Escambia County Homebuyers Get Help with Down Payment and Closing Costs
Florida’s Escambia Housing Finance Authority County has established the Down Payment and Closing Cost Assistance Program to make homeownership more accessible for individuals. This program provides vital support by assisting potential homebuyers in covering the substantial upfront expenses associated with mortgage transactions, including the down payment and closing costs.
|
Did you know that there are several Virginia solar incentives, rebates, and programs expiring in 2023? Before you start worrying, you should know that there are unbelievable new incentives here now! Check out one of the most popular resources for learning about these programs in the link below.
Access Virginia Solar Programs |
Available Assistance The program offers down payment and closing cost assistance to eligible applicants through a zero-interest, deferred second mortgage. Borrowers can receive a maximum loan amount of $7,500, which can be used alongside the program’s 4 percent first mortgage. While the second mortgage is non-amortizing, it must be repaid when the first mortgage is satisfied or upon the sale, transfer, rental, or disposition of the property. Additionally, the program can provide up to 100 percent of the homebuyer’s cash required for closing, aligning with an FHA first mortgage without cash back to the borrower.
Eligibility Requirements To qualify for the Down Payment and Closing Cost Assistance Program, applicants must be first-time homebuyers, with an exception for qualified veterans and those purchasing in designated targeted areas. Borrowers’ annual household income must fall within the program’s specified limits (outlined below), and a minimum credit score of 640 is necessary for Conventional, FHA, USDA-RD, and VA Loans to participate.
|
Virginia mortgage programs may be able to save you hundreds every month. A new 2024 mortgage may be able to give relief to homeowners. Unfortunately, most Americans will not receive their mortgage benefits because they are not aware of some of these programs. You do not need to pay anything to check how much you could get.
Check Virginia Programs Here |
Property Guidelines Homes purchased with program assistance must serve as the borrower’s primary residence. Eligible property types encompass attached or detached single-family homes, condominiums, townhomes, or PUDs, within the counties of Alachua, Bradford, Escambia, Gadsden, Indian River, Leon, Marion, Martin, Okaloosa, Santa Rosa, St. Lucie, Wakulla, or Walton. The total purchase price of a home within Escambia County should not exceed the program’s purchase price limits: $310,211 for homes in Target Areas and $253,809 for those in Non-Target Areas.
Homebuyer Education Furthermore, at least one qualified borrower on the application must complete a homeownership education course.
Income Limits Household income is defined as all income received by household members aged 18 or older, even if they are not on the mortgage.
For 1 or 2 person households in Non-Target Areas: $62,000 For 3 or more person households in Non-Target Areas: $71,300
For 1 or 2 person households in Target Areas: $74,400 For 3 or more person households in Target Areas: $86,800
With the Down Payment and Closing Cost Assistance Program, Escambia County aims to empower individuals on their journey to homeownership, providing crucial financial support and expanding access to the housing market.
