Home Sweet Home 1st Time Home Buyer program for Hillsborough, Clay, Brevard and Duval counties with up to $25,000 Down Payment Assistance.

Special Financing from the Florida Housing Finance Authority for First Time Home Buyers using Down Payment Assistance that never runs out of money!

• 30-year, fixed-rate FHA down payment assistance first mortgage loan programs originated by trained and approved lenders throughout the State of Florida.
• The Down Payment Assistance program is offered to all borrowers in Hillsborough, Brevard, Clay, Duval, and Jacksonville City, Florida who meet income, purchase price and other program guidelines, and can otherwise qualify for an FHA mortgage loan.
• Maximum Purchase price for per county:
• Brevard County $253,809
• Hillsborough County $ 283,348
• Duval County/City of Jacksonville $199,000
• Clay County $322,295
• Maximum Household Income per County
• Brevard (1-2-person household = $ 61,700) (3+ person household = $70,995)
  
• Hillsborough (1-2 person household = $ 59,800) (3+ person household = $ 68,770)
• Duval/ City of Jacksonville (1-2 person households = $ 70,178) (3+ persons $ 80,705)
• Clay (1-2 person household = $69,176) (3 + persons = $79,552)
• The down payment assistance comes in the form of 5% of the loan amount up to $25,000 - 0% interest, fixed-rate second mortgage loan for Hillsborough, City of Jacksonville, Brevard and Clay Counties.
• Only one Florida down payment program can be used by the 1st Time Home Buyer per transaction.
• The Down Payment Assistance loan is immediately repaid if the homebuyer sells the home, transfers ownership, satisfies or refinances the first mortgage, or ceases to occupy the home.
• 1st Time Homebuyers definition is, Borrowers or Spouse have not owned a home in the last 3 years.
• Doc Stamps still exempt on this program.
• 1st mortgage Intangibles tax is NO longer exempt on this program. There is no Intangibles Tax on the 2nd mortgage.
• FHA, USDA or VA mortgage loan (Debt to Income) maximum back end ratio is 44.99%.
• Mortgage Credit Certificates MUST be used in Hillsborough and Jacksonville City areas if Borrower is eligible, not required for Brevard County
• Must be First Time Home Buyer or not have owned a home in past 3 years. Must present most recent 3 years Federal tax returns as proof.
• If taxes still owed for any one of 3 most recent years, an approved IRS payment plan is to have been in place for at least the last 4 months and the most recent 3 months of payments to the IRS and 3 months of scheduled payments must have already been paid.
• Low fixed mortgage interest rates.
• Can purchase new or resale homes.
• Veterans no longer pay Origination Fees on this loan.
• Single Family Residences, Townhouses, Villas and Program APPROVED Condos, NO Manufactured homes.
• First Time Home Buyers must occupy premises within 60 days of Closing.
• No more than 15% of home to be used in connection for home based business, such as child care, or similar type endeavors.
• Online HBE is permitted if provided by a HUD approved agency, a unit of local government that provides pre-purchase home buyer education in Florida via, a mortgage insurance provider, or an Agency or GSE sponsored course.
• Primary Residences only, no second homes or investment properties.
• No Prepayment Penalty Fee if 1st mortgage loan is paid out early.
• No cash back at closing, any excess funds will be used to pay down first mortgage. In excess money will be used as a Principal Reduction.
• First Time Home Buyers are permitted a reimbursement of prepaids and reimbursement of overage of earnest money deposit to the extent any minimum contribution has been satisfied and permitted by Agency guidelines.
• Credit restrictions:
• Minimum middle 660 FICO version 5-4-2 credit score to qualify for the FHA mortgage on Home Sweet Home program for Hillsborough, Brevard, Clay and Duval counties.
• USDA-VA version with minimum 660 FICO version 5-4-2 credit score.
• Bankruptcies discharged over 2 years and/or foreclosures, short sales or deed in lieu 3 years, minimum 2 trade lines with no late's in last 12 months, No NSF's in last 12 months.
• Co-Signers income allowed in this program to the extent of Agency guidelines.
• A Co-Signer cannot have any Title ownership interest in the property. A Co-signer may not live in the property.
• Lender credit not available.
• No Manual underwrites or alternative credit allowed.
• Mortgage Credit Certificates (MCC) required in Hillsborough and Duval Counties only. Fee is $375 for this program. Clay County residents are exempt from this benefit and fee.
• Borrowers income must be 2 years continuous, but not necessarily with the same company. Income must be supported by pay stubs and 2 year history of continuous employment. Gaps in employment can be considered. 2 year overall employment required.
• Refinances: Not permitted.

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