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.