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What is FHOP?
The Florida Homebuyer Opportunity
Program (or FHOP for short) puts the federal $8,000 first-time
homebuyer tax credit to work for you now by advancing funds for your down
payment! You may have an annual household income up to $75,000 if you are
single, or up to $150,000 if married and potentially qualify for this
program. The amount of
assistance available through FHOP is $8,000 (or up to 10% of the sales price
if less than $80,000). The FHOP program may be combined with the SHIP programs to
increase your assistance amounts if you are very-low, low, or moderate
income. The sale must close
and you must occupy the home by June 30, 2010 and be under contract by April
30, 2010. Other restrictions apply. As with all our programs, funds are limited,
and are subject to final availability and approval by the local governments.
PLEASE NOTE: In November 2009 when
the federal tax credit program was renewed, the income limits were
increased. THE INCREASED LIMITS DO NOT APPLY TO THE STATE FUNDED FHOP
PROGRAM! Also, we are not participating in the new $6,500 credit for
long-time residents that is now part of the federal extension.)
How to Tell If You
Qualify for FHOP? Homebuyers who
file as single with the IRS earning up to $75,000 annually and joint filers
earning up to $150,000 annually may be eligible for assistance of up to
$8,000 through FHOP, however, priority is to be given to very-low, low, and
moderate income buyers.
Households whose gross annual income is less
than these amounts may further be classified as very-low, low, or moderate
income and be eligible for additional assistance through the SHIP program.
What are Some of the Other FHOP Requirements?
1. The property being purchased
may be located in any Polk County location as long as funds remain
available.
2. Properties may be new construction
or resales. Resales will need to be inspected for Housing Quality Standards.
3. The property must be purchased for
less than $258,691.
4. Property must be a single-family
residence only, and may be a townhouse or condominium. No mobile homes.
5. Properties with pools are not
allowed.
6. You must attend a
Keystone Homebuyer
Education Class or equivalent.
7. You or your spouse cannot have
owned a home for the past three years.
8. Homes cannot be purchased from
family members.
9. Any garnishments, delinquent
student loans, unpaid child support, unpaid IRS liens, etc. may affect your
ability to qualify.
10. The sale must close and you must occupy
the home by June 30, 2010 and be under contract by April 30, 2010.
11. You will be expected to file for the
tax credit now or to amend your
2009 tax return (if already filed) and repay $8,000 (or the actual FHOP amount, if different)
of the total received after closing. There will be a mortgage placed on your
home that will require repayment in full!
12. You are expected to live in the home for
3 years in order to avoid repayment of the tax credit to the IRS.
13. All IRS requirements for the federal
first-time homebuyer tax credit created through The American Recovery and
Reinvestment Act of 2009 apply. Other federal, state, and local
government requirements may apply.
14. Because the State is funding this
program, your income will need to be calculated
two ways in order to determine eligibility. The first determination will be made based on you providing 2009 tax return
information showing adjusted gross income of $75,000 or less for a
single tax filer, and $150,000 or less for a joint filer to the IRS. Income
will also need to be calculated based on the gross earnings of all household
members anticipated to be received during the coming 12 months as required
for the State SHIP program. Full documentation of income will be required
from you, and you must qualify under both the IRS and the SHIP income
requirements.
There is no minimum income for the program,
but all clients must be able to qualify for affordable first mortgage financing and
meet other requirements to receive assistance.
To Obtain FHOP Assistance
1. Make sure your
lender reserves funds on your behalf with Keystone
Challenge Fund, as funding for this program is limited.
2. Priority is given to very-low, low, and moderate (in some cases) income
applicants.
3. Other requirements may apply, and remember funds are limited.
Funds are being offered for all county-wide
locations on a very limited basis. Requests are
considered on a first-come, first-ready basis, and again - the funding is
limited and subject to final approval and confirmation of availability by
Polk County, the City of Lakeland, and the City of Winter Haven. |
View and Print our
Down Payment Assistance Programs Brochure
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