 |
|
|
|
|
|
|
 |
 |
 |
 |
 |
 |
|
COUNTY OF FLAGLERMEMORANDUM OF UNDERSTANDINGProspective Flagler County SHIP Program Homebuyers please read the following information, it is important that you understand the Flagler County SHIP Program. 1. The Flagler County Housing Partnership will determine your eligibility for receipt of assistance from the government funded SHIP Program. 2. If eligible, you are required to complete a Homebuyer Education Course which consists of two three hour sessions or one six session and attend at least one session of Credit Counseling. When the course is completed, the Partnership will finish processing your application. 3. Prior to SHIP loan assistance, Flagler County must receive proof that the following have been done:
4. The home you have selected for purchase must be affordable under the County definition of affordability. The payments may not exceed 30% of an amount representing the percentage of the median adjusted gross income limits adjusted for family size. 5. For all loans, except Farmers Home Direct, when all program guidelines have been met, the County will provide downpayment/closing costs up to (or less, whichever is required at closing) the amount allowed by your income category based on financial need. However, the County's financial assistance will not cover the following: appraisal fees, application fees, cost of credit reports, homeowners insurance, any deposits or binders for the purchase and sale agreement for real estate. 6. For Farmers Home Direct Loans, when all program guidelines have been met, the County will provide closing costs up to the amount allowed by your income category. However, the County's financial assistance will not cover the following: cost of credit reports, homeowners insurance and any deposits or binders for the purchase and sale agreement for the real estate. 7. Downpayment/Closing Costs assistance will be secured with a second mortgage for 360 months at 0% interest. This mortgage is forgiven at a rate of 3.33% per year for 30 years. If the property is held for 30 years, the second mortgage due is zero. If property is sold before 30 year term ended, 25% of any net profit is to be returned to the SHIP program. 8. Your closing agent must provide at least ten (10) working days notice of your loan closing date. The County must receive an invoice and a HUD Settlement at least three to five days (3-5) working days before the date of closing. 9. Your completion of requirements does not assure you of homeownership. What is the SHIP Program? State Housing Initiatives Partnership Program provides funds to local governments as an incentive to create partnerships to produce and preserve affordable home ownership. Where can I buy a home? Anywhere in Flagler County, including City of Beverly Beach, City of Bunnell, City of Flagler Beach, City of Marineland, and City of Palm Coast. What type of home can be purchased with downpayment/closing cost assistance? A newly constructed or existing single family home or condominium within the purchase price limits listed below. SHIP funds may not be used to purchase of a mobile home. How does someone apply for Downpayment/Closing Cost assistance? Contact: (800) 644-6125 Ext. 301 Mid-Florida Housing Partnershp, Inc. 1834 Mason Avenue Daytona Beach, FL 32117 What are the program requirements?
Who is eligible for assistance? Eligible Households are first-time homebuyers or families that have not owned a home in the past three (3) years; and their household income is in the very low, low or moderate-income categories listed in this below. Eligible properties:
Maximum Award:Very Low-Income - up to $50,000.00 Low-income families - up to $40,000.00 Moderate income families - up to $3,000.00 FLAGLER COUNTY PROGRAM:H.U.D. Section 8 Income Limits/AMI
How do I find a homebuilder? You select the homebuilder of your choice, the total price for the home/lot must remain within the maximum purchase limits for an eligible property as described in this brochure. How do I obtain financing? You select the first mortgage lender of your choice. You must be able to qualify for a mortgage loan to receive downpayment/closing cost assistance. (Flagler County has a policy that states that SHIP assistance will support conforming, type "A" loans provided by conventional lenders, Federal Housing Administration (FHA), the United States Department of Agriculture (USDA) and/or the Veterans Administration (VA)) Contact Mid-Florida Housing Partnership, Inc. Call: (800) 644-6125 Ext. 301 or e-mail: mfhp@bellsouth.net DUE TO THE HIGH VOLUME OF CLIENTS WE DO NOT ACCEPT APPOINTMENTS THROUGH THE WEB-SITE, PLEASE CALL THE OFFICE FOR YOUR APPOINTMENT. THANK YOU. |
    |
