First Time Home Buyer 105% Special Financing with No Income Limit

Updated February 23, 2025

Special Financing for First Time Home Buyers that includes your Down Payment and your Closing Costs with No Income Limit!

Program Features:

First Time Home Buyer 105% Special Financing with No Income Limit

  • 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. The second mortgage 1%–8% (buyers choice), is termed out for 15 years.
  • The maximum borrowed amount is $36,240 second mortgage.
  • No upfront mortgage insurance is required of the 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 an 8% second mortgage for closing costs
  • The interest rate is dependent on the 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 homes, 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 are allowed. No investors are allowed.
  • 2-years of federal Tax returns required for self-employed, income will be averaged over a two-year period.
  • Buyer(s) must be first-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 the most recent 3 years.
  • Fannie Mae Buyers Education Classes are required. HUD Approved Buyer Education classes are not allowed to be used for this down payment assistance program.
  • Gift funds from family are allowed.
  • Loan must be approved with automated underwriting. No manual underwriting is allowed. No non-traditional credit can be used.
  • There is no cash back at closing, with the only exceptions being the Earnest Money deposit, Appraisal money and Home Inspection funds with receipt and evidence of home inspection.
    • APPLY NOW - FREE!

    Other Florida First-Time Home Buyer & Down Payment Assistance Programs: