UP TO $10,000 DOWN PAYMENT AND CLOSING COST ASSISTANCE

UP TO $10,000

DOWN PAYMENT AND CLOSING COST ASSISTANCE

%0, 30-Year Deferred Second Mortgage

 

Program Highlights

• FHA-insured, VA-guaranteed or USDA-RD 30-Year Fixed Rate Mortgages.
• Assisted Low Rate: 4.25 %* Mortgage with a 0%, non-amortizing 30-year Deferred Second Mortgage up to $10,000.
• Discount/Origination Fee any combination not to exceed 1% of the principal loan amount.
• Continuous Funding
• NO Intangible Tax
• NO Doc Stamp Fee

 

What home Qualifies?

The single family home may be attached or detached, a condominium, townhome, certain manufactured homes or PUDs. Home must be located within Escambia, Okaloosa, Santa Rosa or Walton Counties (or one of the 13 Participating Counties). The total purchase price of a new or existing home ranges from $250,200 – $334,882.

 

Who Qualifies?

• Borrowers must be first-time homebuyers who have not had a present ownership in a principal residence during the past three years.
• Borrowers must meet normal mortgage requirements to demonstrate credit worthiness. Borrowers must have a minimum 640 FICO score to participate.
• Borrowers must occupy the purchased home as their principal residence.
• Qualified Veterans and homebuyers purchasing in a designated targeted area do not need to be first-time homebuyers.
• Household income may fall within the following limits within Escambia, Okaloosa, Santa Rosa and Walton Counties.

Maximum Income Limits

       

Non-Targeted:

Family of 1-2:          $67,889-$78,000

Family of 3+:            $78,072-$90,361

Targeted Areas (Escambia County):

Family of 1-2:          $69,240

Family of 3+:            $80,780

 

Down Payment & Closing Costs Assistance

• The Authority will provide a 0% non-amortizing 30-Year Deferred Second Mortgage up to $10,000 to be used exclusively with the 4.25%* Mortgage, which is not forgivable and becomes due when first mortgage is satisfied or upon sale, transfer, rental or disposition of property.
• The down payment assistance offered with FHA-insured First Mortgage Loans can provide up to 100% of the homebuyer’s cash to close (as long as there is no cash back to the borrower).
• Maximum Income and purchase price limits are the same as the limits for First Mortgage Loans.
• The down payment assistance proceeds may be used for any eligible use associated with the Mortgage Loan closing process, including but not limited to closing costs, Lender fees, Servicer fees, pre-paids, mortgage insurance premiums, discounts and the reimbursements of earnest money and pre-close fees, such as credit report and appraisal fees.

 

Questions?

If you have questions please contact the Escambia County Housing Finance Authority at 800-388-1970 or 850-432-7077