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Florida Assist HFA State Bond Down Payment Assistance Program

All Florida Counties.

  • 30-year, fixed-rate 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, and can otherwise qualify for a loan. Borrowers who qualify for this first mortgage program are automatically qualified for one of Florida Housing's down payment assistance programs.
  • First Time Home Buyer or hasn't owned a property for at least 3 prior years.
  • Down Payment Assistance comes in the form of a $7,500 - 0% interest 2nd mortgage loan. Loan to be repaid when the property is sold, refinanced, or ceased to be lived in by Mortgagor.
  • The down payment assistance can be used for the down payment, Buyers mortgage closing costs, or split pay mortgage insurance premium to lower mortgage insurance cost.
  • The FL Assist offers a 30 year, 0% fixed rate, deferred but accelerated upon any of the following - the sale, transfer or other disposition of the property (including involuntary transfer by or as a result of foreclosure or judicial sale or operation of law), The FL Assist must be repaid.
  • Must be a primary residence.
  • Credit score 640 minimum for 95% LTV or less - Maximum LTV 104.99% CLTV
  • No cash back at closing, any excess funds will be used as principal reduction.
  • 1 unit only - Single Family Residence, Townhouses with 95% LTV or below. No Manufactured Homes.
  • Entire household income from all household residences used for qualification purposes.
  • 44.9% debt to income ratio or less.
  • Lower mortgage insurance rates for Borrower on FHA program.
  • Allows up to 6% Seller contribution maximum towards Buyers closing costs.
  • Purchase only No "construction to perm" loans, no investment purchases, no refi's.
  • Purchase price limits determined by 115% of HUD county median income limits. See 2019 Income limits hyperlink above.
  • Owner Occupants must occupy within 60 days.
  • Buyer education required by HUD-approved agency (online or in-person) or approved mortgage insurance education class from MGIC or Genworth
  • Florida e-housing fee's $225 compliance fee + $300 US Bank funding fee + $85 tax service fee calculated minus the $7,500 down payment assistance.
  • Intangibles tax and Doc Stamps are EXEMPT.
  • FHA guidelines apply to this product. This is not a Conventional loan product.
  • Co-Signers/Non-occupying Co-Borrowers allowed if related by blood, marriage or law and Agency guidelines.
  • Lender Credit not available.
  • This program can be used anywhere in the State of Florida.