First Time Home Buyers

A Program For Everyone...

At Guardian Financial Network we have had the privilege of helping hundreds of families realize their dream of home ownership through the use of State, Federal & County Grant Assistance and Bond Money Programs.

Founded by Pat Tracey in 2002, through a strategic partnership of professionals and area employers Guardian Financial Network is now positioned to be a leading organization in the workforce housing policy debate.

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The William E. Sadowski Affordable Housing Act was signed into law on July 7, 1992 and, subsequently, incorporated into Chapter 420 of the Florida Statutes. This legislation established a dedicated revenue source for affordable housing, benefiting very low, low, and moderate income persons. Local governments receive an annual allocation through the State Housing Initiatives Partnership (SHIP) Program.

Palm Beach County created the Commission on Affordable Housing to implement and develop programs to increase the availability of single family and multi family housing opportunities.

For homeowners, the SHIP Program provides the following financial assistance:

Purchase Assistance Program- Financial assistance is provided to eligible applicants for the purchase of their first home. The financing may be used as gap financing to buy down the purchase price on a new or existing single family home. The purchase price may include funding for the rehabilitation of an existing property. The amount of assistance depends on the household size and total household income of the applicant. Very low income households can receive up to $75,000, low income households can receive up to $60,000 and moderate income households can receive up to $45,000. Permanent first mortgage financing is required through a private sector financing institution.

FHA loans

An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations. Available to all buyers, FHA loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans.

FHA loan programs are particularly beneficial to those buyers with less available cash. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.

Some of the other benefits of FHA financing:

• Only a 3 percent down payment is required.
• Closing costs can be financed.
• Lower monthly mortgage insurance premiums and, under certain conditions, automatic cancellation of the premium.
• More flexible underwriting criteria than conventional loans
• FHA limits the amount lenders can charge for some closing cost fees (e.g. the origination fee can be no more than 1% of mortgage).
• Loans are assumable to qualified buyers.

VA Loans

VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.

Other benefits of a VA loan include:

• Negotiable interest rates.
• Closing costs are comparable and sometimes lower - than other financing types.
• No private mortgage insurance requirement.
• Right to prepay loan without penalties
• The Mortgage can be taken over (or assumed) by the buyer when a home is sold.
• Counseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan.

Which loan program is best for you?

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