Essex 100% Special Mortgage Financing with Down Payment Assistance

Updated February 23, 2025

Get 100% Mortgage Financing!

Program Features:

All counties in Florida are eligible for this down payment assistance loan program.
Eligible loans are as follows: FHA 203(b),203(b2), 234C in accordance with FHA guidelines.
Cooperative Housing is not eligible.
No first time home buyer requirement.
2nd Lien is is due and payable at the time of the first mortgage unless the forgivable parameters have been satisfied
Minimum FICO 600 FHA / AUS (Automated Underwriting Systems) approval. Each Borrower must have at least one FICO Credit score.
Max LTV / CLTV per FHA Agency guidelines.
The DPA form is a deferred 30-year Second Mortgage Loan Note (No Interest)
The DPA is a non-amortizing loan with no monthly payments.
The Forgivable Second Mortgage rate is 0%
DPA amount is equal to 3.5% of the sales price or appraised value, whichever is less.
The Loan Forgiveness Feature Disclosure is required.
2nd mortgage is FORGIVABLE if all the follow conditions are satisfied.
Loan has reached 10 years from the note date AND a Repayment Event has NOT occurred AND the Borrower has continued to occupy the property.

Repayment Events are defined as:

The First Deed of Trust on the property is refinanced.
The First Deed of Trust on the property becomes due and payable for any reason.
Borrower sells, transfers or otherwise disposes of the property as the primary residence, including without limitation, through foreclosure or transfer in pursuant to any power of sale.
No additional subordinate financing allowed.
Conforming and high balance amounts allowed.
For Primary residences, PUD's, Townhouses
Condominiums must be approved or obtain Single Unit Approval and must not be in litigation
Primary Residences, 2- Units (LLPA applies).
No Investment properties. No 3-4 units allowed.
No single wide manufactured housing allowed.
Proceeds may be used for down payment assistance and/or Closing Costs.
No Cash back to the Borrower from the DPA Proceeds.
FHA sales price limits.
Co-Signor's Non-occupying, co-Borrowers allowed pursuant to FHA loan guidelines.
Borrower may have an ownership interest in other property at the time of closing per Agency guidelines. (Please discuss with Loan Originator).

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