First Time Home Buyer

Table of Content

• Financial Assistance
• FHA Down Payments
• HFA Miami-Dade Mortgage Program
• Palm Beach County HFA Down Payment Assistance Program
• FHA Refi and Purchase Loans
• Common FHA Questions

Once this form is completed you will have the option to start your USDA mortgage application.

FHA.com is a privately owned website, is not a government agency, and does not make loans. The Housing Finance Authority of Hillsborough County offers homebuyers the Home Sweet Home Hillsborough Program that helps applicants overcome the hurdle of expensive down payments. Power Purchase Program that offer reduced mortgage insurance payments.

Financial Assistance

For Veterans and Active Military, Military Certificate of Eligibility not required for this program, only DD214 Discharge paperwork to prove discharge status. 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. This program is for Active Military or Veteran who was discharged as any status except dishonorable. Build your credit over the next 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. 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.

The Development will be initially owned and operated by Fulham Terrace, Ltd., a Florida limited partnership. DOWN PAYMENT ASSISTANCE – 5 year forgivable, 0.00% second mortgage, up to $15,000. The second mortgage is forgiven 20% each year and must be repaid when the first mortgage is refinanced, sale, short-sale, foreclosure or if the borrower ceases to live in the property. After the fifth year the second mortgage is completely forgiven.

FHA Down Payments

Broward County recognizes that many individuals who can afford monthly mortgage payments don't have the required down payment for a home. The Broward County’s Homebuyer Purchase Assistance Program helps potential homebuyers overcome this hurdle by offering down payment assistance. 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. Minimum 700 middle FICO score credit score to qualify for all Conventional loans.

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. The program is offered to all borrowers who meet income, purchase price and other program guidelines, and can otherwise qualify for a Freddie Mac Conventional, and Government Agency mortgage loan. An MCC is used in conjunction with a first mortgage loan provided by a participating lender. The MCC allows a borrower to take 50% of their annual mortgage interest as a tax credit (maximum $2,000) while continuing to use the balance of the interest as a deduction. The MCC Program tax credit is up to $2,000 EVERY YEAR FOR THE LIFE OF THE LOAN as long as the property remains the borrower’s principal residence.

HFA Miami-Dade Mortgage Program

First Time Home Buyer requirement for at least 1 Borrower in transaction, otherwise only 80% of the HUD median income applicants are allowed and used for income qualification purposes. Maximum LTV 100% loan amount up to Conventional loan limits per individual county. If Census Tract is in a Moderate Income area, there is NO income limit.

Minimum middle 660 middle FICO credit score to qualify for 2% FHA grants, middle FICO 660 to receive 3% the FHA grants AUS guidelines maintain authority on all decisions. 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. 30 Year Deferred, 0.00% second mortgage, up to $25,000.

Choose a Loan Type

The City of Jacksonville offers the Head Start To HOME Ownership Program, also known as H2H, which provides down payment and closing cost assistance to eligible applicants interested in purchasing a home. The Housing Finance Authority of Hillsborough County offers potential homebuyers a way to afford the high costs of buying their first home. HOMEBUYER EDUCATION – First-Time Homebuyers must complete a Program-approved pre-purchase homebuyer education course. Maximum purchase price not to exceed the FHA limits in the counties being considered.

8 hour HUD approved Mortgage Counseling course required. Buyers CANNOT use any Mortgage Insurance Companies online education class. 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.

Palm Beach County HFA Down Payment Assistance Program

This program allows for higher borrower income limits. The Income limits are based on 100% AMI except those high cost and underserved counties where higher income limits are allowed. The down payment assistance comes in the form of a $10, % interest, fixed-rate second mortgage Loan for Miami-Dade County. No monthly mortgage payments for the "silent second" mortgage.

There are no monthly payments but the loan must be repaid when the first mortgage is refinanced, sold, foreclosed, or no longer serves as the borrower’s primary address. 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.

FHA Refi and Purchase Loans

Purchase only, no construction to permanent loans - no investment properties. 1 unit only - Single Family Residence, Townhouses, Manufactured and Mobile homes allowed. If Census Tract has a 50.01% Minority population, there is NO income limit. The program is available to First Time Home Buyers only. 2-years of Federal Tax returns required for Self-Employed, income will be averaged over two year period. Either FHA or Conventional Versions of program, Borrowers must be employed full time with 2 years continuous .

First Time Homebuyer's or Borrowers or Spouse have not owned a home in the last 3 years. Co-Signers cannot be used for FHLMC Conventional version of the program. 8 hour face-to face or online HUD approved Mortgage Counseling course required or HUD approved Home Buyers Education course.

All repairs identified during the inspection must be completed and approved prior to closing. Provides 3.5% in down payment assistance in ALL Florida counties for both FHA and Conventional FNMA Loans. Purchase only No "construction to perm" loans, no investment purchases, no refi's. Household Income must be supported by W-2's , Federal Tax returns, paystubs and 2 year history of continuous employment. Housing Finance Authority 0% Interest - $10,000 bond money with no monthly payment required .

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. No Bankruptcies in last 2 years, no foreclosure last 3 years for Government Agency loans or 4 years bankruptcy and/or 7 years foreclosures, short sales, or deed in lieu for conventional loans. NO mortgage insurance for Borrower with this Conventional loan program. 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.