Down Payment Assistance in Florida

How to qualify for FREE down payment money & grants?

FloridaDownPaymentAssistance.com
2018 First Time Home Buyer Programs
as of September 19, 2018

Compare the top down payment assistance programs and first time home buyer programs available in Florida. We offer this information free to you as a service to our local community. These Down Payment and Closing Cost Assistance programs can only be provided by Lenders who have been approved by the appropriate Institutional Investors. If you would like to learn more about which Realtor's and Lenders are qualified, or if you would like to be pre-approved for any of these programs, please feel free to contact us. It's a QUICK and FREE process.

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

Pinellas, Hillsborough, Manatee, Polk, Pasco, Orange, Osceola, Seminole, Lake, Hernando, Volusia, Clay, Duval, Flagler, Nassau, St Johns, Sarasota, Lee, Collier, Charlotte, St Lucie, Palm Beach, Broward, and Miami-Dade counties.
please call 863-800-1011

2018 INCOME LIMITS & PURCHASE PRICE

100% Financing available for First Responders Nurses, Military (Active & Inactive), Policemen, EMT's, and Firefighters 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 100% 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.
• This program allows for higher borrower income limits.
• This program can only 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 mitigating circumstances.
• Maximum LTV 100% up to a $250,000 loan. Homes that cost more than $250,000 would require the difference to be paid in cash at Settlement or 97% LTV up to a $300,000 mortgage loan.  
• No cash back at closing.
• 1 unit only - Single Family Residence, Townhouses & some Condos possible.
• No household income limitation- Only Applicant income for qualification purposes.
• NO mortgage insurance rates for Borrower with this Conventional type 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 $3000 Lender Credit available on certain versions for Closing Costs.
• Good verifiable work history required.

100% Financing available for Teachers and all State and County School System Employees in the following Counties: Orange, Seminole, Osceola, Palm Beach, Lake, St. Lucie, Clay, Duval, Volusia, Collier, Lee, Charlotte, Hillsborough, Desoto, Manatee, Sarasota, Polk, Pinellas, Hernando St Johns, and Pasco  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 State of Florida school employees from Principle ot Custodian and who meet borrowers who meet income, purchase price and other program guidelines and can qualify for the mortgage loan. 
• Finance 100% of the purchase price.
• Possibly qualify for $3000 in Closing Cost Assistance depending on loan version.
• This program allows for higher borrower income limits.
• This program can only used in the 21 approved Florida Counties.
• Credit scores generally a minimum of 680 middle FICO score and above, some exceptions may be possible depending on particular mitigating circumstances.
• Maximum LTV 100% up to a $250,000 loan. Homes that cost more than $250,000 would require the difference to be paid in cash or 97% LTV up to a $300,000 mortgage loan.  
• 1 unit only - Single Family Residence, Townhouses & some Condos possible.
• No household income limitation- Only Applicant income for qualification purposes.
• NO mortgage insurance rates for Borrower with this Conventional type 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.
• Good verifiable work history required.
• No First Time Home Buyer requirement and No Buyers Education Classes required. 
• Gift Funds allowed.
• Buyer must have at least $1000 for Closing Costs in the transaction. The Earnest Money can be used for the $1000 requirement. 
• No cash back at closing.

2018 Conventional Preferred Plus Down Payment Assistance

• 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.
• 3% of the purchase price is in the form of a grant that does not require repayment by the borrower. (http://floridadownpaymentassistance.com/) 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.
• This program allows for higher borrower income limits.
• This program can be used anywhere in the State of Florida.
• Credit score 680 minimum for 95% LTV or less - 700 credit score required for 95%-97% LTV
• 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 & Condos with 95% LTV or below.
• No household income limitation- Only Applicant income for qualification purposes.
• 50% debt to income ratio or less.
• Lower mortgage insurance rates for Borrower with this Conventional program.
• Mortgage Insurance rates could be reduced or even paid off at Closing.
• Seller contribution 3% maximum towards Buyers closing costs.
• Purchase only, no construction to permanent loans - no investment properties.
• Purchase price limits determined by county median income limits. See county Income Limits above.
• Owner Occupants only-No Investors.
• Lender Credit not available.
• 2 hour Buyer education required or any HUD approved agency (online or in-person) or approved 1 hour mortgage insurance education class from MGIC or Genworth
• Florida e-housing fee's $225 compliance fee + $300 US Bank funding fee + $85 tax service fee at closing to be deducted from the 3% Grant.
• Fannie Mae guidelines apply.
• Co-Signors not permitted.

House 2 Home (Sapphire) FHA Down Payment Assistance for ALL Florida Counties

• Provides up to 4% in down payment assistance in ALL Florida Counties for FHA Loans
• Down Payment Assistance is forgiven at the Closing table. 
• 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 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.
• Non-Owner Occupant Co-Borrowers ARE allowed.
• 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% FHA, VA or USDA of Florida County the house is located.
• Conventional version of this product limits Area Median Income (AMI) to 115%.
• Income limit 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.
• FHA Purchase price limits.
• Home Buyer Education required.
• Lender credit not available.
• Minimum middle FICO credit score is 620.
• 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
• Seller can tribute up to 6% towards Buyers Closing Costs.
• No 203k Renovation loans allowed.

Power Purchase Plus Program NO Mortgage Insurance (LPMI)

Rent-To-Own Program

2018 FHA - (HFA) Housing Finance Authority Home Sweet Home Down Payment Assistance program for Hillsborough, Pinellas, Duval, and Clay counties

• 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, Pinellas, Clay and Duval County 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: 
• Hillsborough County $225,000
• Duval County $199,000
• Pinellas County $255,573
• Clay County $298,192
• Maximum Household Income per County
• Brevard (1-person household = $58,660) (2+ person household = $67,060)
  
• Hillsborough  (1 person household = $58,660) (2+ person household = $67,060) 
• Duval (1-2 person households = $70,178) (3+ persons $80,705)
• Pinellas, Pasco & Polk (1-2 person household = $70,800) (3+ person household = $82,600)
• Clay (1-2 person household = $69,176) (3 + persons = $79,552) 
• The down payment assistance comes in the form of a $10,000 - 0% interest, fixed-rate second mortgage Loan for Brevard County
• The down payment assistance comes in the form of a $7,500 - 0% interest, fixed-rate second mortgage Loan for Clay County
• The down payment assistance comes in the form of a $7,500 - 0% interest, fixed-rate second mortgage Loan for Duval County.
• The down payment assistance comes in the form of a $7,500 - 0% interest, fixed-rate second mortgage Loan for Hillsborough County
• The down payment assistance comes in the form of a $5,000 - 0% interest, fixed-rate second mortgage Loan for Pinellas and Pasco County
• 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 $350/per $1000 Exempt on this program.
• Minimum Funds directly from Buyer of $1000.00 to Close on Home.
• 44.99% Debt to Income or less.
• Must be First Time Home Buyers or not have owned a home in past 3 years.
• 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.
• 8 hour Face to Face HUD approved Mortgage Counseling course required.
• 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 FICO scores credit score to qualify for Hillsborough, Clay and Duval counties. 
• Minimum 660 FICO scores PInellas, Polk and Pasco Counties.
• 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.
• Co-Signers income allowed in this program
• Lender credit not available.
• No Manual underwrites or alternative credit allowed.
• Income must be supported by pay stub's and 2 year history of continuous employment. Gaps in employment can be considered. 2 year overall employment required.
• Refinances: Not permitted.

Physicians 100% Program 

• 30-year, fixed-rate Freddie Mac, 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 Freddie Mac Advantage Convention, VA, USDA, or FHA mortgage loan.
• Maximum Purchase price: $323,529
• 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 = $70,300 3+ person = $80,845
• Conventional version - Borrower 1003 Income only - NOT household income =  = 1-2 person Household income limit = $70,300 3+ person = $80,845
• 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 640 middle FICO credit score to qualify for 2% FHA grant, middle FICO 660 to receive 3% FHA grant or 700+ to qualify for FHLMC Conventional grant of 4%-5%.
• 44.9% 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 Mortgage Counseling course required
• FHA version - No Bankruptcies in last 2 years and no foreclosure last 3 years. Conventional version 700+ Credit score No Bankruptcies in last 4 years and no foreclosures or short sales in last 7 years. 
• No NSF's in last 6 months, No late credit payments last 12 months.
• Primary Residences only
• No cash back at closing, any excess funds will be used to pay down first mortgage referred to as Principal Reduction.
• Credit restrictions: FHA Version - Bankruptcies discharged over 2 years, Foreclosures 3 years, 2 trade lines with no late payments in last 12 months, No NSF's in last 6 months, Non-traditional credit not allowed.
• 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. 
• Refinances: Not permitted.

2018 FHA - 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 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 or Borrowers or Spouse have not owned a home in the last 3 years.
• Receive $7,500 in Pinellas county, Polk county $5000 & Pasco county $5000.
• Housing Finance Authority bond money with no monthly payment required.
• Minimum Funds directly from Buyer of $1000.00 to Close on Home
• 44.9% Debt to Income ratio or less
• Can purchase new or resale homes
• Borrower must occupy the Home within 60 days of Closing.
• 8 hour HUD approved Mortgage Counseling course required
• No Bankruptcies in last 2 years and no foreclosure last 3 years.
• Important! Household Income is considered for all Borrowers listed on the 1003 Loan application. ONLY.
• Income LImit for this program is $70,800 1-2 person household, $82,660 for 3+ household, all three counties.
• Primary Residences only. No Investment or second home properties.
• No Prepayment Penalty Fee if loan is paid out early.
• Doc Stamps $350/per $1000 NOT Exempt on this program.
• Intangibles Taxes $200 / per $1000 NOT 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: Pinellas County,Pasco County & Polk Counties minimum 660 middle FICO, 2 trade line minimum with no lates in last 12 months, No NSF's in last 6 months.
• Income must be supported by paystubs and 2 year history of continuous employment. 
• No Manual Underwrites.
• Maximum purchase price is $255,573.
• Cosigners permitted for FHA / VA Loans cannot be named on Warranty Deed.
• Refinances: Not permitted.
• Manufactured Homes NOT permitted.

2018 Florida FHA State Bond Preferred Down Payment Assistance Program for All Florida Counties including Orange County, Osceola County, Lake County, Hernando County, Putnam County and Nassau County.

• 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 Housing's down payment assistance programs.
• First Time Home Buyer hasn't owned a property for at least 3 years.
• Down Payment Assistance comes in the form of a $7,500 0% interest 2nd mortgage loan. The down payment assistance can be used (http://floridadownpaymentassistance.com/) for the down payment, Buyers mortgage closing costs, or split pay mortgage insurance premium to lower mortgage insurance cost.
• Must be primary residence.
• Credit score 640 minimum for 95% LTV or less - Maximum LTV 104.99% CLTV
• No cash back at closing, any excess funds will be used as principle reduction.
• 1 unit only - Single Family Residence, Townhouses with 95% LTV or below. No Manufactured Homes.
• Only Applicant income from 1003 used for qualification purposes.
• 44.9% debt to income ratio or less.
• Lower mortgage insurance rates for Borrower on FHA program.
• Allows up to 3% Seller contribution maximum towards Buyers closing costs.
• Purchase only No Construction to Perm loans, no investment purchases, no refi's.
• Purchase price limits determined by 140% of HUD county median income limits. See 2018 Income limits hyperlink above for "2018 Conventional Excludes HHF Counties".
• Owner Occupants only, must occupy within 60 days.
• 2 hour Buyer Mortgage Insurance education required or any 6-8 hour HUD approved agency (online or in-person) or approved mortgage insurance education class from MGIC or Genworth
• Florida e-housing fee's $225 compliance fee + $300 US Bank funding fee + $85 tax service fee calculated minus the $7,500 down payment assistance.
• No Intangibles tax on HUD or Closing Disclosure.
• FHA guidelines apply to this product.This is not a Conventional loan product.
• Co-Signors not permitted
• Lender Credit not available.
• This program can be used anywhere in the State of Florida.
• 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.

Miami-Dade HFA Down Payment Assistance Program

Luxury Down Payment Assistance program for High Priced Homes

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 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.

Federal Home Loan Bank Down Payment Assistance Grant

• Provides 4:1 matching funds up to $5,000 for Borrowers not involved in the occupations below
• Provides 4:1 matching funds up to $7,500 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.
• Lender credit available.
• No Bank Statements needed.
• 1003 Income only.
• Maximum purchase price not to exceed the FHA limits in the counties being considered
• Income must be at or under 80% of the HUD Median Income
• 1 hour Mortgage Counseling conversation required
• No Bankruptcies in last 2 years and no foreclosure last 3 years
• Minimum middle 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.

USDA / Rural Development Loans

• Provides up to 102% financing in participating Florida Counties
• Buyer does not need to be 1st time Home Buyer.
• 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 tribute up to 6% towards Buyers Closing Costs.

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 program.
• 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 not available.
• VA may be able to provide you some assistance if you run into difficulty making payments
• You can reuse the benefit.
• VA-backed loans are assumable, as long as the person assuming the loan qualifies.
• Must have Certificate of Eligibility
• Primary Residences only

2017 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 loan.
• Maximum Purchase price: 
• Charlotte County = $ 253,809
• Collier County = $415,058
• Broward County = $ 317,646
• Desoto County = $ 253,809
• Lee County = $ 253,809
• Palm Beach County = $ 317,646
• Sarasota County = $ 264,706
• St Johns County = $ 303,882
• Volusia County = $ 253,809
• The assistance comes in the form of a 3%, 4% or 5% Grant at Closing. Amount is dependent on credit scores.
• Freddie Mac Advantage Conventional mortgage loans, FHA mortgage loans, USDA mortgage loans & VA mortgage loans
• Maximum Household Income: 
• Charlotte County $ 88,500
• Collier County = $ 104,550
• Broward County = $ 96,150
• Desoto County = $ 88,500 
• Lee County = $ 88,500
• Palm Beach County= $101,850
• Sarasota County = $ 98,250
• St Johns County = $ 96,600
• Volusia County = $ 88,500
• No First Time Home Buyer restriction.
• No Work Visa, student visa, any temporary visa's qualify
• Do NOT have to pay Intangible Tax or Documentation Stamps (savings of approximately .05% of loan amount)
• Minimum Funds directly from Buyer of $1000.00 to Close on Home
• Minimum 640 FICO credit score on FHA, VA, USDA to qualify for 4% grant, 660 FICO to qualify for 5% grant at Closing table.
• ALL bank deposits OUTSIDE of payroll require detailed explanations.
• 44.9% Debt to Income ratio or less
• Low fixed mortgage interest rates
• Can purchase new or resale homes
• No 8 hour HUD approved Mortgage Counseling course required.
• No Bankruptcies in last 2 years and no foreclosure last 3 years.
• Primary Residences only, Single Family Residences and Fee Simple Town homes only, no manufactured or mobile homes allowed.
• No Prepayment Penalty Fee if loan is paid out early
• While there is no cash back in this program, the borrower may be reimbursed for any over payment of escrow to the extent permitted by Agency (FHA, VA) guidelines. 
• Pay stubs and W-2's required.
• No possibility of Recapture Tax.
• Credit restrictions: No Manual Underwrites, 3 trade lines with no lates in last 12 months, No NSF's in last 6 months, Non-traditional credit not allowed.
• Cosigners Permitted for FHA loans under very specific conditions. Follow FHA guidelines for credit purposes only. Treat cosigner credit/income as directed by FHA. Cosigners are allowable in an FHA transaction when meeting the following conditions (1) a cosigner cannot have any ownership interest in the property (they cannot be on the Mortgage/Deed) and (2) the cosigner cannot reside in the property being purchased. A cosigner’s income is not considered for program purposes, tax returns/transcripts are not required and cosigners do not sign any program documents.
• Income must be supported by paystubs and 2 year history of continuous employment.
• No second mortgages remain.
• Refinances: Not permitted.
• Lender credit not available.
• Appraisal must indicate that the home has at least a 30 year remaining useful life.
• No Prepayment Penalties.

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