Housing Finance Authority (HFA) of Manatee County – Key to Homeownership Second Mortgage 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




Credit Score Requirements

Minimum Credit Score: 640 FHA, USDA-RD, VA: 660

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?


1 County: Manatee Program is available countywide.

Income Limitations:

Yes, based on Compliance Income (including household income) Income limits from HUD 2022 150% AMI guidelines Unlike income that is averaged for credit underwriting, the bond program is concerned with actual current income. You should be reviewing the YTD income, the income of the last 4 months and the income shown on previous tax returns for consistency. You should not be averaging income. If there are not inconsistencies in earnings, use the guidelines for each loan type to determine current gross monthly income. Current gross monthly income is multiplied by remaining months in the year to determine “total current annualized income”. Income limits for Freddie Mac HFA Advantage program is determined by Freddie Mac and already calculated within the program guide.

Maximum Assistance


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.