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

Special Alert

Maximum Purchase Price


Contact Info:

http://www.escambiahfa.com/lenders/homeownership-program-for-lenders 700 S. PALAFOX ST., STE 310, PENSACOLA, FL 32502


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.

Credit Score Requirements

Minimum Credit Score: 640 The midscore must be 640 or above. Follow agency and Master Servicer guidelines if minimum score is higher. Please note that as of January 2020, U.S. Bank limits the number of allowable loans with credit scores under 660. The HFA has sufficient allocation to permit loans with credit scores between 640 and 660 at this time; however, it may be necessary at a later date to advise lenders that the minimum FICO score must be revised to 660.

Deferred Payments?

Accepted First Mortgage Type:

Freddie Mac HFA Advantage

Homeowners Education Class:


Is Forgivable?


7 Counties: Alachua, Bay, Escambia, Indian River, Leon, Marion, St. Lucie Alachua, Bay, Bradford, Escambia, Franklin, Gadsden, Gulf, Hernando, Indian River, Jackson, Jefferson, Leon, Madison, Marion, Martin, Okaloosa, Santa Rosa, St. Lucie, Taylor, Wakulla and Walton Counties.

Income Limitations:

Yes, based on Qualifying (1003) Income (including household income) Income limits from FHFA/GSE 2022 80% AMI guidelines Must be 80% or less of AMI.

Maximum Assistance

Education Requirements Info:

All borrowers and anyone listed on the deed must attend homebuyer education prior to closing. HUD approved in person courses are accepted. https://apps.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?&webListAction=search&searchstate=FL One borrower may complete the Freddie Mac CreditSmart Steps to Homeownership Tutorial. All Completion Certificates must be provided and dated prior to the closing date. Certification is valid for one year from issuance.

Eligible Property Types:

Single Family Detached Condo Townhome/PUD

Income By Household Size:

HH1-8 $64,640 *Income limits as of 04/20/2023

Qualifying Ratios:

Housing Ratio: — Total DTI: Up To 45% Manual Underwrite – 36%
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