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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.