|Single Family (Governmental) Bond Eligible Program Option|
|30-year Fixed Rate Mortgage Loan WITH Up to $7,500*, 30-Year Deferred Non-Interest Bearing Second Mortgage Loan for Down Payment and Closing Cost Assistance. See "Today's Interest Rates."||Don’t wait. An affordable interest rate means lower monthly mortgage payments. Keep your money for that all important emergency fund. And unlike most Second Mortgages, there are NO monthly payments on our down payment and closing cost assistance loans.|
|Discount/Origination Fee||The combined total discount fees may not exceed 1.00% of the principal loan amount.|
|Documentary Stamp Tax and Intangible Tax||Effective November 15, 2018, the Authority's first and second Governmental Option mortgage loans are EXEMPT from Florida Documentary stamp tax and Intangible tax.|
|Recapture Tax||The Authority's Governmental Option mortgage loans are subject to the potential for Recapture Tax, view the Notice of Potential Recapture.|
|Freddie Mac HFA Advantage (Conventional) Program Option|
|30-year Fixed Rate Mortgage Loan WITH Up to $7,500*, 30-Year Deferred Non-Interest Bearing Second Mortgage Loan For Down Payment and Closing Cost Assistance. See "Today's Interest Rates."||The Freddie Mac HFA Advantage (Conventional Option) Program significantly lowers the cost of Mortgage Insurance over the term of the loan. Unlike most Second Mortgages, there are NO monthly payments on our down payment and closing cost assistance loans.|
|Origination Fee||The origination fee may not exceed 1.00% of the principal loan amount.|
|Homeownership Education||Buyers utilizing the Freddie Mac HFA Advantage (Conventional) Program Option will be required to complete an approved homebuyer education course and must provide a certificate of completion of the course prior to closing.|
|Freddie Mac Affordable Income Subsidy Grant Program|
|Non-repayable Grant of $2,500||Borrowers at or below 50% of the Area Median Income ("AMI") Limits, per Participating County, as published by Freddie Mac, are eligible for an AIS Grant in the amount of $2,500. These grants are available only with the Authority's Freddie Mac (Conventional Option) first mortgage loans.|
|Non-repayable Grant of $1,500||Borrowers above 50% of AMI Limits, per Participating County, as published by Freddie Mac, but at or below 80% AMI are eligibale for an AIS Grant of $1,500. These grants are available only with the Authority's Freddie Mac (Conventional Option) first mortgage loans.|
|Are these subsidies stackable?||Yes, the borrower may receive the AIS Grant from Freddie Mac and Down Payment Assistance and a Mortgage Credit Certificate from Escambia HFA.|
|Mortgage Credit Certificate Program|
|Mortgage Credit Certificate Program||Mortgage credit certificates are available for qualifying homebuyers in connection with the Authority's Freddie Mac (Conventional Option) Program loans.|
|What is a Mortgage Credit Certificate?||A Federal Tax Credit (not to exceed $2,000 per year) available each year that the borrower continues to live in the home financed under the Program.|
|Homeownership Education Certificate||Each homebuyer must agree to participate in a Homebuyer Education Class approved by the Authority prior to being eligible to receive a mortgage credit certificate.|
|MCC Participating Counties||Counties participating in the Authority's Mortgage Credit Certificate Program Include Alachua, Bay, Bradford, Escambia, Gadsden, Indian River, Jackson, Leon, Marion, Martin, Okaloosa, Santa Rosa, St. Lucie, Wakulla and Walton.|
|General Program Benefits|
|Fixed Rate||The Authority's fixed rate loans do not have surprise payment increases, allowing you to better budget your income.|
|30-Year Loan Term||Keep monthly mortgage payments low since they are spread across 360 months.|
|First-Time Homebuyers or Former Homeowners||Mortgage Credit Certificates are available for qualifying first time homebuyers and for qualifying homebuyers who have not owned a home in the last three years.|
|Multi-County||Don’t be fooled by our name. We don’t just serve Escambia County. We currently serve 19 Counties across Florida.|
|Military Veteran Support||As a ‘thank you’ to our veterans, the first-time homebuyer requirement is waived for honorably discharged military veterans as defined in 38 U.S.C. 101.|
|Non-First Time Homebuyer||Select a home in a designated Targeted Area and the first time homebuyer requirement is waived.|
|Income and Purchase Price Limits||Not for just low income housing. Maximum Income Limits range from $62,500 up to $100,100. Purchase Price Limits range from zero up to $283,348 (up to $360,530 in Targeted Areas. See Participating County.|
*All program FEATURES are subject to change. Second Mortgage funds only to be used towards down payment and/or closing costs. Participating Lenders provide specific APR information as required by law.
Tired of throwing money away by renting and ready to own a home, but think you don’t have enough cash? Well THINK AGAIN!!!
The Escambia County Housing Finance Authority (ECHFA) can help you come up with that cash through our Homeownership Program, helping you achieve your homeownership dream, whether it’s your first, second or fifth time around. You get the idea.
We periodically launch new programs, so please be sure to revisit and bookmark our website as a resource when researching attractive homeownership programs.
The total purchase price of a property may not exceed the Purchase Price Limits listed on the corresponding Participating County Page.