FREQUENTLY ASKED QUESTIONS
What does my down
payment assistance cover?
• Down payment
• Pre-paids
• Buyers closing costs.
• The MINIMUM cash requirement from the buyer is $500.
What counts as income?
You must include the gross (before taxes) income,
income on assets or investments, and court ordered child support
for everyone who is over 18 and will live in the house when you are
deciding whether you fall within the income limits for the program.
We count
social security, AFDC, SSI, and disability. We do not count student
loans or Pell Grants.
How long do I have
to be on my job?
It's OK if you just started a job after graduating
from college, if you job is in the line of work you studied for.
It's also alright if you have stayed in the same line of work, but
changed jobs to increase your earnings or benefits. In either case,
you will need to get past the probationary period and be able to
show that your chances of continuing at your job are good.
[TOP]
What if I am self-employed?
If you are self-employed, you must provide us
with your last two years tax returns and a current profit and loss
statement. Your income will be determined by averaging the net income
(not GROSS) on your tax returns.
[TOP]
What if my credit
isn't good?
Many times, your credit is better than you think
it is, but without looking at your credit report, we can not tell
you anything about it. If you do have problems that need to be resolved
before you buy a home, we can help you straighten them out.
[TOP]My credit is OK,
but my spouse has bad credit, what does that mean?
If one partner has bad credit, it maybe possible
for the other partner to make loan application alone. However, if
we need both partners' income to qualify for the mortgage, both credit
reports must be submitted. All household income is used to determine
program eligibility.
[TOP]What if I declared
bankruptcy?
If you have declared bankruptcy, you must be
two years from the date of discharge of the bankruptcy and you must
have established two new credit references since that time. There
can be no late payments on your credit report.
[TOP]What if I'm separated
from my husband or wife?
While you may consider yourself separated, in
the eyes of the laws of the State of Florida, you are technically
still married, there is no such thing as separated. Because the home
you are purchasing will be your homestead and you will be placing
a lien on it (your mortgage), your spouse will need to be included
on the documents.
[TOP]How expensive a
house can I buy?
The amount of sales price of the home you can
qualify for is determined by your income and expenses. This is why
it's important to be as accurate as possible about your income and
expenses.
Maximum
Purchase Price: |
City of Tallahassee
(within the city limits) |
$200,160 for existing and new construction
homes |
[TOP]
What kind of house can I buy?
You can buy any home (existing or new construction)
within the City of Tallahassee which is not mobile
or modular and is within the price range you qualified for.
[TOP]
