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What is FHOP?
The Florida Homebuyer Opportunity Program (FHOP) is the program that advances the $8,000
federal tax credit to new homebuyers so they can buy now. Qualifying annual household income
is up to
$75,000 for single tax filers, or up to $150,000 if married.
FHOP can be combined with our SHIP program for
very-low, low, or moderate income homebuyers for an extra $8,000 (or 10% of
the sales price if less) in down payment assistance!
Qualification Information
Basic qualification information for buyers can be found
here.
Mortgage Loan Information
1. The first mortgage must be a fully
amortized, fixed rate mortgage at not more than 1% above current FNMA par
pricing. See Page 2 of the Keystone GAP Program Manual for other details.
Loans must close and the buyer must occupy the property by June 30,
2010. Buyers must be under contract by April 30, 2010.
2. The buyer’s back-end debt ratio cannot
exceed 45% without advance approval from Keystone. If purchasing within the
city limits of Lakeland, the buyer may not have a front-end ratio higher
than 33%.
3. No co-signers are allowed for purchases
within the city limits of Lakeland.
4. All forms currently in use and explained in
the Keystone Gap Program Manual will be utilized for the FHOP also (see the
checklist in the manual) with two exceptions. We will require VOR(s) to
cover a three-year period and we will require a copy of a complete credit
report.
FHOP Assistance Information
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City of Lakeland |
City of Winter Haven |
Polk County |
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Source of Assistance |
FHOP - 10% of sales price up to $8,000 |
FHOP - 10% of sales price up to $8,000 |
FHOP - 10% of sales price up to $8,000 |
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Closing Costs |
N/A |
N/A |
N/A |
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FHOP Terms |
FHOP deferred for 36 months but payment
expected with filed or amended 2009 tax return.
Interest charges begin after 36 months based on interest rate of
first-mortgage loan, or 6% if no first mortgage. Amortized payments
begin on month 37 if not paid in full for 10 years. |
FHOP deferred for 36 months but payment
expected with filed or amended 2009 tax return.
Interest charges begin after 36 months at 6%. Amortized payments begin
on month 37 if not paid in full for 10 years. |
FHOP deferred for 36 months but payment
expected with filed or amended 2009 tax return.
Interest charges begin after 36 months at 6%. Amortized payments begin
on month 37 if not paid in full for 10 years. |
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Priority for Funding |
Given to very-low, low and moderate income
buyers. |
Given to very-low and low income buyers. |
Given to very-low and low income buyers. |
Other terms and conditions as outlined in Gap
Program Manual remain the same. All forms currently in use and explained in
the Keystone Gap
Program Manual will be utilized for the FHOP also. The manual has
been updated, so please
download a new copy now!
FHOP Registration
See the link to
register at left. If you have questions regarding FHOP or combining FHOP
with SHIP funds, please call our office at 863-682-1025, ext. 3.
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