Florida Housing Finance Corporation (FHFC) TBA Hometown Heroes Second Mortgage

Special Alert

Maximum Purchase Price

$726,200

Contact Info:

https://www.floridahousing.org/programs/homebuyer-overview-page

Limitations

Must be combined with a FHFC TBA Hometown Heroes first mortgage. All borrowers are restricted to a one-time participation in FL Housing’s Homebuyer Loan Program. Assumptions not permitted. PLEASE NOTE: FL Housing’s down payment and closing cost assistance CANNOT be used to cover the cost difference between the sales price and the appraised value and CANNOT be used to pay off borrower debt. The difference between appraised value and sales price or debt repayment must be paid with borrower’s own funds. Adhere to Agency/GSE (FHA, USDA-RD, VA, Fannie Mae, Freddie Mac) guidelines specific to citizenship requirements and documentation to support citizenship. Borrower(s) must have the ability to permanently and LAWFULLY reside in the State of Florida. On Freddie Mac loans, Borrower(s) must not have an ownership interest in more than two financed residential properties, including the subject property, as of the Note date. All borrowers are restricted to a one-time participation in FL Housing’s Homebuyer Loan Program.

Credit Score Requirements

Minimum Credit Score: 640 Must meet 1st mortgage agency, GSE, insurer and master servicer requirements.

Deferred Payments?

Yes, for 30 years

Accepted First Mortgage Type:

Freddie Mac HFA Advantage, Fannie Mae HFA Preferred, FHA 203(b), VA, USDA / RD

Homeowners Education Class:

Required

Is Forgivable?

Location:

66 Counties, 1 City Available statewide in Florida.

Income Limitations:

Yes, based on Qualifying (1003) Income Income limits from HUD 2022 150% AMI guidelines

Maximum Assistance

5% of Total Loan Amount up to $25,000 5% up to $25,000 can be used for down payment and closing costs.

Education Requirements Info:

The course must meet standards defined by HUD or the National Industry Standards for Homeownership Education and Counseling. Lender must retain a copy of the certificate of course completion in the loan file. Examples of acceptable courses include: Freddie Mac CreditSmart Homebuyer U Essent Homebuyer Education Radian MI-HomeTrek Arch MI Fannie Mae Framework Any HUD Approved Counseling Course Whatever option is chosen, the course must provide a certificate and be completed prior to closing. All borrowers must complete the training and be listed on the certificate. You must also follow the appropriate agency (FHA, VA, USDA, FNMA, or FHLMC) guidelines as well.

Eligible Property Types:

Single Family DetachedCondo Townhome/PUDManufactured Home Modular Home

Income By Household Size:

HH1-8 $153,750 *Income limits as of 05/03/2023

Qualifying Ratios:

Must meet 1st mortgage agency, GSE, insurer and master servicer requirements.

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