Education for Freddie Macs Home Possible Program and certain HFA’s):
Lender provided homebuyer education is unacceptable as is over the phone education. If an education course is not listed on the HUD face-to-face web site, it is not acceptable. The only online education providers are listed above.
ELIGIBLE PROPERTY – Primary residences only, new or existing, one to four units, detached or attached, condos, townhomes.
CREDIT SCORE – FICO Mid score must be 660 or higher.
DTI – The maximum debt-to-income (DTI) ratio is 45%.
MAXIMUM SALES PRICE LIMIT – Must include everything paid by the borrower or on the borrowers behalf. $253,809
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