Florida Down Payment Assistance

How to qualify for FREE down payment money & grants

Florida Down Payment Assistance
First Time Home Buyer 100% Financing NO Mortgage Insurance
12/4/23

Compare the Top Down Payment Assistance Programs and First Time Home Buyer Special Mortgage Financing Available in Florida. We offer these Special Mortgage Financing programs free to you as a service to our local Florida community.

If you would like to learn more about which Realtors and Lenders are qualified, or if you would like to be pre-approved for any of these programs, let's Get Started! It's a QUICK and FREE process.

Many of these programs are available throughout the entire State of Florida. This website is sponsored by Mid Florida Realty, your down payment assistance experts. Pinellas, Hillsborough, Manatee, Polk, Pasco, Orange, Osceola, Seminole, Lake, Brevard, Martin, Hernando, Volusia, Clay, Duval, Flagler, Nassau, St Johns, Sarasota, Lee, Collier, Charlotte, St Lucie, Palm Beach, Broward, Miami-Dade counties.

Opportunity Advantage Loan Fund for Down Payment Assistance

• Income must be <= 80% of the county Area Median Income (AMI) adjusted for family size, as published by HUD.
• Eligible Use of Funds: Down payment, closing costs, and pre-paids for the purchase of a Primary unit.
• Funds cannot be used to buy down the rate.
• Max DTI = 45%
• 105% CLTV for Closing Costs
• Up to $12,500 in a Forgivable Grant down payment assistance grant.
• 5 Year Forgivable 2nd or 3rd
• Not Assumable
• Eligible Borrowers: US Citizens, Permanent Resident Aliens, and Non-Permanent Resident Aliens (must have a valid social security number and unexpired, acceptable visa or employment authorization documentation).
• Ineligible Borrowers: Non-Occupant Co-Borrowers, LLCs or Corporations, Irrevocable Trusts or Blind Trusts, Foreign Nationals, Non-Resident Aliens.
• Funds cannot be used to pay off debt to qualify or buy down the rate.
• At least one borrower must complete a HUD-approved, MI company, or Agency Homebuyer Education course.
• Future Employment not eligible.
• The borrower may not have ownership interest in any other residential dwelling at the time of closing. Manufactured homes, regardless of ownership classification, are considered residential dwellings for this purpose.
• Primary Residence Only
• Eligible Property Types: 1 Unit Single Family Residences and PUDS (Attached and Detached), Fannie Mae Warrantable Condominiums, and Manufactured Homes: Singlewide and multi-wide are eligible.

2023 - 100% Community Advantage Special Conventional Financing with $0 Mortgage Insurance available for select counties.

• 30-year / 100% LTV first mortgage loan.
• Must have 1 month PITI reserves.
• If Census Tract has a 50.01% Minority population, there is NO income limit.
• No upfront or monthly mortgage insurance is required by Borrower.
• The program is available to anyone who can qualify for a Fannie Mae Conventional Loan.
• This loan is manually underwritten with max 45% DTI.
• Minimum 600 middle FICO 5-4-2 credit score for 100% financing and No Mortgage Insurance. No non-traditional credit can be used.
• 50.01 minority no income limit OR 100% or less of the MSA Area Median Income.
• This program can be used in these counties: Polk, Orange, Marion, Broward, Duval, & Escambia.
• Eligible Borrowers include US Citizens and Permanent Resident Aliens.
• Maximum LTV 100% Conventional loan amount $400,000.
• 1 unit only - Single Family Residence, Townhouses, Manufactured and Mobile homes allowed.
• Borrowers 1003 income used only for household income limitation. Only Applicant 1003 income used for qualification purposes.
• NO mortgage insurance for Borrower with this Conventional loan program.
• Seller contribution 6% maximum towards Buyers closing costs.
• Purchase only, no construction to permanent loans - no investment properties.
• Non-Owner Occupied Co-Signers allowed.
• 2-years of Federal Tax returns required.
• Must be a First Time Home Buyer
• All First Time Home Buyers must complete a HUD Approved, MI Company, or Agency Homebuyer Education course.
• Gift Funds from family are allowed.
• No Foreclosures, Bankruptcies, Deed in Lieu or Short Sales in past 3 years from note date.
• No cash back at closing with only exceptions being Earnest Money deposit, Appraisal money and Home Inspection funds with receipt and evidence of home inspection.

2023 - 100% Buyers Advantage Special Conventional Financing with $0 Mortgage Insurance available for the entire State of Florida.

• 30-year / 100% LTV first mortgage loan.
• Must have 1 month PITI reserves.
• If Census Tract has a 50.01% Minority population, there is NO income limit.
• If Census Tract is in a Low to Moderate Income area, there is NO income limit.
• No upfront or monthly mortgage insurance is required by Borrower.
• The program is available to anyone who can qualify for a Fannie Mae Conventional Loan.
• This loan can be manually underwritten with max 43% DTI or with DU "Approve Eligible" or LPA "Accept" using Automated Underwriting approval at 45%.
• Minimum 640 middle FICO 5-4-2 credit score for 100% financing and No Mortgage Insurance. No non-traditional credit can be used.
• This program has income limits of 100% of the HUD Median Income for Low to Moderate HUD Tract Income Level and 80% of the Income Tract Level if tract is not in Low to Moderate Income level.
• This program can be used in all Florida, Georgia, and Alabama Counties.
• Eligible Borrowers include US Citizens and Permanent Resident Aliens.
• Maximum LTV 100% loan amount up to Conventional loan limits per individual county.
• 1 unit only - Single Family Residence, Townhouses, Manufactured and Mobile homes allowed.
• Borrowers 1003 income used only for household income limitation. Only Applicant 1003 income used for qualification purposes.
• NO mortgage insurance for Borrower with this Conventional loan program.
• Seller contribution 6% maximum towards Buyer’s closing costs.
• There are no targeted areas for this loan program.
• Purchase only, no construction to permanent loans - no investment properties.
• Owner Occupants only. No Non-Owner Occupied, No Co-Signors allowed. No Investors allowed.
• 2-years of Federal Tax returns required.
• Buyer can not own any other residential property at the time of closing.
• At least one first-time home buyer must complete a HUD Approved, MI Company, or Agency Homebuyer Education course.
• Gift Funds from family allowed.
• No Foreclosures, Bankruptcies, Deed in Lieu or Short Sales in past 4 years from application date.
• No cash back at closing with only exceptions being Earnest Money deposit, Appraisal money and Home Inspection funds with receipt and evidence of home inspection.

Quick & Easy : Click Here to select up to $15,000 for down payment assistance

2023 - Florida Hometown Heroes Housing Program Repayable Second Mortgage for the entire State of Florida.

• The Hometown Heroes second mortgage down payment assistance program is compatible with FHA, USDA, VA, FNMA and FHLMC First Mortgage Loans with individual Automated Underwriting guideline approval and occupational program from each Agency.
• Down payment and closing cost assistance is available in the form of a 0%, non-amortizing, 30-year deferred second mortgage.
• FHA, VA, HFA Preferred and HFA Advantage income limits effective with new loan reservations(05-26-23).
• USDA-RD does not have a Cap on Loan Limit.
• Borrowers can receive up to 5% of the first mortgage loan amount (maximum of $35,000) in down payment and closing cost assistance.
• The Florida Hometown Heroes loan is not forgivable.
• This Down Payment Assistance is repaid if the following conditions occur: The property is sold; the first mortgage is refinanced, pays off the first mortgage, transfers deed or no longer occupies the property as their full-time residence. Any unpaid principal balance will be required to be paid in full.
• Eligible full-time workforce, employed by a Florida-based employer can receive lower than market interest rates on an FHA, VA, RD, Fannie Mae or Freddie Mac first mortgage, reduced upfront fees, no origination points or discount points and down payment and closing cost assistance.
• Validation required the employer is a Florida based business or has a branch location in Florida.
• This special financing Down Payment Assistance program is offered to all FHA, Fannie Mae or Freddie Mac Conventional Borrowers in the State of Florida who meet income, purchase price, occupation, and other program guidelines, and can qualify for an FHA or Conventional First mortgage loan.
• This program provides down payment and closing cost assistance to first-time, income-qualified home buyers so they can purchase a primary residence in the community in which they work and serve.
• The Florida Hometown Heroes Loan Program also offers a lower first mortgage interest rate and additional special benefits to those who have served and continue to serve their country.
• Pertaining to Military ONLY: Does NOT have to be First Time Home Buyer, Spouse does NOT have to be a First Time Home Buyer if Spouse is NOT on the loan. For Active Military or Veteran who was discharged as any status except dishonorably.
• All other Hometown Heroes are required to be First Time Homebuyers or not have owned or been on Title for at least 3 years.
• FHA version (Debt to Income) back-end ratio 49.99% for FICO 5-4-2 middle score 640 and above or Automated Underwriting approval.
• No Lender Origination Fee can be charged in Closing Costs for this special Hometown Heroes mortgage loan program.
• For Veterans and Active Military, Military Certificate of Eligibility not required for this program, only DD214 Discharge paperwork to prove discharge status.
• Very low fixed first mortgage interest rates for this special financing State of Florida sponsored mortgage loan program.
• Can purchase new or resale homes.
• Single Family Residences, Townhouses, Villas, and Program APPROVED Condos, Manufactured homes (680 Min FICO required for Manufactured homes).
• Co-Signers permitted with FHA and Fannie Mae Only.
• Buyers must occupy within 60 days of Closing.
• HTH TBA does not require entire family household income if the Hometown Hero or Military personnel is the only one on the loan. It would be considered 1003 Qualifying Income only.
• HTH Bond requires entire family Household income on the loan.
• Primary Residences only, no second homes or investment properties.
• No Prepayment Penalty Fee if either first or second mortgage loans are paid out early.
• No cash back at closing, any excess funds will be used to pay down first mortgage.
• 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 up to $1000.
• First & Second mortgages are exempt from documentary stamp tax and intangible tax. Mortgage Deeds are not exempt.
• FHA version: Bankruptcies must be discharged over 2 years. No 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. No 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 program, borrowers must be employed full time 35 hours per week min with 2 years continuous (not necessarily with the same company).
• Income must be supported with: 3 years Federal Tax Returns, W-2's, pay stubs and 2-year history of continuous employment. Gaps in employment can be considered.

2023 - First Time Home Buyers 105% (CLTV) Special Conventional Mortgage Financing including Closing Costs available for entire State of Florida.

• 30-year fixed rate 97% LTV first mortgage loan coupled with an up to 8% FNMA second mortgage for Closing Costs. 97% + 8% = 105% CLTV, (Combined Loan to Value).
• First Mortgage fixed interest rate. Second mortgage 1%-8% (Buyers choice) is termed out for 15 years.
• Max borrowed amount is $36,240 second mortgage.
• No upfront mortgage insurance is required of Borrower, just typical monthly mortgage insurance.
• The program is available to anyone who can qualify for a Fannie Mae Conventional Loan and has 700 FICO middle credit score.
• FICO 5-4-2 credit scores used to determine credit score Eligibility, NOT FICO-8.
• Finance 105% Combined Loan To Value of the purchase price using a 97% First Mortgage and up to 8% Second mortgage.
• Interest rate is dependent on Borrower(s) FICO credit score.
• This program can be used in all Florida Counties.
• 1 unit only - Single Family Residence, Condos or Townhouses only. No Investment properties, Mobile Home, Manufactured or multifamily properties.
• Seller contribution 3% maximum towards Buyers closing costs.
• There are no targeted areas for this loan program.
• Purchase only, no construction to permanent loans.
• Owner Occupants only, No Non-Owner Occupied Co-Signors allowed. No Investors allowed.
• 2-years of Federal Tax returns required for Self-Employed, income will be averaged over two year period.
• First Time Home Buyer requirement for all Occupants for 105% CLTV transactions.
• The program is available to First Time Home Buyers only. Must not have owned a home in last 3 years.
• Fannie Mae Buyers Education Classes required. HUD Approved Buyers Education classes are not allowed to be used for this down payment assistance program.
• Gift Funds from family allowed.
• Loan must be approved with Automated Underwriting. No Manual Underwriting allowed. No non-traditional credit can be used.
• No cash back at closing with only exceptions being Earnest Money deposit, Appraisal money and Home Inspection funds with receipt and evidence of home inspection.

2023 Conventional Preferred Plus Down Payment Assistance Mortgage Grants

• 30-year, fixed-rate first mortgage loans originated by trained and approved lenders throughout the State of Florida. The program is offered to all borrowers who meet income, purchase price and other program guidelines, and can otherwise qualify for a loan.
• First Time Home Buyer hasn't owned a primary residence in past 3 years. Non purchasing spouse is not required to be a first time home buyer.
• 3% to 5% down payment assistance of the purchase price is in the form of a forgivable grant at a rate of 20% per every year the Borrower lives at the property. These forgivable grants do not require repayment by the borrower. This down payment assistance grants are forgiven at a rate of 20% per year for every year the Borrower resides at the property. This can be used for down payment, Buyers mortgage closing costs, or can also be used to "split pay" mortgage insurance premium to lower mortgage insurance cost or pay mortgage insurance completely off.
• Minimum middle FICO 5-4-2 score at least 700 or whatever Automated Underwriting will approve.
• This program allows for much higher borrower income limits.
• This program can be used anywhere in the State of Florida.
• Veterans no longer pay Origination Fees on this loan.
• Last 3 years Federal Tax Returns required.
• Intangibles Tax and Doc stamps are still exempt under this program. Mortgage Deeds are NOT exempt.
• Maximum LTV 97%- 105% CLTV
• No cash back at closing, any excess funds will be used to pay down first mortgage.
• 1 unit only - Single Family Residence, Townhouses. Approved Condos by USB with 95% LTV or below.
• Household income limitation if both people are on the loan - However, if 1003 Applicant income is below the HUD Median Income of 140% for county, the non-borrowing persons income does not have to be used for qualification or household income limitation. 1003 Income to be used for qualification ONLY
• 49.99% debt to income ratio or less or whatever Automated Underwriting will approve.
• Lower mortgage insurance rates for Borrower with this Conventional loan/grants program.
• Mortgage Insurance rates could be reduced or even paid off at Closing.
• Maximum Seller contribution 3% maximum towards Buyers closing costs.
• Purchase only, no construction to permanent loans - no investment properties.
• Purchase price limits determined by HUD county median income limits.
• Owner Occupants only-No Investors.
• Lender Credit not available.
• Depending on county property is located, income and credit the Mortgage Credit Certificate may be available with this program.
• 8-hour online Buyer education required or any HUD approved agency (online or in-person).
• Florida e-housing fee's $225 compliance fee + $400 US Bank funding fee + $85 tax service fee at closing to be deducted from the 3% or 4% Grants.
• Fannie Mae (FNMA) guidelines apply.
• Co-Signers not permitted.

2023 AFR Advantage Special FHA Financing 3.5% Grant program - (100% Financing)

• Minimum middle FICO scores 640 or above.
• Competitively priced FHA loan.
• 3.5% Grants from Non-Profit 96.5% eligible FHA approved mortgage.
• Mortgage must meet FHA loan guideline eligibility.
• Maximum Back End DTI Ratio = 48.99%.
• FHA loan amounts only.
• Primary Residences only. No Investment properties. No 2-4 units.
• Manufactured Housing allowed.
• Must be either a First Time Homebuyer, or anyone involved in the Healthcare administration, Civil Servant in a Federal, State or Local Municipality, Law Enforcement administration, Military Veterans, Firefighters and administration and Municipal School Administration.
• FHA Acquisition price limits.
• Can be used with FHA 203B, FHA Repair Escrow, FHA Limited & Standard 203K Renovation Loans
• Co-Signors/Non-occupying Co-Borrowers allowed if related by blood, marriage or law and Agency guidelines.
• Borrower may have a NON-FHA ownership interest in other property under certain conditions).
• HUD approved Homebuyer education required before Closing.
• Borrower(s) 1003 Income must be less than 140% of HUD Median Income for County where the property is located.

2024 OWN A HOME OPPORTUNITY

(Broward, Volusia, Lee, Sarasota, Charlotte, Collier, DeSoto, St Johns & Palm Beach Counties ONLY)

• 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 who meet income, purchase price and other program guidelines, and can otherwise qualify for a Freddie Mac (FHMLC) Conventional, and Government Agency mortgage loan.
• Maximum Purchase price:
• Charlotte County Non-Targeted = $481,176
• Collier County Non-Targeted = $685,786
• Desoto County Non-Targeted = $481,176
• Lee County Non-Targeted = $481,176
• Palm Beach County Non-Targeted = $568,557
• Sarasota County Non-Targeted = $515,804
• The assistance comes in the form of either $7.500 All eligible counties or Palm Beach (Only) $10,000.
• FHA mortgage loans, USDA mortgage loans and VA mortgage loans.
• 1003 Credit qualifying income.
• Maximum 1003 Borrower income or Household Income for OWN program FHA/VA/RD (first position) Freddie Mac HFA Conventional (second position) :
• Charlotte County, (FHA,USDA,VA Freddie Mac) below 80% AMI = $61,840. Above 80% AMI up to $128,250
• Collier County, (FHA,USDA,VA Freddie Mac) below 80% AMI = $80,560. Above 80% AMI up to $151,050
• Desoto County, (FHA,USDA,VA Freddie Mac) below 80% AMI = $52,640. Above 80% AMI up to $128,250
• Lee County, (FHA,USDA,VA Freddie Mac) below 80% AMI = $68,720. Above 80% AMI up to $128,850
• Palm Beach County, (FHA,USDA,VA Freddie Mac) below 80% AMI = $78,960. Above 80% AMI up to $147,450
• Sarasota County, (FHA,USDA,VA Freddie Mac) below 80% AMI = $52,640. Above 80% AMI up to $1148,050
• Cannot have owned house in last 3 years preceding purchase.
• NO work visa, student visa, any temporary visas qualify for this program
• Intangible Tax is NO longer exempt.
• Documentation Stamps STILL exempt.
• Minimum Funds directly from Buyer of $1000.00 to Close on Home
• Minimum middle 640 (5-4-2) FICO credit score on FHA, VA, USDA or what Automated Underwriting allows to qualify for 3%,4%,5% Forgivable second mortgage, percentage amount determined by Automated Underwriting findings, (AUS).
• ALL bank deposits OUTSIDE of payroll require detailed explanations.
• Maximum Debt to Income ratio 45% with 640-679 or less on FHA, VA and USDA loans.
• Maximum Debt to Income ratio up to 50% DTI with 680 FICO 5-4-2) for with FHLMC Conventional loans.
• Low fixed mortgage interest rates are determined by program guidelines, NOT by individual local Lender.
• Can purchase new construction or resale homes.
• 8 hour face-to-face or online HUD approved Mortgage Counseling course required or HUD approved Home Buyers Education course.
• No Bankruptcies in last 2 years, no foreclosure last 3 years for Government Agency loans (FHA, VA, USDA) or for conventional loans 4 years bankruptcy and/or 7 years foreclosures, short sales, or deed in lieu for conventional loans.
• Primary Residences only, Single Family Residences and Fee Simple town-homes, financing of condos must be approved by USB ONLY, no manufactured or mobile homes allowed.
• No Prepayment Penalty Fee if 1st mortgage loan is paid out early.
• While there is no cash back in this program, the borrower may be reimbursed for any overpayment of escrow to the extent permitted by Agency (FHA, VA, USDA) guidelines.
• Signed Federal tax returns last 3 years prior to transaction. Pay stubs and W2's required.
• Buyers CANNOT own any residential property at time of Closing on this program.
• No possibility of Recapture Tax.
• Credit restrictions: No Manual Underwrites, 3 trade lines with no late’s in last 12 months, No NSF's in last 12 months, Non-traditional credit allowed.
• Co-Signers cannot be used for FHLMC Conventional version of the program.
• Cosigners permitted for FHA loans under very specific conditions. Follow FHA guidelines for credit purposes only. Treat Co-signer credit/income as directed by FHA. Cosigner’s are allowable in an FHA transaction when meeting the following conditions (1) A Consignor cannot have any ownership interest in the property (they cannot be on the Mortgage/Deed) and (2) The Consignor cannot reside in the property being purchased. A Co-Signors income is not considered for program purposes, tax returns/transcripts are not required and Consignor’s do not sign any program documents.
• Income must be supported by paystubs and 2 year history of continuous employment.
• Assistance comes in the form of a 30 year forgivable second mortgage.
• Refinances: Not permitted.
• Lender credit not available.
• Appraisal must indicate that the home has at least a 30 year remaining useful life.
• Lot size cannot exceed basic livability standards. Example 4 acre lot properties not allowed.
• No Prepayment Penalties if mortgage is paid out early for whatever reason.

2023 FHA - (HFA) Housing Finance Authority "Home Sweet Home" Down Payment Assistance program for Hillsborough, Brevard, Clay counties and Jacksonville City ONLY

• 30-year, fixed-rate FHA first mortgage loans originated by trained and approved lenders throughout the State of Florida. The Down Payment Assistance program is offered to all borrowers in Hillsborough, Brevard, Clay, Duval, and Jacksonville City, Florida who meet income, purchase price and other program guidelines, and can otherwise qualify for an FHA mortgage loan.
• Maximum Purchase price for per county:
• Brevard County $253,809
• Hillsborough County $ 283,348
• Duval County/City of Jacksonville $199,000
• Clay County $322,295
• Maximum Household Income per County
• Brevard (1-2-person household = $ 61,700) (3+ person household = $70,995)
  
• Hillsborough (1-2 person household = $ 59,800) (3+ person household = $ 68,770)
• Duval/ City of Jacksonville (1-2 person households = $ 70,178) (3+ persons $ 80,705)
• Clay (1-2 person household = $69,176) (3 + persons = $79,552)
• For Hillsborough, City of Jacksonville, Brevard and Clay Counties, the down payment assistance comes in the form of up to a deferred $25,000 - low interest, fixed-rate second mortgage loan. The amount is determined by using 5% of the Loan amount up to $25,000 maximum.
• Only one Florida down payment program can be used by the borrower per transaction.
• The Down Payment Assistance loan is immediately repaid if the homebuyer sells the home, 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.
• Doc Stamps still exempt on this program.
• 1st mortgage Intangibles tax is NO longer exempt on this program. There is no Intangibles Tax on the 2nd mortgage.
• FHA mortgage version (Debt to Income) back end ratio 44.99% or less for middle FICO 5-4-2 score at least 660.
• USDA-VA version with minimum middle 660 FICO 5-4-2 score.
• Veterans no longer pay Origination Fees on this loan.
• Mortgage Credit Certificates MUST be used in Hillsborough and Jacksonville City areas if Borrower is eligible, not required for Brevard County.
• Must be First Time Home Buyers or not have owned a home in past 3 years. Must present most recent 3 years Federal tax returns as proof. If taxes still owed for these 3 years, an approved IRS payment plan is to have been in place for at least the most recent 3 months of payments to the IRS and 3 months of scheduled payments must have been paid
• Low fixed 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.
• No more than 15% of home to be used in connection for home based business, such as child care, or similar type endeavors.
• Online HBE is permitted if provided by a HUD approved agency, a unit of local government that provides pre-purchase homebuyer education in FL, a mortgage insurance provider, or an Agency or GSE sponsored course.
• 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 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 Agency guidelines.
• Credit restrictions:
• Bankruptcies 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.
• Co-Signers credit and income allowed in this program to the extent of Agency guidelines.
• A Co-Signer cannot have any ownership interest in the property (they cannot be on the mortgage/deed/warranty deed). And a Co-signer may not live in the property.
• Lender credit not available.
• No Manual underwrites or alternative credit allowed.
• $375 Fee paid by Borrower for required. Mortgage Credit Certificates (MCC) required in Hillsborough and Duval Counties only. Clay County residents are exempt from this fee.
• Borrowers income must be 2 years continuous, but not necessarily with the same company. Income must be supported by pay stubs and 2 year history of continuous employment. Gaps in employment can be considered. 2 year overall employment required.
• Refinances: Not permitted.

2023 Florida - (HFA) Housing Finance Authority for the entire State of Florida

• Florida Home Ownership Program HLP version $10,000 monthly payable second mortgage or Florida Assist version $10,000 silent second mortgage.
• This Down Payment Assistance program is offered to all FHA, Freddie Mac 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.
• This loan must be used in conjunction with a State of Florida Assist FHA or Conventional first mortgage loan.
• Florida HLP version (either FHA or Conventional) is a $10,000 - monthly repayable 2nd mortgage low interest loan. The remaining balance of this mortgage must be repaid when the property sells, is refinanced, rented out or when the Mortgagor leaves the property for any reason.
• Florida Assist version (either FHA or Conventional) is a $10,000 silent second mortgage deferred payment at 0% interest. This $10,000 must be repaid when the property sells, is refinanced, rented out or when the Mortgagor leaves the property for any reason.
• Maximum Purchase price for home. Please see above link.
• Maximum Household Income per county, Please see above link.
• The balance of either version of 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, Veterans do not need to be first time home buyers.
• FHA version (Debt to Income) back end ratio 44.99% or less for middle FICO 5-4-2 scores 660 or higher.
• Conventional version with middle 700 FICO may qualify for 49.99% back end ratio (Debt to Income).
• 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 past 3 years, unless a Veteran who was discharged as anything but dishonorable.
• 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.
• FHA version of program includes ALL income of Household whether or not all the residents are on the actual mortgage.
• Conventional version of 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 home buyers.
• Program is exempt from documentary stamp tax and intangible tax. Mortgage Deeds are not exempt.
• 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.
• 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 middle 660 FICO scores credit score to qualify for the FHA program. For Conventional loans Minimum middle FICO 5-4-2 Score 700 or whatever AUS will approve.
• 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 program, Borrowers must be employed full time with 2 years continuous full time employment (not necessarily with the same company). Income with No mortgage deduction must be supported by: 3 years Federal Tax Returns, W-2's, pay stubs and 2 year history of continuous employment. Gaps in employment might be considered.
• No Origination point for Veteran whose discharge status is anything BUT dishonorable.
• Refinances: Not permitted.

2023 Manatee County Florida Key Ownership Program Homebuyer Down Payment Assistance Bond Program

• 30-year, fixed-rate VA, USDA, or FHA first mortgage loans originated by trained and approved lenders throughout the State of Florida. The program is offered to all borrowers in Manatee County Florida only who meet income, purchase price and other program guidelines, and can otherwise qualify for a VA, USDA, or FHA mortgage loan.
• Maximum Purchase price: $352,940
• Down Payment comes in two different versions and cannot be combined.
• DPA version #1 is the Non-Repayable grant of 3%, 4%, or 5% depending on applicants credit profile, version # 2 is the 0% interest rate, $10,000 Deferred second mortgage.
• The Down Payment Assistance Grant is forgiven at the Closing table. No repayment of grant is required.
• FHA version - Maximum Household Income for Manatee County Florida included all people in household 18 years and older = 1-2 person Household income limit = $85,080
• NO First Time Homebuyer's requirement.
• Interest rates are determined by Manatee County and are non-negotiable with Lender.
• Minimum Funds directly from Buyer of $1000.00 to Close on Home
• Minimum middle 660 middle FICO 5-4-2 credit score to qualify for 2% FHA grants, middle FICO 660 to receive 3% the FHA grants AUS guidelines maintain authority on all decisions.
• FHA version Borrower must be less than 44.99% back end DTI. Conventional Borrower must have 49.99% back end DTI or less.
• Low fixed mortgage interest rates
• Can purchase new or resale homes.
• Must occupy residence within 60 days of closing.
• 8 hour HUD approved face to face or HUD approved online Mortgage Counseling course required
• FHA version - No Bankruptcies in last 2 years and no foreclosure last 3 years.
• No Bankruptcies in last 4 years and no foreclosures or short sales in last 7 years.
• No NSF's in last 12 months, No late credit payments last 12 months.
• Primary Residences only, 1-4 units. SFR, Townhomes,Condos with LTV's above 95.01% to be approved by Sponsor of DPA program.
• Co-signers ARE permitted for FHA loans ONLY to the extent of Agency guidelines. Co-signers cannot be named on the warranty deed,
• Cannot own any other residential property at time of closing.
• Non-permanent manufactured home are NOT permitted.
• No cash back at closing, any excess funds will be used to pay down first mortgage referred to as Principal Reduction.
• 1003 Income must be supported by pay-stubs and 2 year history of continuous employment for w-2 employees or 1099's, K1's and minimum 2 years business tax returns for the self-employed.
• First mortgage is exempt from Documentary stamp tax with Lender followed provisions.
• NO Intangibles tax exemption.
• No Recapture tax.
• Refinances: Not permitted.

2023 - A - Housing Finance Authority Home Key Down Payment Assistance program for First Time Home Buyers - Pinellas County - Pasco County - Polk County

• 30-year, fixed-rate FHA, HFA Advantage first mortgage loans originated by trained and approved lenders throughout the State of Florida. The program is offered to all borrowers who meet income, purchase price and other program guidelines for FHA guidelines and can otherwise qualify for an FHA mortgage loan.
• The assistance comes in the form of a 0% interest or low, fixed-rate second mortgage. Only one Florida Housing down payment program can be used by the borrower and only in conjunction with the FHA, VA, USDA-RD or Freddie Mac HFA Advantage program first mortgage products.
• 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.
• First Time Homebuyers, Borrowers or Spouse have not owned a home in the last 3 years.
• Receive $10,000 differed second mortgage, payable when property is refinanced, sold, paid off or Resident/Mortgagor ceases to live there.
• Housing Finance Authority 0% Interest - $10,000 bond money with no monthly payment required (silent second mortgage).
• Minimum Funds directly from Buyer of $1000.00 to Close on Home.
• FHA version 44.9% back end (Debt to Income) ratio or less for middle FICO 5-4-2 scores of 679 or less, 49.99% for middle FICO 5-4-2 scores of 700 or higher.
• Veterans no longer pay Origination Fees on this loan.
• Can purchase new or resale homes
• Borrower must occupy the Home within 60 days of Closing.
• 8 hour HUD face to face or any approved online Mortgage Counseling course required.
• FHA version: No bankruptcies in last 2 years and no foreclosure last 3 years.
• Important! Household Income is considered for all persons living on the premises.
• Income Limit for this program in Pasco & Pinellas Counties = $63,900 for 1-2 person household, $73,485 for 3+ household in Non-Targeted areas.
• Income Limit for this program in Polk County = $62,500 for 1-2 person household, $71,875 for 3+ household in Non-Targeted areas.
• Primary Residences only. No Investment or second home properties.
• No Prepayment Penalty Fee if loan is paid out early.
• Doc Stamps $350/per $1000 exempt on this program.
• Intangibles Taxes $200 / per $1000 ARE exempt on this program.
• Lender credit not available.
• No cash back at closing, any excess funds will be used to pay down first mortgage
• Credit restrictions: 660 for FHA version, 2 tradeline minimum with no late’s in last 12 months, No NSF's in last 12 months.
• Household Income must be supported by W-2's , Federal Tax returns, paystubs and 2 year history of continuous employment.
• No manual underwrites.
• Maximum purchase price is $255,573.
• Must be able to permanently reside in the United States.
• Consignor’s permitted for FHA / VA Loans cannot be named on Warranty Deed. Consignor’s NOT permitted on FHMLC conventional loans.
• Refinances: Not permitted.
• Manufactured Homes NOT permitted.

2023 Florida Assist HFA State Bond Down Payment Assistance Program for all Florida counties

• 30-year, fixed-rate first mortgage loans originated by trained and approved lenders throughout the State of Florida. The program is offered to all borrowers who meet income, purchase price and other program guidelines, and can otherwise qualify for a loan. Borrowers who qualify for this first mortgage program are automatically qualified for one of Florida Housings' down payment assistance programs.
• First Time Home Buyer or hasn't owned a property for at least 3 prior years.
• Down Payment Assistance comes in the form of a $10,000 - 0% interest 2nd mortgage loan. Loan to be repaid when property is sold, refinanced, or ceased to be lived in by Mortgagor.
• The down payment assistance can be used for the down payment, Buyers mortgage closing costs, or split pay mortgage insurance premium to lower mortgage insurance cost.
• The FL Assist offers a 30 year, 0% fixed rate, deferred but accelerated upon any of the following - the sale, transfer or other disposition of the property (including involuntary transfer by or as a result of foreclosure or judicial sale or operation of law), The FL Assist must be repaid.
• Must be primary residence.
• Credit score 660 minimum for 95% LTV or higher - Maximum LTV 104.99% CLTV
• No cash back at closing, any excess funds will be used as principal reduction.
• 1 unit only - Single Family Residence, Townhouses with 95% LTV or below. No Manufactured Homes.
• FHA version entire household income from all household residences used for qualification purposes.
• Conventional version 1003 Borrower to be used for qualification purposes, spouse not required to be on 1003 for qualification purposes.
• FHA version (Debt to Income) back end ratio 44.99%.
• Conventional version with 700 FICO or higher may qualify for 49.99% back end ratio (Debt to Income) or whatever AUS will approve.
• Lower mortgage insurance rates for Borrower on FHA program.
• Conventional version allows up to 3% Seller contribution maximum towards Buyers closing costs.
• FHA version allows up to 6% Seller contribution maximum towards Buyers closing costs.
• Purchase only No "construction to perm" loans, no investment purchases, no refi's.
• Owner Occupants only, must occupy within 60 days.
• Buyer education required by HUD approved agency (online or in-person).
• Florida e-housing fee's $225 compliance fee + $400 US Bank funding fee + $85 tax service fee calculated minus the $7,500 down payment assistance.
• Intangibles tax and Doc Stamps are EXEMPT.
• FHA guidelines apply to this product. This is not a Conventional loan product.
• Co-Signers/Non-occupying Co-Borrowers allowed if related by blood, marriage or law and Agency guidelines.
• No Origination point for Military (active, reserve or Veteran whose discharge status is anything BUT dishonorable).
• Lender Credit not available.
• This program can be used anywhere in the State of Florida.

2023 UNLIMITED INCOME DPA Edge 100% Mortgage Financing

• Provides 3.5% in down payment assistance in ALL Florida Counties for both FHA and Conventional FNMA Loans.
• 3.5% down payment assistance is in the form of a forgivable 0%, "silent second" mortgage. 36 months of consecutive on-time payments must be made for "silent second" mortgage to be forgiven.
• 30 year fixed term.
• For all Florida counties.
• Buyer does not need to be first time Home Buyer.
• Unlimited income.
• Back end debt to ratio less than 49.99% on all mortgages.
• Must be primary residence, no Investors.
• Must NOT have other concurrent residential real estate.
• Stick built homes or manufactured homes allowed for Conventional and Government Agency loans (FNMA, FHA, VA and USDA).
• Non-Owner Occupant Co-Borrowers allowed for Credit only, NOT income.
• Competitive mortgage Interest rates.
• Can be used with Conventional mortgages (3.5%), VA mortgages (3.5%), FHA mortgages (3.5%) and USDA mortgages (3.5%)
• Supplemental Alternative credit NOT allowed. No manual underwrites.
• Borrower must qualify for Conventional, FHA, USDA or VA Loan.
• Duplexes ARE allowed. NO triplexes or quadraplexes.
• NO Income limit.
• Maximum loan amount of FHA limits in area purchased. Generally the lesser of $424,100 (not including MI) or maximum loan amounts permitted by HUD.
• Home Buyer Education required.
• Minimum middle FICO credit score is 620 or higher.
• Maximum debt-to-income 50% or higher depending on credit score, compensating factors and Automated Underwriting findings.
• 47% LTV or higher must have 12 months documentable rental history.
• No Prepayment Penalty Fee if loan is paid out early.
• No cash back to Borrower/Buyer
• Seller can contribute up to 6% towards FHA, VA or USDA and 3% for all conventional Buyers closing costs.
• No 203k Renovation loans allowed.

2023 Rate Advantage 100% Mortgage Loan Financing

• Provides 3.5% in down payment assistance in ALL Florida counties for both FHA and Conventional FNMA Loans.
• 3.5% down payment assistance is in the form of a monthly repayable amortized 10 year 2nd mortgage.
• 30 year fixed term on 1st mortgage.
• Buyer does not need to be first time Home Buyer.
• Borrowers 1003 income must be below 115% of the HUD Area Median Income, adjusted for family size where the house is located.
• Back end debt to ratio less than 49.99%.
• Must be primary residence, no Investors.
• Must NOT have other concurrent residential real estate.
• Stick built homes or manufactured homes allowed for Government Agency loans (FHA, VA and USDA.
• NO Non-Owner Occupant Co-Borrowers allowed.
• Competitive mortgage Interest rates.
• Can be used with Conventional mortgages (3.5), VA mortgages (3.5%), FHA mortgages (3.5%) and USDA mortgages (3.5%)
• Supplemental alternative credit not allowed. No manual underwrites.
• No duplexes, triplexes or quadraplexes.
• Income is based off qualifying income reported on the 1003, regardless of household size.
• Maximum loan amount of FHA limits in area purchased. Generally the lesser of $424,100 (not including MI) or maximum loan amounts permitted by HUD.
• Home Buyer Education required.
• Minimum middle FICO credit score is 640 or higher for all mortgage products.
• 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 loan is paid out early.
• No cash back to Borrower/Buyer
• NO Non-Owner Occupant may be used.
• Seller can contribute up to 6% towards FHA, VA or USDA Buyers Closing Costs, or 3% contribution if Conventional FNMA loan.
• No 203k Renovation loans allowed.

2023 - City of Cocoa Beach Florida Down Payment Assistance.

• Cannot have owned a home within 30 days of Closing your next house.
• Any net proceeds from the sale of a previous home should be applied to the purchase of new home prior to receiving down payment
• Proposed monthly mortgage payment cannot exceed buyer’s affordability ratios (front-end 34% / back-end 42%). Contact Shemiah Schene for these amounts, Shemiah@usa-dpa.com.
• Must have ability to secure 30-year first mortgage financing: Conventional, FHA, VA are all acceptable; 30 year fixed rate.
• Liquid assets (savings, checking, CD’s, treasury bonds, money market, savings bonds, etc.) that exceed $4,000.00 must be applied towards the purchase of the home.
• No NSF in the last 12 months.
• TOTAL INCOME AND ASSETS FOR ALL HOUSEHOLD MEMBERS MUST NOT EXCEED THE FOLLOWING LIMITS FOR FAMILY SIZE:
• 1 Person Household Income = $38,750, 2 Person HI = $44,300, 3 Person HI = $49,850, 4 Person HI = $55,350, 5 Person HI = $59,800, 6 Person HI = $64,250, 7 Person HI = 68,650, 8 Person HI = $73,100
• Home must be within the city limits of Cocoa.
• Home can not be a mobile or modular home.
• Pre-1978 homes are not eligible.
• Property can be a new home or an existing home. The maximum purchase price for an existing home is $185,000. The maximum purchase price for a new construction home is $238,000.
• Purchase only, no construction to permanent loans.
• Owner Occupants only, No Non-Owner Occupied Co-Signors allowed. No Investors allowed.
• 2-years of Federal Tax returns required for Self-Employed, income will be averaged over two year period.
• For existing homes, C.H.I. will conduct a home inspection to identify code-related repairs. All repairs identified during the inspection must be completed and approved prior to closing.
• Must attend a Homebuyer Education workshop. HUD Approved Buyers Education classes are NOT allowed to be used for this down payment assistance program.
• Gift Funds from family allowed.
• All major systems in the home must have at least a five-year life prior to purchase.
• A clear Wood Destroying Organism (WDO) Report is required prior to closing.
• Buyer must have at least $750 of their own money in the transaction.
• The actual assistance amount will be the minimum needed to get the home buyer into an affordable unit.
• The assistance funds are made up of down payment, closing costs and rehabilitation assistance.
• The actual amount of repair assistance will be based upon the actual repair costs as determined by obtaining three (3) bids.
• If all of the $5,000 is not needed for repairs, the remaining balance can be applied towards additional down payment/closing costs assistance, IF needed. WE WILL NOT OVER SUBSIDIZE ANY HOUSEHOLD.
• ASSISTANCE BECOMES A SECOND MORTGAGE.
• The assistance funds provided by the City of Cocoa will become a SECOND MORTGAGE. The second mortgage will be recorded in the Public Records of Brevard County.
• It is a ten (10) year, Deferred Payment Loan (DPL) at zero percent (0%), forgiven at ten percent (10%) per year.
• The property must remain the principle residence of the homebuyer for entire lien period (five or ten years).
• Leasing the premises for any period of time is deemed a default.
• Property must be maintained and in good repair.
• Interest is zero percent (0%) on the loan EXCEPT in the case of default, at which time the remaining balance shall accrue interest at five percent (5%).
• Death of the mortgagor: Passing of title due to the death of the mortgagor to other than a spouse or co-mortgagor is deemed a default.
• If the property is sold or the title is transferred at any time during the lien period, the City of Cocoa will require that the Owners must sell the unit in accordance with
• HOME Purchase Assistance Program Resale guidelines. The Resale Option described at 24CFR 92.254 is triggered in the event that the house is sold or occupied by anyone other than the Owners
• during the affordability period. Non-compliance with the residency requirement will require the immediate payback of HOME funds invested into the property unless the house is sold.
• RESALE PROVISIONS:
• When Owners sell the property, either voluntarily or involuntarily, during the affordability period:
• The property shall be sold to another eligible low-income homebuyer who will use the property as his or her principal residence throughout the period of affordability.
• The Owners receive a fair return on investment. "Fair Return" is defined as the return of the homeowner's original investment plus any capital improvements, with copies of receipts, not to exceed the
• Newly assessed value at the time of sale. Capital Improvements exclude maintenance;
• The property is sold at a price that is "affordable to a reasonable range of low-income buyers." The City's definition of affordable to a reasonable range of low-income homebuyers is defined as a family
• at 70 to 80 percent of area median income paying no more than 30 percent of income for principal, interest, property taxes, and insurance.

2023 Palm Beach County HFA Down Payment Assistance Program

• 30-year, fixed-rate FHA first mortgage loans. This program is offered to all borrowers in Palm Beach County Florida who meet income, purchase price and other program guidelines, and can otherwise qualify for an FHA, VA, FNMA HFA Preferred, or FHMLC HFA Advantage mortgage loan.
• Funds may only be used with a Florida HFA 1st mortgage loan.
• Maximum Purchase price = $352,371
• Maximum Household Income per Palm Beach County Florida
• Palm Beach (1-2 person household = $87,800) (3 + persons = $100,970)
• The down payment assistance comes in the form of either: a $10,000 - 0% interest, fixed-rate second mortgage loan for Palm Beach County. No monthly mortgage payments for the "silent second" mortgage.
• Grants of 3%, 4% or 5% guidelines following the Lee County grants program.
• Only one Florida down payment program can be used by the borrower per transaction.
• The down payment assistance loan is immediately repaid if the homebuyer sells the home, transfers ownership, satisfies or refinances the first mortgage, or ceases to occupy the home. The Grant version of the program is never paid back.
• First Time Homebuyer's or Borrowers or Spouse have not owned a home in the last 3 years.
• IRS Tax Returns filed for past 3 years for all Borrowers.
• First and second mortgage Doc Stamps ARE exempt on this program. Intangible Tax is not exempt on the first mortgage, but is exempt on the "silent second" mortgage.
• Minimum Funds directly from Buyer of $1000.00 to close on home.
• 44.99% Debt to Income or less for FHA.
• Fannie Mae and Freddie Mac conventional loans possible 49.99% back end DTI. Use AUS findings for acceptable ratio's.
• Low fixed mortgage interest rates.
• Eligible loan types include Conventional (Fannie Mae, HFA Preferred, Freddie Mac HFA Advantage), FHA, USDA, and VA loans.
• Can purchase new or resale homes
• Single family residences, townhouses, villas and Program APPROVED Condos, no manufactured homes. Duplexes, triplexes or quadraplexes are allowable unless the loan is a Freddie Mac loan, in which case the unit must be single.
• Buyers must occupy property within 60 days of Closing.
• 8 hour face to face or online HUD approved Mortgage Counseling course required. Certificates valid for 2-years.
• Primary Residences only, no second homes or investment properties.
• No Prepayment Penalty Fee on 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 can 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.
• Appraisal must indicate the structure has at least 30 years of possible life.
• Credit restrictions:
• Minimum 700 middle FICO 5-4-2 score credit score to qualify for all Conventional loans.
• Minimum 660 FICO 5-4-2 score to qualify for FHA, VA and USDA loans.
• FHA guidelines: bankruptcies discharged over 2 years or foreclosures older than 3 years, minimum 2 trade lines with no late's in last 12 months, No NSF's in last 6 months.
• .Conventional (Fannie or Freddie Mac guidelines): Bankruptcies must be discharged over 4 years or foreclosures, short sales and deed in lieu older than 7 years, minimum 2 trade lines with no late's in last 12 months, No NSF's in last 6 months.
• Co-Signors/Non-occupying Co-Borrowers allowed if related by blood, marriage or law and Agency guidelines.
• Lender credit not available.
• No Manual underwrites.
• ALL Household income will be counted and must be below Palm Beach county income limits. This includes all part-time income and alimony. All income in house must be counted, not just qualifying income.
• Income must be supported by pay stubs and 2 year history of continuous employment. Gaps in employment can be considered. 2 year overall employment required, not necessarily continuous employment required.
• Refinances: Not permitted.

2023 - 97% LTV First Time Home Buyers with $0 Mortgage Insurance available for most counties in the State of Florida.

• 10/1 Adjustable Rate Mortgage 97% LTV first mortgage loan with low interest rate.
• Minimum middle FICO 5-4-2 credit score of 620 possible, but not guaranteed. Loan is Manually Underwritten. All Investor Manual Lending guidelines must be met.
• Low mortgage payments for first 10-years.
• Able to refinance before or after initial 10-year term expires or continue on the adjusted payment schedule for the next 20 years.
• In 10/1 ARM version, last 20 years of loan can adjust every year up 2% and no more than aggregate total of 6% over the course of entire 30 year life of the loan.
• No upfront or monthly mortgage insurance is required by Borrower.
• No Prepayment penalty.
• The program is available to First Time Home Buyers only. Must not have owned a home in last 3 years.
• Income limit is 200% of the HUD Family Median Income for county property is in.
• Finance 97% of the purchase price.
• Maximum loan amount is $350,000.
• Initial 10-year interest rate is low for low mortgage payments.
• This program allows for higher borrower income limits of 200% of the HUD Median Income for the county where the property is located.
• This program can be used in many Florida counties, with the EXCEPTIONS of Miami-Dade, Okeechobee and several of the most northern counties, please ask for which counties qualify.
• Maximum front end Housing ratio is 33% and maximum back end (all combined debts vs qualifying income) debt-to-income ratio is 41%.
• 1 unit only - Single Family Residence, Townhouses or Condos, no modular or mobile homes.
• NO mortgage insurance of any kind for Borrower with this loan program.
• Seller contribution towards Buyer Closing Costs is maximum 3% towards Buyers closing costs.
• There are no targeted areas for this loan program.
• Purchase only, no construction to permanent loans - no investment properties.
• Owner Occupants only, No Non-Owner Occupied Co-Signers allowed. No Investors allowed.
• 3-years of Federal Tax returns required or acceptable Student Transcripts.
• Borrower(s) must have a minimum of 1% of own funds in the transaction. 2% Gift funds from family can be used for rest of down payment.
• HUD approved Buyers Education Classes required.
• Lender credit of $1000 possibly given to help with Closing Costs.
• Acceptable Termite report required by licensed pest control company.
• No Intangibles tax required in Closing Costs.
• No cash back at closing.

2023 Miami-Dade HFA Down Payment Assistance Program

• 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 Miami-Dade county Florida who meet income, purchase price and other program guidelines, and can otherwise qualify for an FHA, VA, FNMA HFA Preferred or FHMLC HFA Advantage mortgage loan.
• Funds may only be used with a Florida HFA 1st mortgage loan.
• Maximum Purchase price = $352,371
• Property to be located anywhere in Miami-Dade County
• Maximum Household Income per Miami-Dade County
• Miami-Dade (1-2 person household = $91,400) (3 + persons = $105,110)
• The down payment assistance comes in the form of a $10,000 - 0% interest, fixed-rate second mortgage Loan for Miami-Dade County. No monthly mortgage payments for the "silent second" mortgage.
• Monthly payments on 2nd mortgage down payment assistance funds are not required.
• Only one Florida down payment program can be used by the borrower per transaction.
• The Down Payment Assistance loan is immediately repaid if the homebuyer sells the home, 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.
• IRS Tax Returns filed for past 3 years for all Borrowers.
• First and second mortgage Doc Stamps ARE Exempt on this program. Intangible Tax is NOT exempt on the first mortgage, but is exempt on the "silent second" mortgage.
• Minimum Funds directly from Buyer of $1000.00 to Close on Home.
• 44.99% Debt to Income or less for FHA. Fannie Mae and Freddie Mac loans possible 49.99% back end (Debt-to-Income) Use AUS findings for acceptable ratios.
• Must be First Time Home Buyers or not have owned a home in past 3 years.
• Low fixed mortgage interest rates.
• Eligible Loan Types include Conventional (Fannie Mae, HFA Preferred, Freddie Mac HFA Advantage), FHA, USDA, and VA loans.
• Can purchase new or resale homes.
• Single family residences, townhouses, villas and Program APPROVED Condos, NO manufactured homes. No duplexes, triplexes or quadraplexes without Borrower contributing 3% of the purchase price.
• Buyers must occupy property within 60 days of Closing.
• 8 hour HUD approved Mortgage Counseling course required. Certificates valid for 2-years. Buyers CANNOT use any Mortgage Insurance Companies online education class.
• 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.
• Appraisal must indicate the structure has at least 30 years of possible life.
• Credit restrictions:
• Minimum 700 middle FICO 5-4-2 score credit score to qualify for all Conventional loans.
• Minimum 660 FICO 5-4-2 score to qualify for FHA loans.
• Bankruptcies discharged over 2 years or Foreclosures older than 3 years, minimum 2 trade lines with no late's in last 12 months, No NSF's in last 6 months.
• Co-Signors/Non-occupying Co-Borrowers allowed if related by blood, marriage or law and Agency guidelines.
• Lender credit not available.
• No Manual underwrites on FHA loans.
• Borrower Income from 1003 Mortgage Loan Application Household income not required if Borrower qualifies alone and is below income limits.
• Income must be supported by pay stubs and 2 year history of continuous employment. Gaps in employment can be considered. 2 year overall employment required, not necessarily continuous employment required.
• Refinances: Not permitted.

Physicians 100% Program

• Maximum loan amount $5,000,000
• Debt to income maximum 43%, must be a Qualified Loan to Value, when combined with existing liens, are not to exceed the following:
  $0 - $417,000 : 100%
  $417,001 - $1,000,000 : 95%
  $1,000,001 - $2,500,000 : 90%
  $2,500,001 - $5,000,000 : 80%
• Ownership: primary residence only
• Credit Score/History : minimum middle score 700 with no bankruptcies, foreclosures, short sales, or deed in lieu in the last 7 years
• Reserves at the time of underwriting shall be equal to or greater than 2 months of :
  
• Principal, Interest, Taxes, Insurance, Association Dues (PITIA).
• Loan type : purchase only
• Two independent appraisals shall be required for loans equal to or greater than $1,500,000 (Bank shall use the lowest of the two values for LTV purposes)
• Escrows preferred, but not required.
• Types of properties : single family, town-homes, condominiums (on FNMA approved checklist)

2023 Federal Home Loan Bank Down Payment Assistance Matching Grants

• Provides 4:1 matching funds up to $10,000 for Borrowers not involved in the occupations below.
• Provides 4:1 matching funds up to $10,000 for those involved in Public Safety, Medical, or Education.
• Buyer must be First Time Homebuyer or hasn't owned a home in 3 years.
• Primary Residences only.
• For every year the Buyer physically lives in the home, the "silent second" mortgage is forgiven at a rate of 20%.
• Lender credit available.
• No Bank Statements needed.
• Maximum purchase price not to exceed the FHA limits in the counties being considered.
• Total household income must be at or under 80% of the HUD Median Income
• 1 hour Mortgage Counseling conversation required.
• Co-Signors/Non-occupying Co-Borrowers allowed if related by blood, marriage or law and Agency guidelines.
• No Bankruptcies in last 2 years and no foreclosure last 3 years.
• Minimum middle FICO 5-4-2 credit score 620
• Can be used with Conventional Freddie MAC LP AUS only not Fannie Mae DU AUS.
• Maybe combined with VA Loans written by same Lender.
• No Prepayment Penalty Fee if loan is paid out early.

City of Tampa Down Payment Assistance

• Provides up to $15,000 in the form of a 0% Interest 5 Year Forgivable second mortgage loan.
• Deferred Monthly payment on up to $15,000 as long as the Owner remains in the home and is their Primary Residence. There are no payments on the second mortgage unless the Owner moves, Refinances, leases or defaults on the property within 5 years.
• At the end of 5 years, the second mortgage is forgiven.
• Buyer must contribute at least $2000 towards Closing Costs.
• Primary Residences only.
• No Lender credit available.
• Potential Buyers must begin process with one of four approved Housing Counseling Agencies and MUST NOT be under contract before they begin the process.
• Total $14,999 max award. Down Payment up to 20% of the purchase price or $10,000 whichever is less, toward down payment. 50% of Closing Costs or $4999, whichever is less.
• Maximum purchase price not to exceed $226,926.
• Income must be at or under 140% of the HUD Median Income.
• Income calculated from Household Income.
• Debt ratios not to exceed 33/41%.
• No Bankruptcies in last 2 years and no foreclosure last 3 years.
• Minimum middle credit FICO score 600
• Can be used with Conventional, FHA, VA loans.
• ARM's are not permitted.
• No Prepayment Penalty Fee if loan is paid out early.

2023 USDA / Rural Development Loans

• Provides up to 102% financing in participating Florida Counties
• Buyer does not need to be 1st time Home Buyer.
• Minimum middle FICO 5-4-2 score is 640 or whatever AUS will approve.
• Seller can contribute up to 6% towards Closing Costs.
• Buyers cannot have more than $15,000 in non-retirement liquid assets. Excess of $15,000 must be used as down payment.
• Borrower must have three active trade lines, no alternative credit.
• Higher Income limits than typical state or county programs.
• Maximum purchase price of FHA limits in area purchased.
• Lender credit available.
• No Prepayment Penalty Fee if loan is paid out early.
• Seller can contribute up to 6% towards Buyers Closing Costs.

2022 VA Loans

• No down payment as long as the sales price doesn't exceed the appraised value.
• No First Time Homeowner required.
• Lower credit scores possible.
• Can be combined with Florida Bond and FHLB (Federal Home Loan Bank) programs.
• One-time VA Funding Fee required. VA Funding Fee higher the second time the VA Loan is used.
• No private mortgage insurance premium requirement.
• VA rules limit the amount you can be charged for closing costs.
• Closing costs may be paid by the seller.
• No Prepayment Penalty Fee if loan is paid out early
• Lender credit available.
• VA may be able to provide you some assistance if you run into difficulty making payments.
• You can reuse the benefit but the cost is higher the second time.
• VA-backed loans are assumable, as long as the person assuming the loan qualifies.
• Must have Certificate of Eligibility and DD214 form.
• Primary Residences only

Power Purchase Plus Program NO Mortgage Insurance

• Freddie Mac (FHLMC) Power Purchase Program that offers NO Mortgage Insurance premiums.
• Competitively priced Conventional Loan.
• No first time home buyer requirement.
• Requires 1% down payment from the home buyer for down payment.
• 2% Grant from Non-Profit + 1% home buyer funds equals %3 equity with a 97% eligible conforming loan.
• First mortgage must meet FHLMC Home Possible Advantage eligibility.
• No additional subordinate financing allowed.
• Conforming loan amounts only.
• No manual underwrites allowed. LP decisions only.
• Primary Residences only. No Investment properties. No 2-4 units.
• Manufactured housing not allowed.
• The Income limits are based on 100% AMI except those high cost and underserved counties where higher income limits are allowed.
• Benefit-under-served counties and those high cost Florida counties included. (Exceeding 100% counties) increased income limit for those counties.
• No sales price limits.
• Benefit-MI is lower 25% coverage on a 97% LTV.
• Required minimum middle credit score 640-719
• Co-Signors/Non-occupying co-Borrowers not allowed.
• Borrower may have an ownership interest in other under certain conditions. (Please discuss with Loan Originator).

2023 - 95% Financing available for First Responders Nurses, Military (Active & Inactive), Police Departments, EMT's, Firefighters and employees, Teachers and all State and County School System Employees in the following Counties: Collier, Lee, Charlotte, Desoto, Sarasota, Manatee, Hillsborough, Pinellas, Polk, Pasco, Hernando, Seminole, Orange, Osceola, Duval, Lake, Clay, St Johns, Volusia, St Lucie, Palm Beach counties.

• 30-year first mortgage loans. Either 10 year, 15 year, 20 year, or 30 year fixed rate or 7/1 , 3/3 Adjustable Rate mortgages (No Balloon Payment necessary, 30 year amortization schedule even on adjustable rate mortgages.)
• The program is offered to all Nurses, (RN, LPN, APN, NP, MSN, BSN), Firemen, EMT's, Police and all current and Veteran Military personnel who have been Honorably Discharged from the Military and who meet income, purchase price and other program guidelines and can qualify for the mortgage loan.
• No First Time Home Buyer requirement and No Buyers Education Classes required.
• Finance 95% of the purchase price.
• Buyer must have at least $1000 for Closing Costs in the transaction. The Earnest Money can be used for the $1000 requirement.
• Gift Funds allowed for Closing Costs.
• This program allows for higher borrower income limits.
• This program can only be used in 21 approved Florida Counties.
• Credit scores generally a minimum of 680 middle FICO score and above, some exceptions may be possible depending on particular compensating circumstances.
• Maximum LTV 95% up to a $250,000 loan. Homes that cost more than $250,000 would require the difference to be paid in cash at settlement.
• No cash back at closing.
• No First Time Home Buyer requirement and No Buyers Education Classes required.
• 1 unit only - Single Family Residence, Townhouses and some Condos maybe possible.
• No household income limitation- Only Applicant(s) income for qualification purposes.
• NO mortgage insurance for Borrower with this Conventional style program.
• Seller contribution 3% maximum towards Buyers closing costs.
• Purchase only, no construction to permanent loans - no investment properties.
• Owner Occupants only-No Investors.
• Cannot own any FINANCED real estate at the time of application.
• up to a $2000 Lender Credit available on certain versions for Closing Costs.
• Good verifiable work history required.
• No cash back at closing.

2023 Rent-To-Buy Home

If you're frustrated by not getting your offers accepted, Try this program. It puts your offer at the front of the line!

• When you rent to buy, You pick the house in an approved subdivision. The subdivision must be in the upper 50% rating of school county districts.
• You secure the home with your first and last month's agreed upon rent and purchase price before the Investor purchases the home.
• Institutional Investor purchases the home through Mid Florida Realty.
• Build your credit over the next 12-24 months, or if you're just moving into the area and aren't sure where you want to live but don't want to live in an apartment.
• You can purchase the home using one of the Down Payment Assistance programs in the next 12 months to 60 months.
• OR you can rent the house at least 24 months with documented Bank statements and proof of on-time rental payments, (24 cancelled checks, or 24 money orders or 24 months automatic ACH drafts).
• Credit scores and Fannie Mae guidelines may allow you to qualify for a Conventional Mortgage to obtain the 0% down payment option and use your two months Security Deposit for Closing Costs.
• 0% down payment program is based on the Fannie Mae Conventional mortgage loan guidelines.
• New Homes may possibly be eligible depending on the Builders willingness to accept the State of Florida standard Real Estate Contract.
• Minimum Rent-to Own middle FICO 5-4-2 Score at the beginning of the process is 620 middle FICO 5-4-2 in Orlando and 600 middle all other areas served.
• Debt to Income ratio maximum is 45%.
• Minimum Household verifiable income is $60,000 per year.

2023 Power Purchase Program Reduced Mortgage Insurance

• Power Purchase Program that offer reduced mortgage insurance payments.
• Competitively priced conventional FHMLC loan.
• No first time home buyer requirement.
• Requires 1% down payment from the home buyer for down payment.
• 2% Grant from Non-Profit + 1% Home Buyer Funds equals 3% equity with a 97% eligible conforming loan.
• First mortgage must meet FHLMC Home Possible Advantage eligibility.
• No additional subordinate financing allowed.
• Conforming loan amounts only.
• No manual underwrites allowed. LP decisions only.
• Primary Residences only. No Investment properties. No 2-4 units.
• Manufactured Housing NOT allowed.
• The Income limits are based on 100% AMI except those high cost and underserved counties where higher income limits are allowed.
• Benefit-underserved counties and those High Cost Counties included. (Exceeding 100% counties) increased income limit for those counties.
• FHA sales price limits.
• Benefit-MI is lower 25% coverage on a 97% LTV.
• Required minimum middle credit score 620-719
• Score over 720 will have a lower MI factor vs. FHA products.
• Co-Signors/Non-occupying Co-Borrowers not allowed.
• Borrower may have an ownership interest in other under certain conditions.(Please discuss with Loan Originator).

Quick & Easy : Click Here to select up to $15,000 for down payment assistance

NOTICE: This is not a commitment to lend or extend credit. Restrictions may apply. Information and/or data is subject to change without notice. All loans are subject to credit and Automated Underwriting approval. Not all loans or products are available in all states/counties. This website is privately owned and has no official connection to the State of Florida, FHA, FNMA, Veterans Administration, FHMLC, or any other Institutional Lender or any outside Mortgage Loan Originator or Realtor.

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