City of Pensacola Housing Incentive Program – American Rescue Plan Act (COPHIP-ARPA)
Special Alert
Maximum Purchase Price
$349,525
Contact Info:
http://cityofpensacola.com/ 420 W. Chase Street, Pensacola, FL 32502 850-858350
Limitations
Credit Score Requirements
Based on 1st mortgage requirements.
Deferred Payments?
Yes, for 5 years
Accepted First Mortgage Type:
Freddie Mac, Freddie Mac HFA Advantage, Freddie Mac Home Possible, Fannie Mae, Fannie Mae HFA Preferred, Fannie Mae HomeReady, FHA 203(b), VA, USDA / RD
Homeowners Education Class:
Required
Is Forgivable?
5-year primary residence commitment, deferred loan – reduces 20% per year, provided there is no default.
Location:
Pensacola Program is available with the City of Pensacola.
Income Limitations:
Yes, based on Compliance Income (including household income) Income limits from HUD 2022 80% AMI guidelines Can only assist buyer(s) at or below 80% AMI.
Maximum Assistance
$30,000 The City of Pensacola is offering up to $30,000 in down payment and closing cost assistance.
Education Requirements Info:
All homebuyer programs require completion of a pre-purchase homebuyer education class by a HUD certified counseling agency prior to closing on your home. Please plan ahead in scheduling your class with the counseling agency as classes fill up quickly. Contact one of the following agencies listed on program page for more information and class schedules: https://www.cityofpensacola.com/183/Home-Buyers-Programs
Eligible Property Types:
Single Family Detached Condo Co-Op Townhome/PUD
Income By Household Size:
HH1HH2HH3HH4HH5HH6HH7HH8 $43,300$49,500$55,700$61,850$66,800$71,750$76,700$81,650 *Income limits as of 05/18/2023
Qualifying Ratios:
Determined by first mortgage product or lender.
