ESCAMBIA COUNTY
Escambia County Housing Finance Authority
Escambia County HFA Big Splash Program for Government Loans (FHA, VA, RD and Conventional Loans (Freddie Mac HFA Advantage)
ELIGIBLE AREAS – Escambia County
ELIGIBILITY CRITERIA* –
DOWN PAYMENT ASSISTANCE – Up to $10,000 for down payment and closing cost assistance. The assistance is in the form of a 30-year deferred, 0% Interest second mortgage. This is a second mortgage and is NEVER forgiven and must be repaid upon sale, refinancing, transfer of title, or rental of the home if done within the first 30 years.
INCOME LIMIT CRITERIA –
For Government Loans (FHA, USDA-RD and VA)
Household income is considered for ALL Borrower(s), spouses and anyone 18 years or older.
1-2 person household $90,800
3 or more person household $104,420
For Conventional Loans (Freddie Mac HFA Advantage)
Income considered ONLY for the borrower(s) listed on the 1003 loan application. This is the same income used to credit qualify the borrower(s).
All household sizes $67,120
MAXIMUM SALES PRICE LIMIT – This price must include everything paid by the buyer or on the buyer's behalf. $481,176
Escambia County Housing Finance Authority
Escambia County HFA Big Splash Program for Government Loans (FHA, VA, RD and Conventional Loans (Freddie Mac HFA Advantage)
ELIGIBLE AREAS – Escambia County
ELIGIBILITY CRITERIA* –
- Buyers and their spouses (occupant and non-occupant) must be first-time buyers and must be able to permanently reside in the US.
- Buyers must live in the property they purchase as their principal residence.
- All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.
- Buyers must occupy the property purchased within 60 days of closing.
DOWN PAYMENT ASSISTANCE – Up to $10,000 for down payment and closing cost assistance. The assistance is in the form of a 30-year deferred, 0% Interest second mortgage. This is a second mortgage and is NEVER forgiven and must be repaid upon sale, refinancing, transfer of title, or rental of the home if done within the first 30 years.
INCOME LIMIT CRITERIA –
For Government Loans (FHA, USDA-RD and VA)
Household income is considered for ALL Borrower(s), spouses and anyone 18 years or older.
1-2 person household $90,800
3 or more person household $104,420
For Conventional Loans (Freddie Mac HFA Advantage)
Income considered ONLY for the borrower(s) listed on the 1003 loan application. This is the same income used to credit qualify the borrower(s).
All household sizes $67,120
MAXIMUM SALES PRICE LIMIT – This price must include everything paid by the buyer or on the buyer's behalf. $481,176
HOMEBUYER EDUCATION – Not Required
ELIGIBLE PROPERTY – New or existing, one unit (no 2-4 units), detached or attached, condos, townhomes.
CREDIT SCORE - FICO mid score must be 640 or higher.
ELIGIBLE PROPERTY – New or existing, one unit (no 2-4 units), detached or attached, condos, townhomes.
CREDIT SCORE - FICO mid score must be 640 or higher.
WHAT'S THE NEXT STEP? If you think you qualify for the program based upon the criteria above, contact the Escamiba County HFA to obtain a list of loan officers. The loan officer will qualify you for the program and a mortgage loan. Please call 800-388-1970.
CLICK HERE TO VIEW THE PROGRAM FLYER & LIST OF PARTICIPATING LOAN OFFICERS