A - Housing Finance Authority Home Key Down Payment Assistance program for First Time Home Buyers
Pinellas County - Pasco County - Polk County
- 30-year, fixed-rate FHA or Conventional Freddie Mac FHMLC HFA Advantage first mortgage loans originated by trained and approved lenders throughout the State of Florida. The program is offered to all borrowers who meet income, purchase price and other program guidelines for FHA guidelines and can otherwise qualify for an FHA mortgage loan.
- The assistance comes in the form of a 0% interest or low, fixed-rate second mortgage. Only one Florida Housing down payment program can be used by the borrower and only in conjunction with the FHA, VA, USDA-RD or Freddie Mac HFA Advantage program first mortgage products.
- The Down Payment Assistance loan is repaid if the homebuyer sells the home, transfers ownership, satisfies or refinances the first mortgage, or ceases to occupy the home.
- First Time Homebuyers, Borrowers or Spouse have not owned a home in the last 3 years.
- Receive $7,500 differed second mortgage, payable when the property is refinanced, sold, paid off or Resident/Mortgagor ceases to live there.
- Housing Finance Authority 0% Interest - $7,500 bond money with no monthly payment required (silent second mortgage).
- Minimum Funds directly from Buyer of $1000.00 to Close on Home.
- FHA version 44.9% backend Debt to Income ratio or less, Conventional version 49.99% backend debt to income ratio or less.
- Can purchase new or resale homes
- The borrower must occupy the Home within 60 days of Closing.
- 8 hour HUD face to face or any approved online Mortgage Counseling course required.
- FHA version: No bankruptcies in the last 2 years and no foreclosure last 3 years. Conventional (FHLMC) No bankruptcies in the last 4 years and no foreclosures, short sales or deed in lieu in last 7 years.
- Important! Household Income is considered for all persons living on the premises.
- Income Limit for this program in Pasco & Pinellas Counties = $63,900 for 1-2 person household, $73,485 for 3+ household in Non-Targeted areas.
- Income Limit for this program in Polk County = $62,500 for 1-2 person household, $71,875 for 3+ household in Non-Targeted areas.
- Primary Residences only. No Investment or second home properties.
- No Prepayment Penalty Fee if the loan is paid out early.
- Doc Stamps $350/per $1000 exempt on this program.
- Intangibles Taxes $200 / per $1000 ARE exempt on this program.
- Lender credit not available.
- No cash back at closing, any excess funds will be used to pay down the first mortgage
- Credit restrictions: 660 for FHA version, Conventional minimum 640 middle FICO, 2 trade line minimum with no late’s in last 12 months, No NSF's in last 6 months.
- Household Income must be supported by W-2's, Federal Tax returns, pay stubs and a 2-year history of continuous employment.
- No manual underwrites.
- The maximum purchase price is $255,573.
- Must be able to permanently reside in the United States.
- Consignor’s permitted for FHA / VA Loans cannot be named on Warranty Deed. Consignor’s NOT permitted on FHMLC conventional loans.
- Refinances: Not permitted.
- Manufactured Homes NOT permitted.