Bluecastle Lending is licensed through the National Mortgage Licensing System NMLS number 1463069. It’s owner, Alex Baglioni is a licensed mortgage loan originator NMLS license 1405103. Please visit the NMLS Consumer Access website and search either Bluecastle, Alex or both.
Can you give me a real life case scenario example?
We recently had a closing with a client named Veronica. She had a 589 credit score when we first saw her. We improved her credit to a 657 – 68 points in 60 days. She bought a house for $357,500.00 and all the funds she used to purchase the property (total cash out of pocket for down payment, closing costs, insurance, etc) was $15,861.00. Her rate was the same as published by major banks like Bank of America and Wells Fargo for the day we locked the loan.
Until when is the program going to be offered?
The program is ongoing but it would be wise to take advantage while the program is still being offered.
Do I have to be a first time home buyer to qualify?
No, you could have owned before and even now however, CCAP is for primary residences only.
Do I have to buy in a specific city or county for this program?
No. You can buy anywhere in the state of Florida.
Is there any restrictions to sell the property?
No. Unlike other programs, you can sell tomorrow without having to pay a cent back.
Is there any income ceiling requirements?
No. Unlike other grants, the contribution does not depend on how much or how less you make. There are no income ceilings.
Do I have to pay back any ender contribution given?
No. This is a lender contribution. You do not have to pay it back.
Where do the funds come from?
Bluecastle Lending, Realty & Title is owned by the same owner. For FHA & VA loans, we could credit you up to 3.5% for your settlement charges, not charge you origination charges (usually 1% of the loan amount) and exclude you from paying underwriting fees at closing (usually $1,000.00 to $1,500.00). Additionally, through Bluecastle Realty we often get some settlement charges paid by the seller.
What are the requirements to qualify?
If you qualify for an FHA or VA loan, you qualify for CCAP.