(Feb 2, 2023)
We started things off with Miguel’s Queso and added the homemade chorizo. It was delicious, it could have come out a little hotter, but the flavor was terrific. Next up was the bacon-wrapped jalapenos, and I’ve got to say, these were just amazing, especially when dipped in the Midwood vinegar sauce. Since there were a few of us here, we had to get the ‘Pig Out,’ four types of meat, and we went with the Carolina chopped pork, double beef brisket, and the chicken barbecue. We wanted to try the pork ribs, but they are a popular item that sold out when we put our order in. But the food was just so delicious, and they have plenty of different sauces to make anyone happy. I would give Midwood a 7.7. I plan on making many trips to Charlotte in the foreseeable future and will be sure to visit Midwood Smokehouse when I’m back!
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This week’s newsletter will discuss down payment assistance programs through Florida Housing. We previously highlighted the Hometown Heroes program, which has done wonders for first-time homebuyers. This week, we will focus on other programs that feature down payment assistance through Florida Housing.
- FL First Conventional TBA Program
- FL Plus Conventional TBA Program
- FL Assist
1. FL First Conventional TBA Program
2. FL Plus Conventional TBA Program
The FL Plus Conventional TBA Program is similar to the program mentioned above but has a few differences. This program comes with a forgivable second loan and offers 3%, 4%, or 5% of the total loan amount for down payment assistance. This program also offers reduced-cost mortgage insurance for borrowers if the area median income is at or below 80%. You will not receive charter-level mortgage insurance if you are above the 80% area median income. This is an excellent option for those who qualify to get forgivable assistance.
3. FL Assist
The Florida Assist program offers up to $10,000 in down payment assistance for FHA, VA, USDA, and Conventional Loans! This comes with a 0%, non-amortizing, deferred second mortgage. Unfortunately, this program is not forgivable, but the positive news is that the repayment period is deferred unless the home is sold, transferred, the first mortgage is satisfied, refinances the property, or the borrower does not occupy the property within a specific timeframe, the second loan will be due in full. This is a 30-year term, and each program follows the general requirements of each program. For instance, with the FHA option, you can put down as little as 3.5% and a conventional as little as 3%..jpg?width=760&name=shutterstock_101246947-min%20(1).jpg)
Florida housing is a great way to get into a home by utilizing the down payment assistance! Florida Housing offers first-time homebuyers more options for down payment assistance than most states do. This is a great option for those that do not have enough for the down payment, or those who simply don’t want to break the bank when purchasing a home.
Interested in learning about becoming a resident in Florida or moving there? Read more.
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There are many factors to consider when getting into the home-buying process. It’s best to evaluate all options and to really make sure that now is the right time to buy a home. If you’re only focused on the purchase price and interest rate, you’re simply not ready to buy and need to evaluate more to make sure you are not wasting your own time. If you plan on expanding your family, do consider getting a home larger than you originally thought as it will pay dividends in the long run!
Got a question? Contact me today to chat with a financial advisor or discuss your next steps.
(Feb 2, 2023)
