1250 Eglin Pkwy N, Suite 301, Shalimar, FL 32579 850-651-7180
Limitations
Credit Score Requirements
Based on 1st mortgage requirements.
Deferred Payments?
Yes, for 10 years
Accepted First Mortgage Type:
Freddie Mac, Freddie Mac HFA Advantage, Freddie Mac Home Possible, Fannie Mae, Fannie Mae HFA Preferred, Fannie Mae HomeReady, FHA 203(b), VA, USDA / RD
Homeowners Education Class:
Required
Is Forgivable?
Loan is forgiven at the end of 10 years as long as the loan is in good standing.
Location:
1 County: Okaloosa Home must be located in Okaloosa County, FL.
Income Limitations:
Yes, based on Compliance Income (including household income) Income limits from HUD 2023 120% AMI guidelines Must have a total gross family income that does not exceed 120% of the Area Median Income (AMI). SHIP income limits are adjusted annually by Florida Housing Finance Corporation.
Maximum Assistance
$30,000 Up to $30,000. Loan will be awarded in the amount of money required in order to allow the homebuyer to qualify. The maximum will not be awarded in all cases.
Education Requirements Info:
Must Attend Homebuyer Counseling Class https://hudgov-answers.force.com/housingcounseling/s/
Eligible Property Types:
Single Family Detached Condo Townhome/PUD
Income By Household Size:
HH1HH2HH3HH4HH5HH6HH7HH8 $78,240$89,400$100,560$111,720$120,720$129,600$138,600$147,480 *Income limits as of 06/01/2023
Qualifying Ratios:
Housing Ratio: Up To 30% Total DTI: — Monthly mortgage payments including taxes and insurance must not exceed 30% of the median adjusted monthly gross income of applicant.