 |
|
Am I Eligible?
This program will assist qualified homebuyers who are interested in buying a bank owned home as their primary residence in Hernando County by providing Homeownership opportunities at an affordable market rate for the long term. NOTE: Foreclosure intervention and prevention are not eligible. Units and buyers must be reviewed and qualified by the County before award.
The following requirements and activities apply under this NSP funded down payment assistance program:
- Potential recipients must become a primary resident of their new home in Hernando County, Florida.
- Funding can only be used to assist in buying the primary residence (homestead).
- All units purchased must be foreclosed and bank owned (REO) at the time of purchase.
- The REO units purchased as primary residence must be located within the County’s Areas of Greatest Need. Refer to the map in Locations.
- All applicants must meet the minimum Section 8 HUD approved income limits and provide documentation to prove eligibility.
- A second mortgage note and lien will be required for the down payment assistance (no interest, no payments).
- A second mortgage also known as a deferred payment loan (DPL) of up to $50,000.00 will be held as a lien for a minimum number of years based on the amount of down payment assistance. (Please see Affordability Period)
- Focus shall be on units that require minimal to no repairs.
- HUD approved Homebuyer counseling will be required for all qualified applicants.
- Up to 50% of down payment, mortgage reduction, and in some cases repairs and closing cost may be eligible. Awards will be made on case-by-case basis.
| FY 2009 INCOME LIMITS SUMMARY HERNANDO COUNTY, FLORIDA |
|
Income
Limit Area |
Median
Income |
Income
Limit Category |
Household Size (Persons) |
|
|
|
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
 |
|
|
|
|
|
|
|
Hernando
County |
$59,200 |
Moderate & Middle
(120%)
Income Limits |
$47,450 |
$54,250 |
$61,000 |
$67,800 |
$73,200 |
$78,650 |
$84,050 |
$89,500 |
|
|
|
|
|
|