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.