Down Payment Assistance Seminars
Home loan grants for veterans and active military. Hosted by Florida Down Payment Assistance expert, Roger Lazzarino
Learn about the special 5% "Own a Home" grant for Florida residents. Hosted by Florida Down Payment Assistance expert, Roger Lazzarino
Simple method and explanation to know how much home you can afford by calculating your front end housing ratio and your back end debt to income ratio. Hosted by Florida Down Payment Assistance expert, Roger Lazzarino
Learn how to get 105% financing for your fist home with no income limits Hosted by Florida Down Payment Assistance expert, Roger Lazzarino
Lean how to get 100% FHA financing for your home in Florida. Hosted by Florida Down Payment Assistance expert, Roger Lazzarino
Learn about Florida's special 5% forgivable grant to help homebuyers purchase their first home. Hosted by Florida Down Payment Assistance expert, Roger Lazzarino
No Mortgage Insurance & Special 100% Financing for First Time Homebuyers in Florida, Hosted by Florida Down Payment Assistance expert, Roger Lazzarino
This amazing Florida program allows first time home buyers with a FICO score of 620 or better to get a loan with NO mortgage insurance AND NO origination fee! Hosted by Florida Down Payment Assistance expert, Roger Lazzarino
We expose some sneaky fees some builders may try to include in closing costs, what you need to know before visiting a new subdivision or signing a new home purchase contract, and what you can do to protect yourself. Hosted by Florida Down Payment Assistance expert Roger Lazzarino
Learn why your credit may get pulled numerous times after applying for a mortgage loan and how to stop or prevent it from ever happening again. Short seminar hosted by down payment assistance expert Roger Lazzarino
11 important things every first time home buyer should know about their bank accounts and credit score before buying a home or starting the lending process. Short seminar hosted by Down Payment Assistance expert Roger Lazzarino
Special seminar on 101% financing for first time home buyers in Florida. Hosted (narrated) by Florida Down Payment Assistance expert, Roger Lazzarino
Learn how to get free down payment assistance when purchasing a home in Florida. Hosted (narrated) by Florida Down Payment Assistance expert, Roger Lazzarino
Seminar Notes:
Introduction- Roger Lazzarino - Managing Broker - Mid Florida Realty
- Began my lending career with Wachovia Bank back in 1986 and owned a Mortgage company for several years.
- I’ve been a licensed Realtor and Broker for the past 15 years
- Sold over 400 properties as either a Listing Agent or Buyers Agent.
- Wells Fargo and Ocwen REO (foreclosure) Agent for several years.
- Author of www.FloridaDownPaymentAssistance.com www.FloridaFirstTimeHomeBuyer.Info www.Mid-Florida-Realty.com
- Combined these Down Payment Assistance sites receive approximately 25,000 - 30,000 views a month.
- There are over 100 DPA programs in Florida.
- You’ll probably qualify for at least 1 of the programs, most likely a couple of them.
- Mid Florida Realty specializes in down payment assistance and only works with the most advantageous of these programs
- Most of these programs allow for 100% financing of your home
- 100% financing does not necessarily mean “No Money Down”
- Someone will have to pay Closing Costs, generally a combination You and the Seller
- We try to negotiate out all of the Closing Costs from the Seller to minimize your out of pocket expenses but there’s no way to predict how much we can get paid.
- Depending on the price of the house, your credit scores, the loan program, and the Sellers attitude, Closing Costs could be as little as $2,500 or as much as $8,500
- Mid Florida Realty has Realtors in most of Florida’s major markets
- Our Agents have been trained on several different state, federal, county and private Down Payment Assistance programs in the areas that they live in
- If you can qualify for a down payment assistance program, we’ll know exactly which Lender has the best program for you
- No Lender has all of the programs. 95% of Lenders don’t even Originate 1 DPA program, much less 20 or so different ones
- Neither you nor we want your credit pulled several times by different Lenders because it really does lower your FICO score and can prevent you from purchasing a home in the short term
- In some cases, multiple credit Inquiries can prevent you from purchasing a home for up to 6 months
- The down payment is the money that the Buyer uses to establish enough equity to allow the Mortgage Lender to lend you the balance of the homes purchase price
- The down payment must come from the following sources. No exceptions.
- Buyers own bank or asset accounts
- Gift Funds from Relative or employer. (Not Borrowed)
- Approved DPA program
The Down Payment CANNOT come from any of the following:
- Builder
- Seller
- Friend
- Realtor
- Un-seasoned funds (2 months in a bank account)
- Personal Loan
- Any money that’s lent to the Buyer/Borrower in any way shape or form
- Less than 5% of Florida Mortgage companies offer Down Payment Assistance
- Why don't they?
- Because the Company earns about half of the income versus a straight-up FHA, Conventional, VA Loan or USDA loan
- There are additional Underwriting Guidelines that have to be handled 100% correctly or they can’t sell the loan
- The Loan Officer, the Processor, the Admins, the Underwriters and the Closing departments all have to be extensively trained on those additional guidelines and required documents
- If the loan guidelines are misinterpreted or the documentation isn’t filled out correctly, the Lender can’t sell the loan to the DPA sponsor.
- If they can’t sell the loan in a very limited amount of time the Lender has to “eat” the money that was advanced to you
- If that happens it becomes a Lender “Portfolio Loan”, which means the bank can’t get reimbursed for any part of that loan
- This program is restricted to Nurses, Firemen, EMT’s, Police Officers, active and veteran Military personal and anyone who works for any municipal school system including State Colleges and Universities.
- Benefits of this program are incredible!
- You receive 100% Mortgage Financing with 680 or higher FICO scores (all people on the loan).
- NO Up-Front Mortgage Insurance! This potentially saves you 1.75% of the Loan Amount on an FHA Mortgage in Up-Front Mortgage Insurance.
- NO Monthly Mortgage Insurance! This eliminates between .5% to 1.5% of payment on your monthly mortgage payments. On a $200,000 loan the MI range can be between $100 EXCELLENT credit to $210 for average credit.
- The interest rates are lower than FHA or Conventional rates by at least a half a point.
- No Origination Fee so your Closing Costs are less! Saving at least 1% or $2000 on a $200,000 loan. This is a major savings and advantage for you the Buyer.
- No Income limits and the loan can be based only on the Borrowers income. If your spouse has poor credit or owes a lot in student loans, no problem.
- No Appraisal Fee.
- Depending on the variation of the this program, (your choice) you can possibly get $3000 towards your Closing Costs.
- No First Time Home Buyer requirement.
- This loan is for EVERYONE, not just 1st Responders!
- 100% Financing of the mortgage with 680 FICO or better.
- No Upfront or Monthly Mortgage Insurance required.
- Income restrictions are 100% of the HUD Median Income for the Census track where the property exists. Somewhat address based.
- The program can also use just the Borrower income only. Household income not required if Borrowers income is below the 100% HUD Median Income for Census Tract and they can qualify for the mortgage by themselves.
- No Origination fees required for so you have lower Closing Costs. Major savings.
- Interest rates match Fannie Mae Conventional mortgage rates.
- Flexible Borrower debt to income ratios. Whatever ratios Automated Underwriting approves. Up to 50% on Conventional loans.
- HUD approved Buyers Education courses required.
- No First Time Home Buyer requirement.
- For Everybody!
- Minimum FICO scores at least 640 with Automated Underwriting Approval for FHA or Conventional loans.
- No Origination for lower Closing Costs.
- More flexible debt-to-income ratio limits than most other DPA programs.
- Only Borrowers income used (1003 qualifying income). Entire household income not necessary if Borrowers income is below 115% of HUD Median Income and they individually qualify for the loan.
- This program like all State and County DPA programs, does require Mortgage Insurance.
- No First Time Home Buyer requirement
- Competitive 30 year fixed rates.
- Physicians (MD’s & DO’s) can purchase a home up to $417,000 with 100% Financing.
- Must have a 680 FICO credit scores with No bankruptcies in last 4 years and No foreclosures in the past 7 years .
- Competitive interest rates.
- No Origination fee.
- No income limit.
- Primary Residences only.
- Lee, Charlotte, Collier, DeSoto, Sarasota, Broward, Palm Beach, St Johns & Volusia
- Not restricted to any Occupations.
- No First Time Home Buyer requirement.
- Middle FICO credit score of at least 660.
- Up to a 4% Grant forgiven at the Closing Table.
- Minimum 3% Grant with FHA Loan / 4% with Conventional Loan.
- Very High Income and Acquisition limits!
- Cannot own any other Non-Rental Real Estate at time of closing.
- For Buyers who have middle FICO credit scores of 580 or higher.
- No Origination or Sponsor fees (lowers your Closing Costs by approximately $3000).
- Grants the Borrower/Buyer 2% of the 3.5% for an FHA down payment. You do not repay the grant.
- Possibly can get a Lender credit to help with Closing Costs.
- No income limits, standard FHA purchase price limits and DTI ratios.
- No Homebuyers Education required.
- No First Time Home Buyers requirement.
- see lender required documents here
- After one of our Agents speak with you for about 30 minutes, our Agent assigns the correct Loan Officer to your file. This is going to depend on your credit scores and other factors such as if you or your spouse ever owned a house, if you’ve ever had a bankruptcy or a foreclosure, debt to income, occupation etc…
- Scan your documents to PDF. To get started your last 45 days of paystubs, last 2 years IRS Tax Returns, your last 2 bank statements, (front and back). Scan any other documents on the Lender Required Docs that pertain to you.
- After you fill out the Loan Application and the Loan Officer says they’re ready for documents, email or fax our Lender your documents.
- We have to have a solid Pre-Approval letter BEFORE we can start looking at property. The Agent must send the Pre-Approval Letter with every offer.
- Have at least $3500 in your bank account, or retirement accounts for Inspections, an appraisal and Closing Costs. The more available funds the better your home purchasing options will be.
- We put an offer in on a house and when its accepted you…
- Bring the Earnest Money Deposit (usually $1500) to the Title Company to be held in Escrow.
- This money will ultimately be used for your Closing Costs. It is your money all the way through the transaction. If the deal falls apart you get your Earnest Money Deposit (EMD) returned to you.
- Next, we get the house inspected by a Professional Home Inspection Company who can provide a Wind Mitigation and 4-Point Report for the Property Insurance Company. You pay the Inspector directly and its normally about $400.
- If there’s a swimming pool on the property, you need to have a Leak detection company inspect the swimming pool. This money is not part of the loan Closing Costs.
- We work out any issues with the Seller on the Home Inspection before we go to the Appraisal stage.
- You pay the Lender to order the appraisal. The Lender orders the appraisal at their cost. The Appraisal must be paid for before the Appraiser visits the property. The cost is between $450-$500. This is part of your Loan Closing Costs.
- Home Inspection and Appraisal money are Non-Refundable.
- If the appraisal comes in lower than the Contract sale price, we send the appraisal to the Seller and ask them to reduce the purchase price. Normally they will reduce the sales price. If they don’t agree to lower the price, you get your EMD back.
- After the Appraisal comes back the loan has been in Underwriting about 3 weeks and you’re about 2 weeks from Closing.
- If the Loan Processor requests any further documentation, please immediately provide it the next day. In some cases the document you provide may require additional supporting documentation, so please do not delay.
- Periodically you’ll be speaking with the Loan Officer and you’ll know when you should tell your Landlord you’re moving.
- The Lender may need some minor information to get a "Clear to Close". If they do need something, get it to them immediately.
- Approximately 7 days before we Close, the Lender will send you a Closing Disclosure you to review and discuss with the Loan Officer. This Closing Disclosure will be fairly accurate. You will need to electronically sign this document and submit it back to the Lender that day.
- We get our “Clear to Close” from the Lender and we schedule a Closing day and time.
- You get the Utilities set up to be placed in your name for that exact day.
- The day before Closing you’ll get a final Closing Disclosure from the Title Company along with the Wiring Instruction. This will be exactly what you see at the Closing table.
- We go to Closing and you bring your drivers license and 1 more form of ID.
- We Close the transaction and you move in that day!
- You are NOW a proud homeowner!
Required Lender Documentation for Mortgage Loans