First Time Homebuyer 100% Special Financing with No Mortgage Insurance
Updated November 27, 2023First Time Home Buyers 100% Home Loan Financing with No Mortgage Insurance. This special financing is for 1st Time Home Buyers or can be used if you don't currently own a home!
Program Features: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 are 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 receipts and evidence of home inspection.
Other Florida First-Time Home Buyer & Down Payment Assistance Programs:
- 100% Community Advantage Special Conventional Financing
- Hometown Choice Conventional Special Mortgage Financing for First Time Home Buyers
- First Time Homebuyer 100% Special Financing with No Mortgage Insurance
- First Time Home Buyer Special Financing matching Grant Loan by FHLB
- $10,000 Down Payment Assistance for First Time Home buyers!
- USDA - 100% Home Financing and lower Mortgage Insurance than FHA Loans!
- Down Payment Assistance Unlimited Income Grant for 100% Financing for Home Financing!
- 2023-Florida Hometown Heroes Housing Program for State of Florida.
- 1st Time Home Buyer 3%-5% Grant for Down Payment Assistance
- Salute Our Soldiers 100% VA Loan Program for Honorably Discharged Veterans
- Lease-to-Own and Rent-To-Buy-Home program. This is a great Home Buying program for All Florida Middle Income Home Buyers!
- First Time Home Buyer 105% Special Financing with No Income Limit
- Manatee $10,000 Key Ownership Down Payment Assistance Grant for First Time Home Buyers
- Bank Statement loans for the Self Employed up to $3M!
- OWN A HOME Down Payment Assistance Grant (Not required to be a 1st Time Home Buyer)
- Miami-Dade 1st Time Home Buyers Down Payment Assistance program
- Opportunity Advantage Loan Fund
- Home Sweet Home 1st Time Home Buyer program for Hillsborough, Clay, Brevard and Duval counties with up to $25,000 Down Payment Assistance.
- 1st Time Home Home Buyer, $10,000 Down Payment Assistance program
- First Time Home Buyer 3.5% Grant for FHA Down Payment Assistance
- First Time Home Buyer $10,000 deferred Down Payment Assistance loan
- Home Key Down Payment Assistance programs for Pinellas, Pasco and Polk County Florida
- Palm Beach County 1st Time Home Buyer Grant and Down Payment Assistance Program
- Investor Real Estate Loans for Rental Property purchase!