Sunday, October 10, 2010

$20M in house buying help available in Jax

Jacksonville Housing Finance Authority has issued an additional $20 million in single family mortgage revenue bonds, according to a news release.

Proceeds from the bonds will provide low interest mortgage financing and assistance with down payment or closing costs to families in need.

The program has lowered the interest rate for a 30-year, fixed-rate mortgage to 3.99 percent and extended the program until Feb. 1, 2011.

To qualify, an individual or family must meet specific income guidelines and standard credit underwriting requirements. The home must be a primary residence and located within Duval County. Qualified participants include first-time homebuyers, honorably discharged veterans or persons refinancing a predatory loan product.

The first-time homebuyer requirement will be waived for borrowers refinancing qualified subprime loans, which are adjustable rate, single-family residential mortgage loans that closed between Jan. 1, 2002, and Dec. 31, 2007, and that the HFA determines would be reasonably likely to cause financial hardship to the borrower if not refinanced. The market value of a residence that is refinanced cannot exceed $250,000 at the time of the financing.

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