Housing Finance Authority (HFA) of Manatee County – Key to Homeownership Grant Program
Special Alert
Maximum income and purchase price limits vary depending on insurer and/or 1st mortgage product. Review program guidelines for relevant details.
Maximum Purchase Price
$427,198
Contact Info:
Limitations
Retail
Credit Score Requirements
Minimum Credit Score: 640 FHA/USDA-RD/VA: 660
Deferred Payments?
No
Accepted First Mortgage Type:
Freddie Mac HFA Advantage, FHA 203(b), VA, USDA / RD
Homeowners Education Class:
Required
Is Forgivable?
Location:
1 County: Manatee Program is available countywide.
Income Limitations:
Yes, based on Qualifying (1003) Income Income limits from HUD 2022 150% AMI guidelines 150% of HUD median income of $90,400. Do not include the income of a co-signer when determining program eligibility. Freddie Mac Income Limit at or below 80% AMI: $72,320.
Maximum Assistance
5% of Total Loan Amount 3, 4 or 5% non repayable grant.
Education Requirements Info:
Any party on the Note must complete a program-approved pre-purchase homebuyer education course even if a Veteran or purchasing in a Targeted area. Face-to-Face homebuyer education provided by a HUD approved counseling agency, a unit of local government providing pre-purchase homebuyer education in FL, or a counseling agency designated by a unit of local government. Homebuyer education over the p hone or by the lender is NOT acceptable. Approved Face-to-Face Homebuyer Education providers: http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&searchstate=FL
Eligible Property Types:
Single Family Detached Condo Townhome/PUD
Income By Household Size:
HH1-8 $135,600 *Income limits as of 06/05/2023
Qualifying Ratios:
Housing Ratio: — Total DTI: Up To 50% • The program maximum DTI ratio is 45% for with a minimum 640-679 FICO. • The program maximum DTI ratio is 50% with a minimum 680+ FICO. • Lenders must comply with Mortgage Insurance DTI requirements which may limit the maximum DTI for borrowers.
