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July 26, 2017

$1,500 Closing Cost Assistance in Rhode Island and Florida

Category: Closing Cost Special Loan Origination

Looking to buy a home in Rhode Island or Florida?  This assistance may be perfect for you!  Rhode Island Housing and Florida Housing are both offering $1,500 in closing costs to qualified borrowers.  Rhode Island Housing is the state’s housing finance agency that ensures those who live or work in Rhode Island can secure a healthy, attractive home that meets their budget and needs.  Florida Housing provides a range of affordable housing opportunities for residents that help make Florida communities great places in which to live, work and do business.

Rhode Island Housing

In collaboration with Fannie Mae, Rhode Island Housing is offering a Summer Closing Cost Credit Program on all Fannie Mae purchase transactions.  This $1,500 credit is applied to the borrower’s closing costs (including prepaid charges and upfront) but may not be used for down payment.

Key Features:

  • Borrower’s income may not exceed 80% of applicable area median income ($57,680 is the current AMI for Rhode Island)
  • Applied only to Fannie Mae purchase transactions
  • For new loans starting July 20, 2017
  • Repayment not required

Florida Housing

Florida Housing will be giving borrowers $1,500 as a closing cost assistance grant.  These funds may only be used for additional closing cost assistance to first served, qualified borrowers on Conventional HFA Preferred and HFA preferred PLUS loans.

Key Features:

  • Credit qualifying income at 80% AMI or lower
  • Loan Application qualifying income (not based on household income)
  • Can be combined with HFA Preferred Loan with FL Assist DPA ($7,500, $9,000 total including closing cost grant)
  • Can be combined with 3% PLUS DPA product (3% of sales price plus additional $1,500 for closing cost assistance)

Contact a First Home Loan Officer today to learn more about RI’s and FL’s closing cost assistance before they run out!  Click Here.