The funds are part of the $482,236 in State Housing Initiatives Partnership (SHIP) funding from the Florida Housing Finance Corporation that the City received for the 2008-09 program year.

To qualify, the applicant must be earning up to 80% of the Area Median Income but the maximum annual income must not exceed the following limits:

Family size  

1 Person/$34,900
2 Persons/$39,900
3 Persons/$44,850
4 Persons/$49,850
5 Persons/$53,850
6 Persons/$57,850 
7 Persons/$61,800  
8 Persons/$65,800

The City will accept applications for the housing rehabilitation assistance program from Aug. 3-13. 

Applicants must complete a first-time homebuyer’s class and be approved for a mortgage prior to applying. Applications submitted after the deadline will not be considered. Down payment assistance will be awarded on a first-come, first-ready basis to persons owning homes within the City limits.

Source: www.cityofbradenton.com

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But what does this news mean to home buyers and sellers? Generally, it brings stability to the mortgage market, so it is good news for buyers and those who are hoping to refinance their mortgages. Most experts expect mortgage rates to drop over the short term. Mortgage rates fell sharply Monday, as investors reacted to the government’s takeover.

It is also good news for sellers: If mortgage rates fall, this will attract more potential buyers into the market.

But for homeowners who are already behind on their mortgage payments or owe more than their homes are worth the takeover offers little extra relief.

We will need to wait and see whether Fannie Mae and Freddie Mac – under government control – will be able to do more to prevent foreclosures.

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So why not do it up front, before you even start to look? This way you will know your price range and not waste time looking at homes you can?t afford to buy. You may also find out that you qualify for more home than you think.

When getting your pre-approval your bank will check your credit history, employment information, assets and liabilities. The only thing they won’t check is the property that you plan to buy, because, of course, you haven’t found it yet! If you’re concerned that you might not qualify for a mortgage, we highly recommend that you go for pre-approval. Being pre-approved will make the entire experience much less worrisome.

Just give us a call @ 941.866.1666 to get pre-approved today!

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1. Check for and correct errors in your credit report.

2. Pay down credit card bills.

3. Don´t charge your credit cards to the maximum limit.

4. Don´t purchase expensive items e.g. furniture for your new home on credit cards until the loan is approved. The amounts will add to your debt.

5. Don´t open new credit card accounts before applying for a mortgage. This will also lower your credit score.