Family Housing Fund

The Family Housing Fund is a loan program designed to help first-time homebuyers purchase a home with only $500. The Family Fund was created by CHT and local banks to assist individuals and families who can afford a monthly payment on a home but lack sufficient cash savings to buy a property.

Eligible Borrowers

1. Applicant(s) whose income is below $70,080
2. Applicants must be first-time homebuyers or those who have not owned or held an interest in any residential property for the last three (3) years.
3. Applicants must have good credit (minimum score of 620).

Eligible Properties

1. One unit (single family residence or condo) in Sarasota County.
2. Maximum purchase price is based on income qualification.

Maximum Loan Amount

The maximum Family Fund loan amount awarded is $50,000.

Down Payment

$500 which must come from the borrower’s own funds.

Loan Terms

The Family Fund loan is a fixed rate of 6.5%, amortized for 30 years.

First Mortgage

CHT packages a first mortgage loan that is funded by one of the participating lenders. The loans are amortizing for 30 years at a fixed interest rate.

Assumption

            The Family Fund second mortgage is not assumable.

Refinancing

If the borrower decides to refinance, both loans will need to be paid off.

Subordination

The Family Fund loan will not be subordinated to a senior lien, with the exception of the existing first mortgage.

Loan Applications

1. Applications for the Family Fund program should be submitted to the Community Housing Trust.
2. The first mortgage loan terms will be a 30 year fixed rate loan at market interest rates.
3. The Community Housing Trust will process the loan application for the first mortgage or will refer the borrower to a participating lender.
4. The Community Housing Trust will process the Family Fund loan.  This loan will be funded by the participating lenders.

Education  

All borrowers purchasing a home under the Family Fund program will be required to undergo homebuyer education provided by an approved Homebuyer Education provider. 

Participating Lenders

• Bank of Commerce
• Century Bank
• First National Bank
• First State Bank
• Landmark Bank