Up to $35,000 Towards Home Purchase

Florida Housing Finance Corporation has just received an additional $50,000,000 from the state of Florida to help homebuyers purchase a home.

This is a down payment assistance program that provides from $10,000 to $35,000 second lien secured by the home being purchased.

Here are some details:

• DPA is a lien secured by a second mortgage
• Up to 5% of the total loan amount with a minimum of $10,000 and a maximum of $35,000
• May be applied to closing costs, down payment, prepaids, upfront funding fee, or other related program and mortgage loan fees and expenses
• 30-year second mortgage at 0%, non-amortizing, and deferred with zero monthly payment
• Lien is NOT forgivable (meaning that it will have to be repaid)
• Repayment is deferred until the event of the sale, transfer of deed, refinancing, satisfaction of the first mortgage, or when the mortgagor ceases to occupy the property

What does this mean for you? This incredible DPA program can help you have the American Dream of homeownership.

Want to see if you can qualify? Click on the next dropdown!

Want to know if you qualify?

Here are the basics:

• Minimum credit score 640 (Don't know what your score is? We can run it for you and find out.)
• Purchase transactions only
• One borrower must be one of the following at application:
  
  • Must be actively employed at a FL employer with brick-and-mortar location in FL
  • Must be in the eligible occupational category
  • Must work full time and the employer will determine what is “full time” status on the verification form
  • Active Military
  • Veterans do not qualify as an occupation, and they must have a full-time job but anywhere would qualify
• Income limits vary by county and are 150% of the area median income 
• Duval, Clay, and St Johns County income limits are $153,750
• One borrower must work within an eligible occupation. Click HERE to access occupation list.

Think you may qualify? Read on for more information by clicking on the next info box.

Product Highlights:

• 30-year fixed rate first mortgage loan:

• 0% down for VA

• 3% down Conventional or 5% down with a non-occupying co signor

• 3.5% down for FHA

• Primary residence only
• Property must be in Florida
• Must be able to permanently reside in the US
• Must occupy the home within 60 days
• Property types:
• 1-unit Single Family/PUDs (includes townhomes)
• Condominiums must be agency eligible
• 2–4-unit properties are restricted to 95% LTV (conventional must attend landlord training)
• Manufactured home properties with a 640-credit score, max 45% dti, 1994 and newer, double wides only, home has to be anchored to land by attachment to a permanent foundation as an immovable fixture, permanently connected to utilities, can be taxed as real property
• Repair escrows are not permitted
• Purchase transactions only
• One borrower must be one of the following at application:
• Must be actively employed at a FL employer with brick-and-mortar location in FL
• Must work full time and the employer will determine what is “full time” status on the verification form
• We must have a paystub with 40 hours or a written letter from the employer verifying full time status
• Must be in the eligible occupational category
• Hybrid workers in the office 3 days a week would qualify
• Remote workers are not eligible
• Cannot use a “new offer for the employment letter”
• Active military
• Veterans do not qualify as an occupation, and they must have a full-time job but anywhere would qualify
• Fully executed heroes loan program attestation form is signed by borrower
• Minimum 640 credit score
• Borrowers must generate at least 2 credit scores
• Maximum debt-to-income (DTI) ratio varies by loan product as follows:
• Conventional, FHA, and VA loans – maximum DTI 50%
• USDA loans - maximum DTI 45%
• All borrowers must be a first-time homebuyer unless they have an exemption status:
• This is determined from the application declarations and not the tax returns
• Have not owned or occupied a primary residence within the last 3 years
• Do not claim their mobile home as real property (it is located on a rental lot / land)
• Veterans, active duty, and their spouses are exempt from the first-time homebuyer requirement
• Surviving spouses must be a first-time homebuyer and is not exempt

• There are no purchase price limits

• Loan amount restrictions vary by County.  Duval, Clay, and St. Johns County are:

• FHA is $580,750 for Duval, Clay and St Johns
• VA and Conventional is $806,500
• Income limits vary by county and are 150% of the area median income:

• Duval, Clay, and St Johns County income limits are $153,750

• Income eligibility is determined by the income used in underwriting
• All household income is counted for everyone in the home
• All incomes of all borrowers must have a verification of income in the file
• Minimum borrower contribution varies as follows:
• FHA/VA/USDA- no minimum borrower contribution
• Conventional varies by number of units, as follows:
• 1-unit property- no minimum borrower contribution
• 2-4-unit property- 3% minimum borrower contribution
• Cashback from DPA Funds is not allowed:
• Any potential cash back should be applied as principal reduction to the 1^st mortgage
• The maximum principal amount allowed is $2,000, if exceeded the loan amount must be reduced      
• Cannot be used for an appraisal gap, but the borrower can use their own funds
• Cannot be used to pay off borrower debt, but the borrower may use their own funds

• Homebuyer education is required by the “hero” borrower but not required by the spouse
• All borrowers are restricted to one-time participation in Florida Housing’s homeowner program
• All borrowers will certify that they have not been convicted of a sex offense against a minor
• Manual underwriters are available for all products except USDA

• Maximum DTI of 43%
• Minimum credit score is 660
• Manufactured homes are not allowed for a manual underwriting

Are you ready to be a homeowner? Apply or call now!