I am introducing you to a special loan program to facilitate homeownership for first-time buyers in underserved areas. Below, you will find an overview of the program, its features, parameters, and borrower eligibility criteria:

Overview:

The HomeReady SPCP offers various benefits to qualifying first-time homebuyers, including down payment assistance grants, credits, and contributions toward additional costs such as home warranty and appraisal.

What Is It?

• $5,000 credit towards down payment or other closing costs

• Up to $500 toward a 1-year home warranty

• Up to $500 toward the appraisal cost

Parameters:

• Primary purchases only

• All property types

• Loan must be originated in the broker channel – no correspondent

• Follows HomeReady guidelines

• Max LTV (Loan-to-Value) = 97% (minimum possible Down Payment of 3%)

• Min FICO score = 620

• Does NOT need to meet AMI (Area Median Income) restrictions to qualify

• Must have Approve/Eligible DU (Desktop Underwriter) findings

• Seller concessions are capped at 5%

Borrower Eligibility:

• Based on the borrower’s current primary residence location

• Proof of primary residence required (e.g., driver’s license, asset statements, lease agreement, utility bills)

• Occupying borrower must be a first-time homebuyer and live in an eligible census tract area

• Homeownership education required for first-time homebuyers

• Occupying borrowers may not own any other financed properties at the time of closing.

Eligible Areas (Florida):

• Miami-Fort Lauderdale-West Palm Beach

• Orlando-Kissimmee-Sanford

• Tampa-St. Petersburg-Clearwater

Should you require more detailed information, please call a Loan Officer specialized on this program. We believe that this program can significantly benefit borrowers seeking to purchase their first homes in the specified areas. If you have any questions or would like to discuss this program further, please feel free to contact us.