Closing Cost Assistance Up to $10,000.00 to Buy Any House For Sale in Florida!

Buying a House?

Bluecastle Lending can give you a credit towards your closing costs when you use all of our services to buy your new home. That means Bluecastle Realty to help you find the house and Bluecastle Title to handle the paperwork. This closing cost assistance credit is 1.25% of your loan amount, but not more than $10,000.
Example: If your loan amount is $500,000, the credit would be $6,250 (1.25% x $500,000).

Conventional Loan
Down Payment:

 It depends on your income compared to the average income in your area. If your income is below the average Area Median Income, or AMI set by Fannie Mae, you can put down as little as 3% of the house price as a down payment. If your income is higher than the average, you’ll need a bigger down payment of at least 5% of the house price.

Jumbo Loan
Down Payment:

The minimum down payment is 10%. However, most banks require a 20% down payment.

We utilize your bank deposits as income instead of tax returns. The minimum down payment depends on your credit score but is no less than 10%.

DSCR Loans
Down Payment:

We utilize the potential rent from the property you are buying as income, instead of tax returns. The minimum down payment depends on your credit score but is no less than 20%. 

Closing costs typically run around 5%of the purchase price.

Closing costs for these loans are usually around 6% of the purchase price.

Our Bluecastle Realty experts can help you negotiate with sellers!

They’ll try to convince the seller to pay some or all of your closing costs. This is like getting extra cash to cover those fees.

Plus, you can combine that with savings from Bluecastle Lending!

By working together, Bluecastle Realty and Bluecastle Lending can help you slash your loan closing costs. That means more money stays in your pocket for things like furniture or moving expenses!

Frequently Asked Questions: Transparency is Our Hallmark

Who is eligible for this Program? 

Real Estate buyers who purchase a home with Bluecastle Realty, finance with Bluecastle Lending, and close with Bluecastle Title are eligible for this promotion. This program is for Conventional loans, Jumbo loans, Bank Statements loans, and DSCR loans only. It is subject to credit and underwriting approval.

Are all real estate agents welcome to this program?

The program is exclusively available to all Bluecastle Realty real estate agents. If you prefer to work with another real estate agency, we have other ways to help you save.

Does the loan have to be for my primary residence?

No. It can be for primary residence, second homes, and investment homes. However, vacation homes and investment properties require larger down payments.

How do I know if I qualify for the Program?

We won’t know if you qualify until we submit the file and receive approval, but we usually know right away. We need a loan application, credit, and all the supporting loan documents. Also, your debt to income ratio must be in line with the type of mortgage loan you are applying for.

Fannie Mae and Freddie Mac, as well as Bank Statement Loans have debt to income (DTI) requirements. We don’t have a debt to income ratio requirement on a DSCR loan.

Do I have to be a First Time Homebuyer to qualify for the Program?

No, you don’t. The program was initially created to assist First Time Homebuyers however, it was later extended to “any time home buyers”. The Program is only for home purchases.

Who pays the closing costs on a loan? 

The borrower is responsible for paying for all loan closing costs. However, with the help of Bluecastle Realty and Bluecastle Lending, you might not have to cover them all on your own.

What is the income limit, or income requirement for this Program in Florida?

The Florida program aims to help more people become homeowners by removing income requirements. The Program doesn’t require an income limit or demand certain income. This means that individuals from every income level can request assistance with the closing costs for their home purchase.

Is there any Conventional loan that does not require a down payment?

We do not offer Conventional loans with no down payment. Check for a Department of Veteran Affairs loan (VA loan), or inquire about a USDA loan.

Is the program only for single family homes, or can I buy a condo?

The program is inclusive of all residential property types. You can buy a single family home, a condo, townhouse, or villa.

Do I have to pay the Credit Assistance back? 

No, you do not have to repay it back. This can help many people worried about paying back a loan to a family member, returning a favor, or having a second mortgage loan. 

Will I have a 30 year fixed mortgage rate loan?

It is up to you. You can choose a loan with 30-year fixed mortgage rates for the life of the loan, or you can elect an Adjustable Rate Mortgage.

Is this the Florida Hometown Heroes Program? 

No. With our program, You do not have income restrictions nor have to repay the closing cost credits. 

Is this the Florida Assist Second Mortgage Program? 

No. With our program, You do not have income restrictions nor have to repay the closing cost credits. 

What is the Program fine print?

The program is only for property purchases. Minimum credit history score requirements apply. The closing credits cannot be given as cash. The funds are coming from Bluecastle Lending. This Program  is not a Florida State Sponsored Closing Cost Assistance Program. Bank Statement Loans are usually for self-employed individuals, rarely for W2 employees. DSCR loans are only for investment properties, not primary or secondary residences. See Offer Terms & Conditions. 

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