• Florida First Time Home Buyer, Down Payment Assistance, and Grant Programs

Compare ALL 2019 Florida First Time Home Buyer, Down Payment Assistance, and Grant Programs!

Updated 1-20-2019

Compare Programs and Grants for First Time Home Buyers that allow you to receive either grants of between $5000 to $15,000, or 100% Financing to purchase a home.

Below are the very best Florida First Time Home Buyer programs. Some of these programs don't have requirements for First Time Home Buyers. However, some of the programs do require that you haven't owned a Principal Residence for the past three years. Typically, all these programs are called First Time Home Buyer Programs.

To be Pre-Qualified or discuss the individual programs for Broward, Charlotte, Clay, Collier, DeSoto, Duval, Flagler, Hernando, Hillsborough, Lake, Manatee, Miami-Dade, Nassau, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Seminole, St Johns, St Lucie, Volusia, Putnam. Lee, Collier, Charlotte, Miami-Dade, Broward, St Lucie, and Volusia Counties. Please apply below or call 727-474-1599.

Telephone support is NOW offered for all Florida counties including those not listed above.

Simple & Free! Click Here to be Pre-Approved 

Did you know you can purchase a Florida home with as little as $2500 down? Apply or call us, and we'll let you know how!

  • $1500 Earnest money deposit
  • $400 Professional home inspection
  • $450 Lender's appraisal

100% Financing available for Teachers and all State and County School System Employees

The following Counties: Orange, Seminole, Osceola, Palm Beach, Lake, St. Lucie, Clay, Duval, Volusia, Collier, Lee, Charlotte, Hillsborough, Desoto, Manatee, Sarasota, Polk, Pinellas, Hernando St Johns, and Pasco Counties.

  • 30-year first mortgage loans. Either 10-year, 15-year, 20-year, or 30-year fixed rate or 7/1, 3/3 Adjustable Rate Mortgages (No Balloon Payment necessary, 30-year amortization schedule even on adjustable rate mortgages.)
  • The program is offered to all County, City, Municipal and State of Florida school employees from Principle to Custodian and who meet borrowers who meet income, purchase price, and other program guidelines and can qualify for a mortgage loan.
  • Finance 100% of the purchase price.
  • Possibly qualify for $3000 Lender credit in closing cost assistance depending on loan version.
  • This program allows for higher borrower income limits.
  • This program can only be used in the 21 approved Florida Counties.
  • Maximum LTV 100% up to a $250,000 loan. Homes that cost more than $250,000 would require the difference to be paid in cash or 97% LTV up to a $300,000 mortgage loan.
  • 1 unit only - Single Family Residence, Townhouses & some Condos possible.
  • No household income limitation- Only Applicant income for qualification purposes.
  • NO mortgage insurance for Borrower with this Conventional type program.
  • Seller contribution 3% maximum towards Buyers closing costs.
  • Purchase only, no construction to permanent loans - no investment properties.
  • Owner Occupants only-No Investors.
  • Cannot own any FINANCED real estate at the time of application.
  • Good verifiable work history required.
  • No First Time Home Buyer requirement and No Buyers Education Classes required.
  • Gift Funds allowed.
  • Buyer must have at least $1000 for Closing Costs in the transaction. The Earnest Money can be used for the $1000 requirement.
  • No cash back at closing.

100% Financing available for First Responders Nurses, Military (Active & Inactive), Police Officers, EMT's, and Firefighters

The following Counties: Collier, Lee, Charlotte, Desoto, Sarasota, Manatee, Hillsborough, Pinellas, Polk, Pasco, Hernando, Seminole, Orange, Osceola, Duval, Lake, Clay, St Johns, Volusia, St Lucie, Palm Beach counties.

  • 30-year first mortgage loans. Either 10-year, 15-year, 20-year, or 30-year fixed rate or7/1, 3/3 Adjustable Rate Mortgages (No Balloon Payment necessary, 30-year amortization schedule even on adjustable rate mortgages.)
  • The program is offered to all Nurses, (RN, LPN, APN, NP, MSN, BSN), Firemen, EMT's, Police and all current and Veteran Military personnel who have been Honorably Discharged from the Military and who meet income, purchase price and other program guidelines and can qualify for the mortgage loan.
  • No First Time Home Buyer requirement and No Buyers Education Classes required.
  • Finance 100% of the purchase price.
  • Buyer must have at least $1000 for Closing Costs in the transaction. The Earnest Money can be used for the $1000 requirement.
  • Gift Funds allowed for Closing Costs.
  • This program allows for higher borrower income limits.
  • This program can only be used in 21 approved Florida Counties.
  • Credit scores generally a minimum of 680 middle FICO score and above, some exceptions may be possible depending on particular compensating circumstances.
  • Maximum LTV 100% up to a $250,000 loan. Homes that cost more than $250,000 would require the difference to be paid in cash at Settlement or 97% LTV up to a $300,000 mortgage loan.
  • No cash back at closing.
  • No First Time Home Buyer requirement and No Buyers Education Classes required.
  • 1 unit only - Single Family Residence, Townhouses and some Condos possible.
  • No household income limitation- Only Applicant(s) income for qualification purposes.
  • NO mortgage insurance for Borrower with this Conventional style program.
  • Seller contribution 3% maximum towards Buyers closing costs
  • Purchase only, no construction to permanent loans - no investment properties.
  • Owner Occupants only-No Investors.
  • Cannot own any FINANCED real estate at the time of application.
  • Up to a $3000 Lender Credit available on certain versions for Closing Costs.
  • Good verifiable work history required.
  • No cash back at closing.

Conventional Preferred Plus Down Payment Assistance Mortgage Grant

  • 2019 TBA Income & Purchase Limits
  • 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.
  • First Time Home Buyer hasn't owned a primary residence in the past 3 years.
  • 3% or 4% grant of the purchase price is in the form of a forgivable grant at Closing that does not require repayment by the borrower. This down payment assistance grant is forgiven at closing. This can be used for down payment, Buyers mortgage closing costs, or can also be used to "split pay" mortgage insurance premium to lower mortgage insurance cost or pay mortgage insurance completely off.
  • This program allows for much higher borrower income limits.
  • This program can be used anywhere in the State of Florida.
  • Last 3 years Federal Tax Returns required.> Intangibles Tax and Doc stamps are still exempt under this program.
  • Maximum LTV 97%- 105% CLTV
  • No cash back at closing, any excess funds will be used to pay down the first mortgage.
  • 1 unit only - Single Family Residence, Townhouses. Approved Condos by USB with 95% LTV or below.
  • Household income limitation if both people are on the loan - However, 1003 Applicant income is below the HUD Median Income of 140% for the county, the non-borrowing person income will not be used for qualification or household income limitation. 1003 Income to be used for qualification ONLY
  • 49.99% debt to income ratio or less or whatever Automated Underwriting will approve.
  • Lower mortgage insurance rates for Borrower with this Conventional loan/grant program.
  • Mortgage Insurance rates could be reduced or even paid off at Closing. Maximum Seller contribution 3% maximum towards Buyers closing costs.
  • Purchase only, no construction to permanent loans - no investment properties.
  • Purchase price limits determined by HUD county median income limits. See county Income Limits above.
  • Owner Occupants only-No Investors.
  • Lender Credit not available.
  • 22-hour Buyer education required or any HUD-approved agency (online or in-person) or approved 1-hour 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 at closing to be deducted from the 3% or 4% Grant.
  • Fannie Mae (FNMA) guidelines apply.
  • Mortgage Credit Certificate allowed.
  • Co-Signers not permitted.

OWN A HOME OPPORTUNITY

(Broward, Volusia, Lee, Sarasota, Charlotte, Collier, DeSoto, St Johns & Palm Beach Counties ONLY)

  • 30-year, fixed-rate FHA 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 Freddie Mac (FHMLC) Conventional, and Government Agency mortgage loan.
  • Maximum Purchase price:
  • Charlotte County = $ 271,165
  • Collier County = $ 415,058
  • Broward County = $ 317,646
  • Desoto County = $ 271,165
  • Lee County = $ 271,165
  • Palm Beach County = $ 317,646
  • Sarasota County = $ 275,294
  • St Johns County = $ 316,589
  • Volusia County = $ 271,165
  • The assistance comes in the form of a 3%, 4% or 5% Grant at Closing. The amount is dependent on credit scores.
  • Freddie Mac Advantage Conventional mortgage loans, FHA mortgage loans, USDA mortgage loans, and VA mortgage loans
  • Maximum Household Income for OWN program:
  • Charlotte County $ 93,750
  • Collier County = $ 112,500
  • Broward County = $ 99,550
  • Desoto County = $ 93,750
  • Lee County = $ 95,550
  • Palm Beach County = $ 111,450
  • Sarasota County = $ 105,450
  • St Johns County = $ 104,850
  • Volusia County = $ 93,750
  • No First Time Home Buyer restriction.
  • NO work visa, student visa, any temporary visas qualify for this program
  • Intangible Tax NOT exempt.
  • Documentation Stamps STILL exempt.
  • Minimum Funds directly from Buyer of $1000.00 to Close on Home
  • Minimum 640 FICO credit score on FHA, VA, USDA to qualify for 2% grant, 660 FICO to qualify for 3% FHA grant, and minimum 640 FICO for Freddie Mac (FHLMC) Conventional loans to receive either 3%, 4% or 5% grant at the Closing table. The outcome to determine if the loan is qualified for conventional loans is determined exclusively by LP Automated Underwriting findings, (AUS).
  • ALL bank deposits OUTSIDE of payroll requires detailed explanations.
  • 44.9% Debt to Income ratio or less on FHA, VA and USDA loans. Up to 49.99% DTI for FHMLC conventional loans.
  • Low fixed mortgage interest rates are determined by program guidelines, NOT by individual local Lender.
  • Can purchase new or resale homes
  • 8 hour face-to-face or online HUD-approved Mortgage Counseling course required.
  • No Bankruptcies in last 2 years, no foreclosure last 3 years for Government Agency loans (FHA, VA, USDA) or 4 years bankruptcy and/or 7 years foreclosures, short sales, or deed in lieu for conventional loans.
  • Primary Residences only, Single Family Residences and Fee Simple townhomes, conventional financing of condos must be approved by USB ONLY, no manufactured or mobile homes allowed.
  • No Prepayment Penalty Fee if 1st mortgage loan is paid out early
  • While there is no cash back in this program, the borrower may be reimbursed for any overpayment of escrow to the extent permitted by Agency (FHA, VA, USDA) or FHMLC guidelines.
  • Pay stubs and W-2's required.
  • Buyers CANNOT own any residential property at the time of Closing on this program.
  • No possibility of Recapture Tax.
  • Credit restrictions: No Manual Underwrites, 3 trade lines with no late’s in last 12 months, No NSF's in the last 12 months, Non-traditional credit allowed.
  • Cosigners Permitted for FHA loans under very specific conditions. Follow FHA guidelines for credit purposes only. Treat Consignor credit/income as directed by FHA. Consignors are allowable in an FHA transaction when meeting the following conditions (1) A Consignor cannot have any ownership interest in the property (they cannot be on the Mortgage/Deed) and (2) The Consignor cannot reside in the property being purchased. A Co-Signors income is not considered for program purposes, tax returns/transcripts are not required and Consignor’s do not sign any program documents.
  • Income must be supported by pay stubs and a 2-year history of continuous employment.
  • Grant forgiven at Closing, No second mortgages remain.
  • Refinances: Not permitted.
  • Lender credit not available.
  • The appraisal must indicate that the home has at least a 30-year remaining useful life.
  • Lot size cannot exceed basic livability standards. Example 4 acre lot properties not allowed.
  • No Prepayment Penalties if the mortgage is paid out early for whatever reason.

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.

Rent-To-Own Program

  • You pick the house in an approved subdivision. The subdivision must be in the upper 50% rating of school county districts.
  • You secure the home with your first and last month's agreed upon rent and purchase price before the Investor purchases the home.
  • Institutional Investor purchases the home through The Gallagher Group at Keller Williams Realty.
  • Build your credit over the next 12-24 months, or if you're just moving into the area and aren't sure where you want to live but don't want to live in an apartment.
  • You can purchase the home using one of the Down Payment Assistance programs in the next 12 months to 24 months.
  • OR you can rent the house at least 24 months with documented Bank Statement proof of on-time rental payments, (24 canceled checks, or 24 money orders or 24 months automatic ACH drafts).
  • Credit scores and Fannie Mae guidelines allow you to qualify for a Conventional Mortgage to obtain the 0% Down Payment option and use your two months Security Deposit for Closing Costs. 0% program is based on the Fannie Mae Conventional mortgage loan guidelines.
  • New Homes may possibly be eligible depending on the Builders willingness to accept the State of Florida standard Real Estate Contract.
  • Minimum Rent-to Own FICO Score at the beginning of the process is 575 FICO.
  • Debt to Income ratio maximum is 45%.
  • Minimum Household verifiable income is $50,000 per year.

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.

Florida - (HFA) Housing Finance Authority 100% Financing

The entire State of Florida

  • Bond Programs: Florida First FHA OR Conventional Down payment Assistance with Florida Assist ($7,500) or HLP ($10,000) Income Limits
  • TBA Program: HFA Preferred Conventional ONLY with ($7,500) Income Limits
  • Florida Home Ownership Program HLP $10,000 monthly payable second mortgage or $7,500 silent second mortgage (presumably 100% Financing).
  • This Down Payment Assistance program is offered to all FHA or Fannie Mae Conventional Borrowers in the State of Florida who meet income, purchase price, and other program guidelines, and can qualify for an FNMA conventional 1st mortgage loan.
  • Buyers who qualify for the Florida First HFA (FHA or Conventional version) of loan automatically qualify for these second mortgage programs. (100% financing).
  • This loan must be used in conjunction with a State of Florida Assist FHA or Conventional first mortgage loan.
  • HLP Version (either FHA or Conventional) is a 15 year - 3% amortized monthly payments on the second mortgage are approximately $68 per month until the amortized loan of $10,000 has been paid off.
  • Florida Assist Version (either FHA or Conventional) is a $7,500 silent second mortgage at 0% interest. This $7,500 must be repaid when the property sells, is refinanced, rented out or when the Mortgagor leaves the property for any reason.
  • The maximum Purchase price for the home.
  • Maximum Household Income per county
  • The balance of either version of the second mortgage is payable and due under the following circumstances. The Down Payment Assistance loan is immediately repaid if the homebuyer sells the home, pays off the 1st mortgage, 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.
  • FHA Version is 44.99% Debt to Income or less.
  • Conventional Version has a possible 49.99% Debt-to-Income ratio or whatever Automated Underwriting will approve.
  • Must be First Time Home Buyers or not have owned a home in the past 3 years.
  • Low fixed first 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.
  • A bond version of the program includes ALL income of Household whether or not all the residents are on the actual mortgage.
  • TBA version of the program, income is ONLY Borrower income calculated from 1003 Income required by Borrower ONLY, If there is no other Borrower, no additional income will used for qualification or household income limitation.
  • Veterans do not need to be first-time homebuyers.
  • 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 FNMA guidelines.
  • Credit restrictions:
  • Minimum 640 FICO scores credit score to qualify for this program.
  • FHA Version, bankruptcies must be 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.
  • Conventional Version, bankruptcies must be discharged over 4 years, and/or foreclosures, short sales or deed in lieu 7 years, minimum 2 trade lines with no late's in last 12 months, No NSF's in last 12 months.
  • Either FHA or Conventional Versions of the program, Borrowers must be employed full time with 2 years continuous (not necessarily with the same company). Income must be supported by 3 years Federal Tax Returns, W-2's, pay stubs and 2-year history of continuous employment. Gaps in employment can be considered.
  • FHA Version, Mortgage Credit Certificate (MCC) NOT available.
  • Conventional Version, Mortgage Credit Certificate (MCC) ARE available.
  • Refinances: Not permitted.

Manatee County Florida Key Ownership Program Homebuyer Down Payment Assistance Bond Program

  • 30-year, fixed-rate Freddie Mac, VA, USDA, or FHA first mortgage loans originated by trained and approved lenders throughout the State of Florida. The program is offered to all borrowers in Manatee County Florida only who meet income, purchase price, and other program guidelines, and can otherwise qualify for a Freddie Mac Advantage Conventional mortgage, VA, USDA, or FHA mortgage loan.
  • Maximum Purchase price: $336,740
  • The Down Payment Assistance Grant is forgiven at the Closing table. No repayment of the grant is required.
  • FHA version - Maximum Household Income for Manatee County Florida included all people in household 18 years and older = 1-2 person Household income limit = $80,845
  • Conventional version - Borrower 1003 Income only - Borrower must qualify with 1003 Income below the threshold of the household income for county = $80,845
  • NO First Time Homebuyer's requirement.
  • Interest rates are determined by Manatee County and are non-negotiable with Lender.
  • Minimum Funds directly from Buyer of $1000.00 to Close on the home
  • Minimum 640 middle FICO credit score to qualify for 2% FHA grant, middle FICO 660 to receive 3% FHA grant or 640+ FICO to qualify for FHLMC Conventional grant of 3%-4%-5%.
  • FHA version Borrower must be less than 44.99% back end DTI. Conventional Borrower must have 49.99% back end DTI or less.
  • Low fixed mortgage interest rates
  • Can purchase new or resale homes.
  • Must occupy residence within 60 days of closing.
  • 8 hour HUD approved face to face or HUD-approved online Mortgage Counseling course required
  • FHA version - No Bankruptcies in last 2 years and no foreclosure last 3 years. FHLMC Conventional version 640 Credit score No Bankruptcies in the last 4 years and no foreclosures or short sales in the last 7 years.
  • No NSF's in the last 6 months, No late credit payments last 12 months.
  • Primary Residences only
  • Cannot own any other residential property at the time of closing.
  • A non-permanent manufactured home is permitted.
  • No cash back at closing, any excess funds will be used to pay down the first mortgage referred to as Principal Reduction.
  • 1003 Income must be supported by pay-stubs and a 2-year history of continuous employment for w-2 employees or 1099's, K1's and minimum 2 years business tax returns for the self-employed.
  • Refinances: Not permitted.

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.

AFR Advantage FHA Financing 2% Grant program

    • Minimum middle FICO scores 580 or above.
    • Competitively priced FHA loan.
    • No first time home buyer requirement.
    • Requires 1.5% down payment from the home buyer for down payment.
    • 2% Grant from Non-Profit + 1.5% Home Buyer Funds equals 3.5% equity with a 96.5% eligible FHA approved loan.
    • The first mortgage must meet FHA loan guideline eligibility.
    • No additional subordinate financing allowed.
    • FHA loan amounts only.
    • Primary Residences only. No Investment properties. No 2-4 units.
    • Manufactured Housing NOT allowed.
    • No Income limits.
    • FHA sales price limits.
    • Co-Signers/Non-occupying Co-Borrowers allowed if related by blood, marriage or law and Agency guidelines.
    • The borrower may have a NON-FHA ownership interest in other under certain conditions).
    • Home buyer education not required before Closing.

    UNLIMITED INCOME DPA Edge 100% Mortgage Financing

      • Provides 3.5% in down payment assistance in ALL Florida Counties for both FHA and Conventional FNMA Loans.
      • 3.5% down payment assistance is in the form of a forgivable 0%, "silent second" mortgage. 36 months of consecutive on-time payments must be made for "silent second" mortgage to be forgiven.
      • 30 year fixed term.
      • For all Florida counties.
      • The buyer does not need to be the first time Home Buyer.
      • NO Origination fee on mortgage loans.
      • Unlimited income.
      • Back end debt-to-ratio less than 49.99% on all mortgages.
      • Must be a primary residence, no Investors.
      • Must NOT have other concurrent residential real estate.
      • Stick built homes or manufactured homes allowed for Conventional and Government Agency loans (FNMA, FHA, VA, and USDA).
      • Non-Owner Occupant Co-Borrowers allowed for Credit only, NOT income.
      • Competitive mortgage Interest rates.
      • Can be used with Conventional mortgages (3.5%), VA mortgages (3.5%), FHA mortgages (3.5%) and USDA mortgages (3.5%)
      • Supplemental Alternative credit NOT allowed. No manual underwrites.
      • The borrower must qualify for Conventional, FHA, USDA or VA Loan.
      • Duplexes ARE allowed. NO triplexes or quadruplexes.
      • NO Income limit.
      • Maximum loan amount of FHA limits in the area purchased. Generally, the lesser of $424,100 (not including MI) or maximum loan amounts permitted by HUD.
      • Home Buyer Education required.
      • Minimum middle FICO credit score is 620 or higher.
      • Maximum debt-to-income 50% or higher depending on credit score, compensating factors and Automated Underwriting findings.
      • 47% LTV or higher must have 12 months of documentable rental history.
      • No Prepayment Penalty Fee if the loan is paid out early.
      • No cash back to Borrower/Buyer
      • The seller can tribute up to 6% towards FHA, VA or USDA and 3% for all conventional Buyers closing costs.
      • No 203k Renovation loans allowed.

      Rate Advantage 100% Mortgage Loan Financing

      • Provides 3.5% in down payment assistance in ALL Florida counties for both FHA and Conventional FNMA Loans.
      • 3.5% down payment assistance is in the form of a monthly repayable 10-year 2nd mortgage at 8%.
      • 30 year fixed term on the 1st mortgage.
      • The buyer does not need to be the first time Home Buyer.
      • Borrowers 1003 income must be below 115% of the HUD Area Median Income, adjusted for family size where the house is located.
      • Back end debt ratio of less than 49.99%.
      • Must be primary residence, no Investors.
      • Must NOT have other concurrent residential real estate.
      • Stick built homes or manufactured homes allowed for Government Agency loans (FHA, VA, and USDA.
      • NO Non-Owner Occupant Co-Borrowers allowed.
      • Competitive mortgage Interest rates.
      • Can be used with Conventional mortgages (3.5), VA mortgages (3.5%), FHA mortgages (3.5%) and USDA mortgages (3.5%)
      • Supplemental alternative credit not allowed. No manual underwrites.
      • No duplexes, triplexes or quadruplexes.
      • Income is based on qualifying income reported on 1003, regardless of household size.
      • Maximum loan amount of FHA limits in the area purchased. Generally, the lesser of $424,100 (not including MI) or maximum loan amounts permitted by HUD.
      • Home Buyer Education required.
      • Minimum middle FICO credit score is 640 or higher for all mortgage products.
      • Maximum debt-to-income 45%-50% Depending on credit score and compensating factors.
      • 47% LTV or higher must have 12 months of rental history.
      • No Prepayment Penalty Fee if the loan is paid out early.
      • No cash back to Borrower/Buyer
      • NO Non-Owner Occupant may be used.
      • The seller can tribute up to 6% towards FHA, VA or USDA Buyers Closing Costs, or 3% contribution if Conventional FNMA loan.
      • No 203k Renovation loans allowed.

      Palm Beach County HFA Down Payment Assistance Program

      • 30-year, fixed-rate FHA first mortgage loans. This program is offered to all borrowers in Palm Beach County Florida who meet income, purchase price and other program guidelines, and can otherwise qualify for an FHA, VA, FNMA HFA Preferred, or FHMLC HFA Advantage mortgage loan.
      • Funds may only be used with a Florida HFA 1st mortgage loan.
      • Maximum Purchase price = $317,646
      • Maximum Household Income per Palm Beach County Florida
      • Palm Beach (1-2 person household = $76,900) (3 + persons = $88,435)
      • The down payment assistance comes in the form of either: a $10,000 - 0% interest, fixed-rate second mortgage loan for Palm Beach County. No monthly mortgage payments for the "silent second" mortgage.
      • Grant of 3%, 4% or 5% guidelines following the Lee County grant program.
      • 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. The Grant version of the program is never paid back.
      • First Time Homebuyer's or Borrowers or Spouse have not owned a home in the last 3 years.
      • IRS Tax Returns filed for the past 3 years for all Borrowers.
      • First and second mortgage Doc Stamps ARE exempt on this program. Intangible Tax is not exempt on the first mortgage but is exempt on the "silent second" mortgage.
      • Minimum Funds directly from Buyer of $1000.00 to close on the home.
      • 44.99% Debt to Income or less for FHA.
      • Fannie Mae and Freddie Mac conventional loans possible 49.99% back end DTI. Use AUS findings for acceptable ratio's.
      • Low fixed mortgage interest rates.
      • Eligible loan types include Conventional (Fannie Mae, HFA Preferred, Freddie Mac HFA Advantage), FHA, USDA, and VA loans.
      • Can purchase new or resale homes
      • Single-family residences, townhouses, villas, and Program APPROVED Condos, no manufactured homes. Duplexes, triplexes or quadruplexes are allowable unless the loan is a Freddie Mac loan, in which case the unit must be single.
      • Buyers must occupy property within 60 days of Closing.
      • 8-hour face to face or online HUD-approved Mortgage Counseling course required. Certificates valid for 2-years.
      • Primary Residences only, no second homes or investment properties.
      • No Prepayment Penalty Fee on 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 can be used as a Principle 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.
      • The appraisal must indicate the structure has at least 30 years of possible life.
      • Credit restrictions:
      • Minimum 640 FICO scores credit score to qualify for all Conventional loans.
      • Minimum 660 FICO scores to qualify for FHA, VA and USDA loans.
      • FHA guidelines: bankruptcies discharged over 2 years or foreclosures older than 3 years, minimum 2 trade lines with no late's in the last 12 months, No NSF's in the last 6 months.
      • .Conventional either Fannie or Freddie Mac guidelines: Bankruptcies must be discharged over 4 years or foreclosures, short sales and deed in lieu older than 7 years, minimum 2 trade lines with no late's in last 12 months, No NSF's in last 6 months.
      • Co-Signors/Non-occupying Co-Borrowers allowed if related by blood, marriage or law and Agency guidelines.
      • Lender credit not available.
      • No Manual underwrites.
      • ALL Household income will be counted and must be below Palm Beach county income limits. This includes all part-time income and alimony. All income in the house must be counted, not just qualifying income.
      • Income must be supported by pay stub's and 2 year history of continuous employment. Gaps in employment can be considered. 2 year overall employment required, not necessarily continuous employment required.
      • Refinances: Not permitted.

      Miami-Dade HFA Down Payment Assistance Program

      • 30-year, fixed-rate FHA first mortgage loans originated by trained and approved lenders throughout the State of Florida. The program is offered to all borrowers in Miami-Dade county Florida who meet income, purchase price and other program guidelines, and can otherwise qualify for an FHA, VA, FNMA HFA Preferred or FHMLC HFA Advantage mortgage loan.
      • Funds may only be used with a Florida HFA 1st mortgage loan.
      • Maximum Purchase price = $317,646
      • Property to be located anywhere in Miami-Dade County
      • Maximum Household Income per Miami-Dade County
      • Miami-Dade (1-2 person household = $78,700) (3 + persons = $90,505)
      • The down payment assistance comes in the form of a $15,000 - 0% interest, fixed-rate second mortgage Loan for Miami-Dade County. No monthly mortgage payments for the "silent second" mortgage.
      • Monthly payments on 2nd mortgage down payment assistance funds are not required.
      • 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.
      • IRS Tax Returns filed for the past 3 years for all Borrowers.
      • First and second mortgage Doc Stamps ARE Exempt on this program. Intangible Tax is NOT exempt on the first mortgage but is exempt on the "silent second" mortgage.
      • Minimum Funds directly from Buyer of $1000.00 to Close on Home.
      • 44.99% Debt to Income or less for FHA. Fannie Mae and Freddie Mac loans possible 49.99% back end DT Use AUS Findings for acceptable ratios.
      • Must be First Time Home Buyers or not have owned a home in the past 3 years.
      • Low fixed mortgage interest rates.
      • Eligible Loan Types include Conventional (Fannie Mae, HFA Preferred, Freddie Mac HFA Advantage), FHA, USDA, and VA loans.
      • Can purchase new or resale homes.
      • Single family residences, townhouses, villas and Program APPROVED Condos, NO manufactured homes. No duplexes, triplexes or quadraplexes without Borrower contributing 3% of the purchase price.
      • Buyers must occupy property within 60 days of Closing.
      • 8 hour HUD approved Mortgage Counseling course required. Certificates valid for 2-years. Buyers CANNOT use any Mortgage Insurance Companies online education class.
      • Primary Residences only, no second homes or investment properties.
      • No Prepayment Penalty Fee if the 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 Principle 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.
      • Appraisal must indicate the structure has at least 30 years of possible life.
      • Credit restrictions:
      • Minimum 640 FICO scores credit score to qualify for all Conventional loans.
      • Minimum 660 FICO scores to qualify for FHA loans.
      • Bankruptcies discharged over 2 years or Foreclosures older than 3 years, minimum 2 trade lines with no late's in last 12 months, No NSF's in last 6 months.
      • Co-Signors/Non-occupying Co-Borrowers allowed if related by blood, marriage or law and Agency guidelines.
      • Lender credit not available.
      • No Manual underwrites on FHA loans.
      • Borrower Income from 1003 Mortgage Loan Application Household income not required if Borrower qualifies alone and is below income limits.
      • Income must be supported by pay stubs and 2 year history of continuous employment. Gaps in employment can be considered. 2 year overall employment required, not necessarily continuous employment required.
      • Refinances: Not permitted.

      Physicians 100% Program

      • Maximum loan amount $5,000,000
      • Debt to income maximum 43%, must be a Qualified Loan to Value, when combined with existing liens, are not to exceed the following:
        $0 - $417,000 : 100% 
        $417,001 - $1,000,000 : 95% 
        $1,000,001 - $2,500,000 : 90% 
        $2,500,001 - $5,000,000 : 80%
      • Ownership: primary residence only
      • Credit Score/History: minimum middle score 700 with no bankruptcies, foreclosures, short sales, or deed in lieu in the last 7 years
      • Reserves at the time of underwriting shall be equal to or greater than 2 months of :
        Principal, Interest, Taxes, Insurance, Association Dues (PITIA)
      • Loan type: purchase only
      • Two independent appraisals shall be required for loans equal to or greater than $1,500,000 (Bank shall use the lowest of the two values for LTV purposes)
      • Escrows preferred, but not required.
      • Types of properties: single family, town-homes, condominiums (on FNMA approved checklist)

      Federal Home Loan Bank Down Payment Assistance Matching Grant

      • Provides 4:1 matching funds up to $5,000 for Borrowers not involved in the occupations below.
      • Provides 4:1 matching funds up to $7,500 for those involved in Public Safety, Medical, or Education.
      • The Grant is completely forgiven if the Buyer resides in the home for 5 full years. The Grant is forgiven at a rate of 20% per year.
      • Buyer must be First Time Homebuyer or hasn't owned a home in 3 years.
      • Primary Residences only.
      • Lender credit available.
      • No Bank Statements needed.
      • Maximum purchase price not to exceed the FHA limits in the counties being considered.
      • Household Income must be at or under 80% of the HUD Median Income for the county where the property is located.
      • 1 hour Mortgage Counseling conversation required.
      • Co-Signors/Non-occupying Co-Borrowers allowed if related by blood, marriage or law and Agency guidelines.
      • No Bankruptcies in the last 2 years and no foreclosure last 3 years.
      • Minimum middle credit score 620
      • Can be used with Conventional Freddie MAC LP AUS only not Fannie Mae DU AUS.
      • Maybe combined with VA Loans written by the same Lender.
      • No Prepayment Penalty Fee if the loan is paid out early.

      House 2 Home FHA Down Payment Assistance

      ALL Florida Counties

      • Provides up to 4% in down payment assistance in ALL Florida Counties for FHA Loans.
      • Down Payment Assistance is forgiven when 36 consecutive months of on-time 1st mortgage payments have been processed.
      • Buyer does not need to be first time Home Buyer.
      • Origination fee 1.75% for FHA and USDA. 1% Origination fee for VA Loans. Buyer cash or Seller credit must be provided at Closing.
      • Must be the primary residence, no Investors.
      • Stick built homes or manufactured homes allowed for Government Agency loans (FHA, VA and USDA.
      • 1-4 Units allowed, SFR, Duplexes, Triplexes, Quadraplexes, Mobile Homes-double wide's only
      • Buyer may own other properties.
      • Co-Signors/Non-occupying Co-Borrowers allowed if related by blood, marriage or law and Agency guidelines.
      • 30 year fixed term.
      • Competitive mortgage Interest rates.
      • Can be used with VA Mortgages (4%), FHA Mortgages (4%) and USDA Mortgages (3%).
      • Borrower must qualify for FHA, USDA or VA Loan.
      • Supplemental Alternative credit NOT allowed.
      • Maximum Income Limits set at 140% HUD area median income for FHA, VA or USDA of Florida county where the house is located.
      • Conventional version of this product limits HUD area median Income (AMI) to 115%.
      • Income limit is based off Borrower(s) qualifying income reported on the 1003, regardless of household size.
      • Maximum loan amount of FHA limits in the area purchased. Generally, the lesser of $424,100 (not including MI) or maximum loan amounts permitted by HUD.
      • FHA purchase price limits.
      • Home Buyer Education required.
      • Lender credit not available.
      • Minimum middle FICO credit score is 620 or higher.
      • Maximum debt-to-income 45%-50% Depending on credit score and compensating factors.
      • 47% LTV or higher must have 12 months of rental history.
      • No Prepayment Penalty Fee if the loan is paid out early.
      • No cash back to Borrower/Buyer.
      • Seller can contribute up to 6% towards FHA, VA or USDA Buyers Closing Costs.
      • No 203k Renovation loans allowed.

      City of Tampa Down Payment Assistance

      • Provides up to $15,000 in the form of a 0% Interest 5 Year Forgivable second mortgage loan.
      • Deferred Monthly payment on up to $15,000 as long as the Owner remains in the home and is their Primary Residence. There are no payments on the second mortgage unless the Owner moves, Refinances, leases or defaults on the property within 5 years.
      • At the end of 5 years, the second mortgage is forgiven.
      • Buyer must contribute at least $2000 towards Closing Costs.
      • Primary Residences only.
      • No Lender credit available.
      • Potential Buyers must begin the process with one of four approved Housing Counseling Agencies and MUST NOT be under contract before they begin the process.
      • Total $14,999 max award. Down Payment up to 20% of the purchase price or $10,000 whichever is less, toward the down payment. 50% of Closing Costs or $4999, whichever is less.
      • Maximum purchase price not to exceed $226,926.
      • Income must be at or under 140% of the HUD Median Income.
      • Income calculated from Household Income.
      • Debt ratios not to exceed 33/41%.
      • No Bankruptcies in the last 2 years and no foreclosure last 3 years.
      • Minimum middle credit FICO score 600
      • Can be used with Conventional, FHA, VA loans.
      • ARM's are not permitted.
      • No Prepayment Penalty Fee if the loan is paid out early.

      USDA / Rural Development Loans

      • Provides up to 102% financing in participating in Florida Counties
      • Buyer does not need to be 1st time Home Buyer.
      • Seller can contribute up to 6% towards Closing Costs.
      • Buyers cannot have more than $15,000 in non-retirement liquid assets. Excess of $15,000 must be used as down payment.
      • Borrower must have three active trade lines, no alternative credit.
      • Higher Income limits than typical state or county programs.
      • Maximum purchase price of FHA limits in the area purchased.
      • Lender credit available.
      • No Prepayment Penalty Fee if the loan is paid out early.
      • Seller can tribute up to 6% towards Buyers Closing Costs.

      VA Loans

      • No down payment as long as the sales price doesn't exceed the appraised value.
      • No First Time Homeowner required.
      • Lower credit scores possible.
      • Can be combined with Florida Bond and FHLB (Federal Home Loan Bank) programs.
      • One-time VA Funding Fee required. VA Funding Fee higher the second time the VA Loan is used.
      • No private mortgage insurance premium requirement.
      • VA rules limit the amount you can be charged for closing costs.
      • Closing costs may be paid by the seller.
      • No Prepayment Penalty Fee if the loan is paid out early
      • Lender credit available.
      • VA may be able to provide you with some assistance if you run into difficulty making payments.
      • You can reuse the benefit but the cost is higher the second time.
      • VA-backed loans are assumable, as long as the person assuming the loan qualifies.
      • Must have Certificate of Eligibility and DD214 form.
      • Primary Residences only

      Luxury Down Payment Assistance program for High Priced Homes

      Provides 1:1 matching funds up to $50,000.

      • Assistance must be repaid when the property is sold.
      • Program designed to help avoid Private Mortgage Insurance because of much larger down payment.
      • Increases the ability to purchase a larger home without Mortgage Insurance.
      • Mortgage payments are lower because of Non- Jumbo interest rates and no mortgage insurance.
      • Appreciation equity is divided 50% between the Owners and the Lender when the Property is sold.
      • Equity that results from Owner paying down the mortgage is Owners equity alone and not split with Investor.
      • Primary Residences only.
      • 1003 Income only.
      • No Income Limits.
      • Maximum purchase price $500,000.
      • Fannie Mae (DU Approval Required)
      • No Bankruptcies in the last 4 years and no foreclosures, Deed in Lieu, or Short Sales in last 7 years
      • Minimum middle credit score 640 with DU approval.
      • No Prepayment Penalty Fee if the loan is paid out early.

      Power Purchase Plus Program NO Mortgage Insurance

      • Freddie Mac (FHLMC) Power Purchase Program that offers NO Mortgage Insurance premiums.
      • Competitively priced Conventional Loan.
      • No first time home buyer requirement.
      • Requires 1% down payment from the home buyer for down payment.
      • 2% Grant from Non-Profit + 1% home buyer funds equals %3 equity with a 97% eligible conforming loan.
      • First mortgage must meet FHLMC Home Possible Advantage eligibility.
      • No additional subordinate financing allowed.
      • Conforming loan amounts only.
      • No manual underwrites allowed. LP decisions only.
      • Primary Residences only. No Investment properties. No 2-4 units.
      • Manufactured housing not allowed.
      • The Income limits are based on 100% AMI except for those high cost and under-served counties where higher income limits are allowed.
      • Benefit-Underserved counties and those high cost Florida counties included. (Exceeding 100% counties) the increased income limit for those counties.
      • No sales price limits.
      • Benefit-MI is lower 25% coverage on a 97% LTV.
      • Required minimum middle credit score 640-719
      • Co-Signers/Non-occupying co-Borrowers not allowed.
      • Borrower may have an ownership interest in other under certain conditions. (Please discuss with Loan Originator).

      Power Purchase Program Reduced Mortgage Insurance

      • Power Purchase Program that offers reduced mortgage insurance payments.
      • Competitively priced conventional FHMLC loan.
      • No first time home buyer requirement.
      • Requires 1% down payment from the home buyer for down payment.
      • 2% Grant from Non-Profit + 1% Home Buyer Funds equals 3% equity with a 97% eligible conforming loan.
      • The first mortgage must meet FHLMC Home Possible Advantage eligibility.
      • No additional subordinate financing allowed.
      • Conforming loan amounts only.
      • No manual underwrites allowed. LP decisions only.
      • Primary Residences only. No Investment properties. No 2-4 units.
      • Manufactured Housing NOT allowed.
      • The Income limits are based on 100% AMI except for those high costs and under-served counties where higher income limits are allowed.
      • Benefit-Underserved counties and those High-Cost Counties included. (Exceeding 100% counties) the increased income limit for those counties.
      • FHA sales price limits.
      • Benefit-MI is lower 25% coverage on a 97% LTV.
      • Required minimum middle credit score 620-719
      • Score over 720 will have a lower MI factor vs. FHA products.
      • Co-Signors/Non-occupying Co-Borrowers not allowed.
      • The borrower may have an ownership interest in other under certain conditions. (Please discuss with Loan Originator).