BMS Corp is working in conjunction with the Office of Hosing Development to qualify families and individuals for the Ship Program. The program is intended for First time Home borrowers.
Receive up to $80,000 for the use of down-payment and closing costs. The $80,000 is done thru a second mortgage on the property, the first being an FHA loan. For the first ten (10) years the borrower pays $25.00 per month for the second mortgage. After the tenth year, the loan is amortized into a 2% interest loan for the remainder of the term. In order to qualify your income must be in line with the guidelines of the program, your credit score cannot be less than 640 points, you must have a stable job for the last two years and must show at least 1% (in the bank) of your own funds. The program allows for gifted funds as well as Seller Contributions.
Family income must be verified, Ship is limited to 120% of the median income and the Purchase price of the home cannot exceed $205,000 for Miami Dade County.
Please call or email BMS Corp. for more information: 305-445-9003 or Info@bmscorp.net