Panama City Real Estate and the HOP program

Posted on July 20, 2008
Filed Under First time Florida home buyers | 4 Comments

It’s called the HOP program, and here’s how it works…

Home Ownership Pool (“HOP”) Program

Program Overview

Florida Housing Finance Corporation’s HOME OWNERSHIP POOL (“HOP”) PROGRAM is designed to be a noncompetitive, ongoing program, with qualified Developers reserving funds for eligible home buyers to provide purchase assistance on a first-come, first-served basis in purchasing an affordable new home. Florida Housing will provide funds in the amount necessary.

Eligible home buyers, whose adjusted income does not exceed 80% AMI, receive a 0% deferred second mortgage loan for the lesser of 25% of the purchase price of the home or $70,000 or the amount necessary to meet underwriting criteria. Eligible Home buyers with disabilities and Eligible Home buyers at 50% AMI or below, receive a 0% deferred second mortgage loan for the lesser of 35% of the purchase price of the home or $80,000 or the amount necessary to meet underwriting criteria.

Read more about the HOP program…

If you’d like additional information, contact me directly (850) 774-6582.

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Author : Jennifer Mackay - Posts:284

Jennifer Mackay is an award winning real estate agent and Keller Williams team leader in the Panama City Florida area. Her website: Panama City Real Estate provides guidance, information and free buying and purchasing features for registered visitors. Follow: @realtorjennifer | Facebook

Comments

4 Responses to “Panama City Real Estate and the HOP program”

  1. Panama City Real Estate and the HOP program · Invest-In-Real-Estate.ExplainedOnline.Net on July 20th, 2008 7:27 pm

    [...] Original post by Panama City Real Estate [...]

  2. Panama City Real Estate and the HOP program · Real-Estate-Investing.ExplainedOnline.Net on July 20th, 2008 7:39 pm

    [...] Original post by Panama City Real Estate [...]

  3. James on September 2nd, 2008 12:24 am

    In Houston we also have buyer assistance programs with similar requirments to what is noted here. However, we find that it is difficult to impliment it to assist our buyers. How well does your system work in Panama City and what would you consider the best part of the regulation?

  4. Jennifer Mackay on September 3rd, 2008 7:08 am

    James,

    Leslie Newmans is our HOP expert and I’m going to request she follow up and answer your questions. My opinion is that for low income families it is a great alternative to rural development housing.

    I believe the implementation for them takes a bit longer but all in all I believe it is a good program.

    Thanks for your comment and inquiry.

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