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Down Payment Assistance &
Neighborhood Stabilization Program (NSP)
Call me today for monies available and income
qualifying!
contact:
Pam Marron, 24 Yrs. Sr. Loan Officer
Homexpress Lending, Inc.
email:
pmarron@tampabay.rr.com
727-375-8986 office
727-534-3445 cell
750 94th
Ave. N., Ste. 212;
St. Petersburg, Fl. 33702
Licensed
Correspondent Lender
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Pasco
County Down Payment Matrix
Pinellas, Hernando and Hillsborough counties being updated! Thank you for your patience!
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Features
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NEW Down Payment Assist
Can use Tax Incentive
with this!
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$8000
Housing Opportunity Program (FHOP)
Can use New DPA with
this!
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NSP/POP Homes (HAP)
NSP explained at this
site
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NSP/ Foreclosed Homes
needing repair (HAP)
NSP explained at this
site
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NSP/ POP Homes and
Foreclosed Homes needing repair (HAP)
NSP explained at this
site
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Assistance for Down Payment, Closing Costs and Rehab in Pasco County
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y
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y
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y
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y
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y
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Need to be first time homebuyer (not owned home in last 3 years?
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n
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n
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n
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n
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n
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Owner Occupied Purchases only?
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y
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y
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y
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y
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y
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Max. Sales Price
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$240,000
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$240,000
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$240,000
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$240,000
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$240,000
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Pasco Co. 2nd mtg. $ assistance avail.
*
If you use less than the full Tax Inc (TI) towards home
purchase, you will receive an equal amount of the DPA
funds. For example, if you purchase a $80,000 house, and
only want to receive $4,000 TI, the maximum amount of
extra funds you could receive would be $4,000. ($8000 TI
+ $8000 DPA= $16,000 from Pasco Co.)
If you use the full $8,000, you would
receive the full $10,000 ($8000 TI + $10000 DPA= $18000
from Pasco Co)
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$3000 OR *up to $10,000 if using tax Incent. ($15,000/newly
constructed)
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Up to $8000
$8000 or 10% of sales price, whichever is less
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$20,000
$10,000 addit. if essential worker (government empl., school brd empl.,
other educ. empl. Incl. priv and higher educ., law
enforce. Empl., act and ret military, health care empl.
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$20,000
$10,000 addit. if essential worker (government empl., school brd empl.,
other educ. empl. Incl. priv and higher educ., law
enforce. Empl., act and ret military, health care empl.
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No more than 50% of the sales price.
$10,000 addit. if essential worker (government empl.,
school brd empl., other educ. empl. Incl. priv and
higher educ., law enforce. Empl., act and ret military,
health care empl.
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Qualify based upon household income/family size?
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y
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y
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y
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y
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y
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Max. Inc/Year/per family size
*These max inc/yr/per fam size limits only apply if using $8000 HOP
w/NewDPA.
If using up to $8000 Tax Incent. after closing, following income max.
applies:
$75,000: single
homebuyer
$150,000:
combined married homebuyers
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Mod inc:
1 $47,520
2 $54,240
3 $61,080
4 $67,800
5 $73,200
6 $78,600
Low Inc:
1 $31,650
2 $36,150
3 $40,700
4 $45,200
5 $48,800
6 $52,450
Very Low Inc:
1 $19,800
2 $22,600
3 $25,450
4 $28,250
5 $30,500
6 $32,750
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*1 $49,680
*2 $56,850
*3 $63,950
*4 $71,040
*5 $76,680
*6 $82,400
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1 $49,680
2 $56,850
3 $63,950
4 $71,040
5 $76,680
6 $82,400
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1 $49,680
2 $56,850
3 $63,950
4 $71,040
5 $76,680
6 $82,400
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1 $20,700
2 $23,700
3 $26,650
4 $29,600
5 $31,950
6 $34,350
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Property must be in acceptable area
**See links below to
acceptable geographic areas
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All Pasco County
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All Pasco County
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y
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y
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y
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Max. Combined LTV (CLTV)
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varies by lender
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varies by lender
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varies by lender
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varies by lender
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varies by lender
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Max. Seller contribution
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6%
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n/a
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6%
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6%
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6%
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Max. lender costs
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4% of loan amt.
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4% of loan amt.
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4% of loan amt.
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4% of loan amt.
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4% of loan amt.
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$ Amt. Homebuyer need of own monies:
Note: NO funds can go back to homebuyer at closing!
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$1500: Mod inc $1250: Low inc
$500: Very Low inc
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$500
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$1250
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$1250
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$500
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Can the Pasco Co. 2nd mtg. be deferred?
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Can be deferred for up to 5 yrs
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To be paid off
upon receipt of Tax Incentive.
Max. time prior to payoff
is 18 months.
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Can be deferred for up to 5 yrs
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Can be deferred for up to 5 yrs
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Can be deferred for up to 5 yrs
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What is the rate/term of payback to Pasco Co.?
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0%
Loan Amt/ Amortiz/Max Pmt
$0 - $5,000
10 years
$41.67 per month
$5,001 - $10,000
15 years
$55.56 per month
$10,001- $15,000
20 years
$62.50 per month
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If the loan is
paid-off within 3 months, there will be no interest
payments or penalties.
If you pay-off the loan between 3 and
18 months, you will have to pay it off with interest.
All recipients
will be required to start making loan repayments 18
months after the closing of your home if funds are not
paid back by then. The interest rate will match the
interest rate that is in the first mortgage.
If you pay back the loan after 18 months, you
will have to pay an additional 10% of your loan as a
penalty.
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0%
Loan Amt/ Amortiz/Max Pmt
$0 - $5,000
10 years
$41.67 per month
$5,001 - $10,000
15 years
$55.56 per month
$10,001 - $15,000
20 years
$62.50 per month
$15,001 - $20,000
25 years
$66.67 per month
$20,001 - $25,000
30 years
$69.44 per month
$25,001 - $30,000
30 years
$83.33 per month
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0%
Loan Amt/ Amortiz/Max Pmt
$0 - $5,000
10 years
$41.67 per month
$5,001 - $10,000
15 years
$55.56 per month
$10,001 - $15,000 20 years
$62.50 per month
$15,001 - $20,000 25 years
$66.67 per month
$20,001 - $25,000 30 years
$69.44 per month
$25,001 - $30,000 30 years
$83.33 per month
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0%
Loan Amt/ Amortiz/Max Pmt
$0 - $5,000
10 years
$41.67 per month
$5,001 - $10,000
15 years
$55.56 per month
$10,001 - $15,000 20 years
$62.50 per month
$15,001 - $20,000 25 years
$66.67 per month
$20,001 - $25,000 30 years
$69.44 per month
$25,001 - $30,000 30 years
$83.33 per month
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Can Tax Incentive be used along with down payment assistance?
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y
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y
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n
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n
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n
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Counseling w/CCC required?
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y
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y
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y
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y
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y
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Are homes other than SFR's allowed?
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y
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y
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y
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y
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y
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Can you use the NEW DPA with Tax Incentive?
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Y
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Y
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n/a
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n/a
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n/a
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Can you use the NEW DP with NSP?
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n
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n/a
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n
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n
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n
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Can you use the Tax Incentive with NSP?
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n/a
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n/a
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n
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n
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n
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Can you finance repairs using FHA?
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n/a
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n/a
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N
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n
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n
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Is there a deadline for use of funds?
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When $1mil depleted
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6/30/2010
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When NSP depleted
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When NSP depleted
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When NSP depleted
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Must apply through county Approved lender?
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y
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y
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y
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y
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y
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Must attend county-sponsored Homebuyer class?
*Note: Homebuyer should
have attended min. 1 Homebuyer class before contract is
written to use county funds
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y
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y
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y
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y
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y
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Realtor must attend county-sponsored Homebuyer class?
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y
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y
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y
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Lender must reserve funds?
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y
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N, but time sensitive! Need file submiss. ASAP!
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y
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y
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y
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Unique Program Qualities:
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DPA amt. increases if used with Tax Incentive
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Can be used along with NEW Downpymt Assist.
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End loan only needed, use NSP for DP and Clos. Costs
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*click here for
NSP Acceptable Geographical Area
Links to programs...
Pasco County
Neighborhood Stabilization HAP Program (NSP)
NSP provides funds for 2 types of
foreclosure properties that meet requirements in Pasco County:
1) end
loan financing for already rehabbed POP (Pasco Opportunity
Program) homes
2)
rehab financing for other foreclosures that meet NSP
requirements
Pasco County Down Payment Assistance
FHOP:
Use the $8,000 Tax Incentive towards a home purchased by
4/30/2010!
Help with Credit,
Budgeting and Home Ownership Preparation
Consumer Credit Counseling
This non-profit organization offers
counseling and budgeting for home preparation as part of
their services.
CCCS New Port Richey 5945 Florida
Ave.; New Port Richey, Fl. 34652-2330
727-845-5654 www.cccsfl.org
Homebuyers Club
This non-profit
agency works with prospective homebuyers on credit repair and
preparation for home ownership. Clients pay $15 for a tri-merged
credit report. The Homebuyers Club services clients in Pinellas,
Hillsborough and Pasco counties.
The HomeBuyers Club
2139 N.E. Coachman Road, Clearwater, FL 33765
(727) 446-6222
The HomeBuyers Club
1803 N. Howard Avenue, Tampa, FL 33706
(813) 849-1121
Thank You,
Pam Marron
24 Yrs. Sr. Loan Officer
Homexpress Lending, Inc.
24 years experience in HUD and
Conventional Rehab and Renovation
Specialist in Traditional Neighborhoods and CDD communities
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