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

Special Alert

Maximum Purchase Price


Contact Info: 700 S. PALAFOX ST., STE 310, PENSACOLA, FL 32502


The buyer must be a first-time home buyer. No more than 15% of the square footage of the home being purchased may be used in connection with a trade or business including Child Care services. _____________________________________________________________ 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 *For FHA Loans with a FICO below 660, 1-month reserves and 6-months current employment history required. See U.S. Bank SEL-202026: Updated Credit Overlays for FHA. With regard to non-traditional credit, please refer to U.S. Bank Bulletin 20157. If a trimerged credit report is used, the middle score must be 640, or higher. If your internal requirements dictate a higher minimum credit score, you must adhere to your lending guidelines. Contact US Bank HFA Division with any questions regarding acceptable AUS, 800-562-5165. 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:

FHA 203(b), VA, USDA / RD

Homeowners Education Class:

Not Required

Is Forgivable?


21 Counties 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 Compliance Income (including household income) Income limits from Agency-defined 2022 guidelines More detailed guidelines for calculating program income are located in the guide under “2020 Governmental Program Option Compliance Underwriting”.

Maximum Assistance

Education Requirements Info:

Although homebuyer education is strongly recommended, it is not required by the Escambia HFA in connection with the Governmental Program Option.

Eligible Property Types:

Single Family Detached Condo Townhome/PUD

Income By Household Size:

HH1-2HH3-8 $103,487$119,010 *Income limits as of 04/20/2023

Qualifying Ratios:

Housing Ratio: — Total DTI: Up To 45%