Lee County Florida Housing Finance Authority

2012 Programs

Single Family Program
If you have dreamed about owning your own home but felt that buying a home is beyond your reach, the Housing Finance Authority of Lee County, Florida (“HFA”) may be able to assist you in making that dream come true. Through participating lenders, the HFA is currently offering a 4.3%, 30 year, fixed-rate first mortgage with level amortization (actual APR must be disclosed by the lender). There are zero point and zero discount points payable by the borrower. In addition to the low rate first mortgage, the HFA is offering an optional down-payment and closing cost assistance of up to 5.00% of the first mortgage loan amount in the form of a 0% non-amortizing second mortgage repayable upon maturity of the loan, sale or refinancing of the property.

Participating Lenders (Present List –Program continues to add more Lenders)
Iberiabank Mortgage, Branch Banking and Trust Company (BB&T), Real Estate Mortgage Network (REMN), DHI Mortgage Company, Ltd, and Universal American Mortgage Company.

CLICK HERE FOR LENDERS’ CONTACT INFORMATION

What kind of home can be purchased?
You may purchase a new or existing single family home (attached or detached), condo, town house or PUD anywhere in Broward, Charlotte, Collier, Desoto, Lee, Palm Beach, Sarasota counties. The present eligible purchase price limits for the Program are listed below:

Purchase Price Limits

County	Non-Targeted Areas	Target Areas
Broward(1)	$386,203	$472,025
Charlotte(2)	$270,000	N/A
Lee(3)	$324,683	$396,835
Sarasota(4)	$403,291	N/A
Collier(5)	$484,178	$591,773
DeSoto(6)	$247,033	N/A
Palm Beach(7)	$386,203	$472,025

Multiply the applicable purchase price limit by 1.126 for 2 units single family residence, --- for 3 units single family residence, or by 1.585 for 4 units single family residence.

Targeted Areas

(1) Targeted Area census tracts 030301, 030402, 041400, 041500, 041600, 041700, 060303, 080500
(2) Charlotte County has no Targeted Areas
(3) Targeted Area census tracts 000302, 000502, 000600
(4) Sarasota County has no Targeted Areas
(5) Targeted Area census tracts 011204, 011205
(6) DeSoto County has no Targeted Areas
(7) Targeted Area census tracts 001404, 001909, 002200, 002400, 002600, 006801, 008201, 08202, 008301

*Subject to Change

Do I Qualify?

Buyer must be first-time homebuyers (have not had an ownership interest in a home for the past three years), have a minimum FICO score of 620 and meet other standard credit requirements.
Buyer must not earn more than the following income limits:

Maximum Income Limits

County	Non-Targeted Areas		Targeted Areas
	1-2 Persons	3 + Persons	1-2 Persons	3 + Persons
Broward(1)	$95,040	$110,880	$95,040	$110,880
Charlotte(2)	$65,400	$76,300	N/A	N/A
Lee(3)	$73,920	$86,240	$73,920	$86,240
Sarasota(4)	$78,480	$91,560	N/A	N/A
Collier(5)	$86,760	$101,200	$86,760	$101,200
DeSoto(6)	$56,640	$66,080	N/A	N/A
Palm Beach(7)	$88,080	$102,760	$88,080	$102,760

What are the benefits?

In addition to the low-rate first mortgage and the down payment and closing cost assistance, the first mortgage and note are exempt from Florida’s documentary stamp and intangible tax. This represents a significant savings. Buyers should check with participating lenders for disclosure of all fees to be charged to the homebuyer.

What are the steps?

What is Recapture Tax?

The benefits provided by this loan are considered a federal subsidy of your mortgage loan. Federal law requires a recapture of some of the benefits if all three of the following are true:

The property ceases to be your primary residence during the first nine years of ownership.
You make a net profit on the sale of the home.
Your household income exceeds the allowable income at the time of the sale.

Your tax preparer can assist you with determining if you owe recapture tax.