2017  Hard Hit Areas  Listed below:

Hillsborough, Pasco, Pinellas, Polk, Orange, Osceola, Duval, Volusia, St Lucie, Brevard Counties and Clay. 

  • 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 Hillsborough County Florida who meet income, purchase price and other program guidelines, and can otherwise qualify for an FHA mortgage loan.
  • Maximum Purchase price.
  • The assistance comes in the form of a $15,000 0% interest, fixed-rate second mortgage 5 year Forgivable GRANT. Only one Florida down payment program can be used by the borrower per transaction.
  • 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. This program targets applicants whose incomes are at or below 140% of the HUD area median income (AMI), adjusted for family size.
  • Maximum Household Income for Hillsborough County Florida included all people in household 18 years and older =.Please see Link above for “FHA – HHF $15,000 Includes the 11 counties”.
  • First Time Homebuyer’s or Borrowers or Spouse have not owned a home in the last 3 years.
  • Receive up to $15,000 in State of Florida bond money with no monthly payment required.
  • Do NOT have to pay Intangible Tax or Documentation Stamps (savings of approximately .05% of loan amount)
  • $15,000 Grant forgiven at a rate of 20% per year based on FHA guide lines.
  • Minimum Funds directly from Buyer of $1000.00 to Close on Home
  • Minimum 640 middle FICO credit score to qualify.
  • 44.99% Debt to Income or less.
  • Low fixed mortgage interest rates
  • Can purchase new or resale homes
  • 8 hour HUD approved Mortgage Counseling course required.
  • No Bankruptcies in last 2 years and no foreclosure last 3 years.
  • 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 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.
  • Credit restrictions: Minimum 640 middle FICO, Bankruptcies discharged over 2 years or Foreclosures 3 years, minimum 2 trade lines with no late’s in last 12 months, No NSF’s in last 6 months.
  • Buyers can use Non-Owner Occupants to co-sign the loan but a full Underwrite is required of the Non-Owner Occupant on same Mortgage Application. FHA ONLY NOT Conventional Bond. Co-Borrower named on Mortgage only and cannot be named on Warranty Deed.
  • Lender credit not available.
  • No Manual underwrites or alternative credit allowed.
  • Income must be supported by paystub’s and 2 year history of continuous employment. Gaps in employment can be considered. 2 year overall employment required.
  • Refinances: Not permitted.

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