Temporary Buydown

1. Upfront Payment: You or another party pays an upfront payment at closing, expressed as discount points.

2.  Interest Rate Reduction: In exchange for the upfront payment, your interest rate will permanently lower the payment for the life of the loan.

3. Long-Term Costs: While a Permanent Buydown provides immediate benefits in terms of lower initial payments, it's essential to recognize that the upfront cost will be paid at the outset. You should evaluate whether the long-term benefits outweigh the initial expense.

Connect with a Watson Mortgage Loan Originator to learn more! 

THE FLORIDA HOMEOWNERSHIP LOAN PROGRAM
(FL HLP) Second Mortgage

Borrowers purchasing in the county selected may also be eligible to receive down payment assistance (DPA) through the FL HLP Second Mortgage Program. The FL HLP offers the following:

· Up to $10,000 
· 3% fully-amortizing, second mortgage
· 15-year term

The FL HLP Second Mortgage carries a monthly payment. The remaining unpaid principal balance (UPB) is deferred, except in the event of the sale, transfer of deed, satisfaction of the first mortgage, refinancing of the property or until such a time the mortgagor(s) ceases to occupy the property as his/her primary residence at which time, the FL HLP Second Mortgage will become payable, in full.

Since the FL HLP Second Mortgage carries a monthly payment, this payment may need to be considered in a borrower’s debt-to-income (DTI) ratio when credit underwriting.

3%, 4% and 5% HFA Preferred Plus

Borrowers utilizing these down payments and closing cost programs receive 3%. 4% or 5% of the total loan amount, not the purchase price. Zero percent, five years deferred forgiven at 20% per year.

HOMETOWN HEROES LOAN PROGRAM

Program Details: 
This program can provide down payment and closing cost assistance for frontline workers who are considered first-time homebuyers which is defined as someone who hasn't owned a home in the past three years (Veterans are exempt from this requirement).

Frontline workers may receive lower than market rates including:
• FHA, VA, USDA
• Conventional
• Reduced upfront fees
• No origination points or discount points
• Down payment and closing cost assistance

You can use our down payment assistance with any of our first mortgage loans: VA, FHA, USDA, or Conventional. Borrowers can receive 5% of the loan amount in down payment assistance (maximum limit of $25k).

Eligibility Requirements: 
Eligible occupations – click here    

Primary Residence – The property you purchase must be your new primary residence.
• You have not owned a home in the past three years as your
  primary residence.
• As a veteran, you are exempt from this requirement!
  (Active duty is not exempt).
• You can own a mobile home, but it must be on a rented lot or
  land and still qualify as a first-time homebuyer.

Limits-income/loan amount - You must not exceed the income and loan amount for the county you plan on buying in (connect with a Watson Mortgage Loan Originator for more information).

Credit Qualifications: 
• You must meet the credit requirements for the loan type you have chosen (VA, FHA, USDA, and Conventional)
• Home Buyer Education is required. Your loan originator will assist you on how to complete this requirement. 

Connect with a Watson Mortgage Loan Originator to learn more!