Escambia County Housing Finance Authority (ECHFA) Big Splash Single Family First Time Homebuyer Mortgage Loan Program – Conventional

Appraisal must indicate that the home as at least 30 years remaining useful life. Buydowns are limited to 1 or 2 years with a max change of 1% per year. Cannot be paid by borrower or DPA assistance. Tax returns or tax transcripts are NOT required for this program. Only the form 1003 is required as set forth above. _____________________________________________________________ Documentary Stamp Tax and Intangible Tax Recordation Requirements: 1) This legend must appear on the first and second mortgage and note – > ”THIS MORTGAGE IS EXEMPT FROM FLORIDA DOCUMENTARY STAMP TAX UNDER 201.08, F.S. AND FLORIDA NONRECURRING INTANGIBLE TAX UNDER 199, F.S. PER 159.621 FLORIDA STATUTES. REV. 3.28.19” 2) The first mortgage and note are NOT exempt from Intangible Tax. However, the second mortgage and note pursuant to section 199.183, Florida Statutes, are exempt from intangible tax. This legend must appear on the second mortgage: > “THIS MORTGAGE IS EXECUTED AND DELIVERED IN CONNECTION WITH A LOAN MADE BY OR ON BEHALF OF A HOUSING FINANCE AUTHORITY. IT IS EXEMPT FROM FLORIDA INTANGIBLE TAX PURSUANT TO THE PROVISIONS OF SECTION 199.183(1), FLORIDA STATUTES AND IS EXEMPT FROM THE DOCUMENTARY STAMP TAX PURSUANT TO THE PROVISIONS OF SECTION 159.621(2), FLORIDA STATUTES UPON THE FILING OF THE ATTACHED AFFIDAVIT.” ______________________________________________________________ Assumptions: > The First mortgage loans may be assumed by a qualified borrower meeting qualifying requirements, income and acquisition price restrictions in place at the time of the assumption. Such loans must continue to fully comply and be insured or guaranteed by the insurer/guarantor.