Housing Finance Authority (HFA) of Lee County – Own a Home Opportunity Second Mortgage Program (Multi-County)

Special Alert

**CHECK RATES/OFFERINGS FOR AVAILABILITY** Income limits are lower for Freddie Mac borrowers whose income is at or below 80% AMI which is not reflected here. To view all income limits access the program guide.

Maximum Purchase Price


Contact Info:

http://hfaleeco.org/ PO Box 2258, Fort Myers, FL 33902 239-334-4003



Credit Score Requirements

Minimum Credit Score: 640

Deferred Payments?

Yes, for 30 years

Accepted First Mortgage Type:

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

Homeowners Education Class:


Is Forgivable?


6 Counties: Charlotte, Collier, DeSoto, Lee, Palm Beach, Sarasota Includes all of Charlotte, Collier, DeSoto, Lee, Palm Beach and Sarasota Counties.

Income Limitations:

Yes, based on Compliance Income (including household income) Income limits from Agency-defined 2022 guidelines Freddie Mac over and under 80% AMI available. Freddie Mac HFA Advantage AT or Below 80% AMI – Charlotte: $60,800 Collier: $78,880 DeSoto: $48,560 Lee: $66,560 Palm beach: $62,320 Sarasota: $72,320 Underwriters should remember that CALCULATION OF PROGRAM (COMPLIANCE) INCOME IS DIFFERENT THAN CALCULATION OF INCOME FOR CREDIT PURPOSES. The program requires that underwriters consider the income of borrowers and their spouses (regardless of their address) and all household members 18 years of age or older (related or unrelated). Use the information below as a general guide. Because each case is different, please contact Compliance if you have questions. This program considers HOUSEHOLD INCOME not income of the borrower. Household income includes the income of borrower, spouse. Remember if persons are not divorced, they are married. We count the income of the spouse whether they reside in property or not. Also include the income of all who will reside in the home 18 years of age or older (children, parents on social security, etc).

Maximum Assistance

$7,500 Up to $7,500 in down payment assistance. Up to $10,000 in down payment assistance in Palm Beach.

Education Requirements Info:

All parties on the Note must attend a program approved pre-purchase homebuyer education course even if a Veteran or purchasing in a targeted area. Face-to-face homebuyer education is permitted by a HUD approved counseling agency, a unit of local government in FL, or a counseling agency designated by a unit of local government to provide homebuyer education on their behalf. http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&searchstate=FL Homebuyer education provided over the phone or by the lender is not acceptable. Certificates of completion are acceptable for 2 years from the date of completion.

Eligible Property Types:

Single Family Detached Condo Townhome/PUD Modular Home

Income By Household Size:

HH1-8 $147,900 *Income limits as of 04/28/2023

Qualifying Ratios:

Housing Ratio: — Total DTI: Up To 50% 45% for all loan products with 640 – 679 FICO. 50% for all loan products with a 680+ FICO. * Lenders must comply with Mortgage Insurance DTI requirements which may limit the maximum DTI for borrowers.