Bluecastle Lending’s CCAP program offers closing cost assistance to Florida homebuyers

A typical FHA buyer will need $28,500.00 to purchase a $300,000.00 home. With the Closing Cost Assistance Program (CCAP) the same scenario requires only $12,300.00, saving the borrower $16,200.00 out of their pocket!

For a $200,000.00 home, a typical buyer will need $19,000.00. Borrowers applying for a mortgage loan and securing financing through Bluecastle Lending, the exclusive provider of CCAP, will only need as little as $8,200.00

For VA borrowers the numbers are astonishing. Even though VA loans require no down payment, United States veterans still need to come up with the funds for the closing costs.

Usually, these closing costs are 6% of the purchase price – veterans normally need $18,000.00 for a $300,000.00 home however, for qualified borrowers using the  Closing Cost Assistance Program it could be as little as $1,174.00; that is almost  $17,000.00 saved.

The program accepts credit scores as low as 580 and it is for 30 year fixed government-sponsored loans. There is no income ceiling, ownership restrictions, selling restrictions,  mandatory seminars, waiting periods and the assistance does not have to be paid back –  it is not a loan. Although this program was designed to help first time home buyers, being a first time home
buyer is not a requirement. CCAP applies to primary residences, loan amounts over $150,000.00, single family homes and borrowers that will qualify for VA or FHA loan.

Below find the chart that lets you know how much money your clients need TOTAL to purchase real estate based on their credit score, loan type and purchase price using our Closing Cost Assistance Program. This is the total cash they will need, and it includes insurance, escrows, pre-paids, title fees, mortgage fees, etc. For example, a $150K buyer will need approximately $8,962.50 if the credit score is 580, or $6,369.00 if the credit is 720. A $300K FHA buyer will need $13,038.00 with a 680 score.

FHA LOANS

Purchase Price 580 Score 600 Score 620 Score 640 Score 660 Score 680 Score 700 Score 720 Score
$150,000.00 $8,962.50 $8,962.50 $8,056.50 $7,119.00 $6,931.50 $6,744.00 $6,744.00 $6,369.00
$200,000.00 $11,692.00 $11,692.00 $10,442.00 $9,192.00 $8,942.00 $8,692.00 $8,692.00 $8,192.00
$250,000.00 $14,615.00 $14,615.00 $13,052.50 $11,490.00 $11,177.50 $10,865.00 $10,865.00 $10,240.00
$300,000.00 $17,538.00 $17,538.00 $15,663.00 $13,788.00 $13,413.00 $13,038.00 $13,038.00 $12,288.00
$350,000.00 $20,286.00 $20,286.00 $18,098.50 $15,911.00 $15,473.50 $15,036.00 $15,036.00 $14,161.00

VA Purchase – Regular Army – 1st Use

Purchase Price 580 Score 600 Score 620 Score 640 Score 660 Score 680 Score 700 Score 720 Score
$150,000.00 $5,098.00 $5,098.00 $3,786.00 $2,661.00 $2,473.00 $2,286.00 $2,2864.00 $1,911.00
$200,000.00 $5430.00 $5,430.00 $3,680.00 $2,180.00 $2,000.00 $2,000.00 $2,000.00 $2,000.00
$250,000.00 $6,702.00 $6,702.00 $4,514.50 $2,639.00 $2,500.00 $2,500.00 $2,500.00 $2,500.00
$300,000.00 $7,549.00 $7,549.00 $4,924.09 $3,000.00 $3,000.00 $3,000.00 $3,000.00 $3,000.00
$350,000.00 $8,282.00 $8,282.000 $5,219.00 $3,500.00 $3,500.00 $3,500.00 $3,500.00 $3,500.00
$400,000.00 $8,995.00 $8,995.00 $5,495.00 $4,000.00 $4,000.00 $4,000.00 $4,000.00 $4,000.00

For information on this program contact Bluecastle Lending at 954-866-0000 or email info@bluecastleLending.com . Bluecastle Lending is an Equal Opportunity Lender