First Time Home Buyer 105% Special Financing with No Income Limit
Updated December 8, 2021Special Financing for First Time Home Buyers that includes your Down Payment and your Closing Costs with No Income Limit!
Program Features:- No Income Limits and Special Financing for Florida First Time Home Buyers.
- 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 at least 700 FICO middle credit score.
- Finance 105% Combined Loan To Value of the purchase price using a 97% First Mortgage and up to 8% Second mortgage for Closing Costs.
- Interest rate is dependent on Borrower(s) FICO credit score.
- Middle score of FICO version 5-4-2 credit scores used to determine credit score eligibility, NOT FICO-8.
- 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.
- Buyer(s) must be 1st Time Home Buyers to qualify for this program or hasn't been on a mortgage or real property title for over 3 years..
- First Time Home Buyer requirement for all Borrowers for 105% CLTV transactions, must not have owned a primary residence in most recent 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.
Other Florida First-Time Home Buyer & Down Payment Assistance Programs:
- First Time Home Buyer 105% Special Financing with No Income Limit
- 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 Homebuyer 100% Special Financing with No Mortgage Insurance
- Manatee $10,000 Key Ownership Down Payment Assistance Grant for First Time Home Buyers
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- Down Payment Assistance Unlimited Income Grant for 100% Financing for Home Financing!
- Palm Beach County 1st Time Home Buyer Grant and Down Payment Assistance Program
- Miami-Dade 1st Time Home Buyers Down Payment Assistance program
- USDA - 100% Home Financing and lower Mortgage Insurance than FHA Loans!
- Salute Our Soldiers 100% VA Loan Program for Honorably Discharged Veterans
- Investor Real Estate Loans for Rental Property purchase!
- Bank Statement loans for the Self Employed up to $3M!