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FHA - (HFA) Housing Finance Authority "Home Sweet Home" Down Payment Assistance program

Hillsborough, Brevard, Duval, and Clay counties and Jacksonville City ONLY

  • 30-year, fixed-rate FHA first mortgage loans originated by trained and approved lenders throughout the State of Florida. The Down Payment Assistance program is offered to all borrowers in Hillsborough, Brevard, Clay and Duval Counties and Jacksonville City Florida who meet income, purchase price, and other program guidelines, and can otherwise qualify for an FHA mortgage loan.
  • The maximum Purchase price for per county:
  • Brevard County $253,809
  • Hillsborough County $ 253,809
  • Duval County $199,999
  • Clay County $298,192
  • Maximum Household Income per County
  • Brevard (1-2-person household = $ 61,700) (3+ person household = $70,995)
  • Hillsborough (1-2 person household = $ 59,800) (3+ person household = $ 68,770)
  • Duval (1-2 person households = $ 70,178) (3+ persons $ 80,705)
  • Clay (1-2 person household = $69,176) (3 + persons = $79,552)
  • The down payment assistance comes in the form of a $10,000 - 0% interest, fixed-rate second mortgage Loan for Brevard County
  • The down payment assistance comes in the form of a $7,500 - 0% interest, fixed-rate second mortgage Loan for Brevard County, Clay County, Duval County, Hillsborough County
  • Only one Florida down payment program can be used by the borrower per transaction.
  • The Down Payment Assistance loan is immediately repaid if the homebuyer sells the home, transfers ownership, satisfies or refinances the first mortgage, or ceases to occupy the home.
  • First Time Homebuyer's or Borrowers or Spouse have not owned a home in the last 3 years.
  • Doc Stamps and Intangibles tax still exempt on this program.
  • 44.99% Debt to Income or less. Must be First Time Home Buyers or not have owned a home in the past 3 years.
  • Must present last 3 years Federal tax returns as proof.
  • Low fixed mortgage interest rates
  • Can purchase new or resale homes
  • Single Family Residences, Townhouses, Villas, and Program APPROVED Condos, NO Manufactured homes.
  • Buyers must Occupy within 60 days of Closing.
  • No more than 15% of home to be used in connection for home-based business, such as child care, or similar type endeavors.
  • 8 hour Face to Face or online HUD-approved Mortgage Counseling course required.
  • Primary Residences only, no second homes or investment properties.
  • No Prepayment Penalty Fee if 1st mortgage loan is paid out early.
  • No cash back at closing, any excess funds will be used to pay down the first mortgage. In excess money will be used as a Principal Reduction.
  • Borrowers are permitted a reimbursement of prepaids and reimbursement of overage of earnest money deposit to the extent any minimum contribution has been satisfied and permitted by Agency guidelines.
  • Credit restrictions:
  • Minimum 640 FICO scores credit score to qualify for Hillsborough, Brevard, Clay and Duval counties.
  • Bankruptcies discharged over 2 years and/or foreclosures, short sales or deed in lieu 3 years, minimum 2 trade lines with no late's in last 12 months, No NSF's in last 12 months.
  • Co-Signers income allowed in this program under Agency guidelines.
  • Lender credit not available.
  • No Manual underwrites or alternative credit allowed.
  • $375 Fee paid by Borrower for required.Mortgage Credit Certificates (MCC). Clay County residents are exempt from this fee.
  • Borrowers income must be 2 years continuous but not necessarily with the same company. Income must be supported by pay stubs and a 2-year history of continuous employment. Gaps in employment can be considered. 2-year overall employment required.
  • Refinances: Not permitted.