Panama City Florida Real Estate
Home Ownership Pool (“HOP”) Program
Florida Housing Finance Corporation’s HOME OWNERSHIP POOL (“HOP”) PROGRAM is designed to be a noncompetitive, ongoing program, with qualified Developers reserving funds for eligible Panama City home buyers to provide purchase assistance on a first-come, first-served basis in purchasing an affordable new Panama City home. Florida Housing will provide funds in the amount necessary.
Eligible Panama City home buyers, whose adjusted income does not exceed 80% AMI, receive a 0% deferred second mortgage loan for the lesser of 25% of the purchase price of the home or $70,000 or the amount necessary to meet underwriting criteria.
Eligible Home buyers with disabilities and Eligible Panama City Home buyers at 50% AMI or below, receive a 0% deferred second mortgage loan for the lesser of 35% of the purchase price of the home or $80,000 or the amount necessary to meet underwriting criteria.
DEVELOPER/DEVELOPMENT REQUIREMENTS (BAY COUNTY)
- Developer must make application to and be approved by Florida Housing as a Program Member
- Single family property must be new construction and is subject to specific property standards
- Maximum purchase price of new home is capped at $300,960 (as of 01/01/08)
HOMEBUYERS/BORROWER REQUIREMENTS (BAY COUNTY)
- Adjusted Income can not exceed eighty percent (80%) AMI; ($41,300 for family of four in Bay County)
- Provide a minimum down payment of $500 and attend a 1st Time Homebuyers Class
- Occupy the home as their principal residence
STEPS TO QUALIFYING FOR HOP DOWN PAYMENT ASSISTANCE
- Your Real Estate agent, builder, banker, or others tell you about the program
- Complete the short 2 page HOP application
- Phone interview with local HOP Program Coordinator
- Verify your household income and household size with HOP Program Coordinator
- Provide pay stubs and credit report to HOP Program Coordinator
- Qualify for HOP Down Payment Assistance
- Complete 1st mortgage loan application
- Pre-qualify for 1st mortgage loan
- Choose your new home from HOP qualified builder
- Execute purchase contract for new home
- Your HOP funds are reserved with Florida Housing
- Close on new home
Sample HOP home
25% HOP 2nd Mortgage
|35% HOP 2nd Mortgage|
|HOP 2nd Mortgage
(less HOP 25%/35%)
|1st Mortgage Amount||$127,425||$110,435|
|P & l on Conv. 1st Mortgage
(P & l @ 6%)
|Total Monthly Payment||$1,012.00||$910.13|
|Gross Income to qualify||$40,480.15||$36,405.35|
|P & l on RD 1st Mortgage
(P & l @ 1%)
|Total Monthly Payment||$657.87||$603.22|
|Gross Income to qualify||$26,314.95||$24,128.95|
If you'd like additional information regarding the Home Ownership Pool program, contact us for additional information (850) 774-6582.
The regulations, rules and timeline governing the Homeownership Pool Program is available on FHFC’s website at www.floridahousing.org and for HOME funded development’s the Department of housing and Urban Development’s (HUD) website www.hud.gov. The rules, statutes and regulations in place at the time of Application govern the Pool Membership, unless FHFC or HUD declares otherwise. All information is deemed reliable, but not guaranteed.
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