MISSION OF THE ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY
The mission of Escambia County Housing Finance Authority (“Authority”, “Escambia HFA” or “ECHFA”) is to help alleviate the shortage of affordable homes available to persons of moderate, middle and low income, which will provide them with safe, sanitary and decent housing; and to assist in making capital available for the financing of construction, purchase, reconstruction or rehabilitation of such homes for such persons at interest rates which they can afford.
URBAN INFILL PROGRAM OVERVIEW
The ECHFA targets development or redevelopment of vacant urban “infill” properties with affordable housing for sale to and occupancy by low to moderate income persons/families (based on Authority income limits*) in Escambia County and the City of Pensacola. The maximum sales/purchase price allowed under the initiative is $189,000, with the actual sales/purchase price controlled by appraised value. Homebuyers are encouraged to utilize the local Escambia HFA and/or SHIP Homebuyers Program for first and second mortgage (down payment assistance) financing for the purchase of these homes.
ECHFA currently offers FHA-insured, VA-guaranteed or USDA-RD 30-Year Fixed Rate Mortgages using our 4.50%* Mortgage with a 0%, non-amortizing 30-year Deferred Second Mortgage up to $8,500**. Discount/Origination Fee or any combination shall not exceed 1% of the principal loan amount. ECHFA offers a NEW Freddie Mac-insured Conventional 30-Year Fixed Rate Mortgage using our Freddie Mac HFA ADvantage (Conventional) Proram Option 4.75%* Mortgage with a 0%, non-amortizing 30-year Deferred Second Mortgage up to $7,500. Origination Fee shall not exceed 1% of the principal loan amount.
You can download an Escambia County Urban Infill Brochure.
*ECHFA Income Limits:
2012 Single Family (Govermental) Program Option:
Family of 1-2: $62,000 (Non-Target Areas) - $71,300 (Target Areas)
Family of 3 or more: $74,400 (Non-Target Areas) - $86,800 (Target Areas)
Freddie Mac HFA Advantage (Conventional) Program Option:
Family of 1-2: $71,300
Family of 3 or more: $86,800
*Participating Lenders will provide specific APR information as required by law. Mortgage Rate/APR and DPA amount may be reset periodically based on market conditions. The Issuer reserves the right to modify terms of the Program at any time.
For more information call us at 800-388-1970 or 850-432-7077.
Escambia – Pensacola SHIP/Home Income Limits:
For more information regarding the City of Pensacola/Escambia County SHIP First Time Homebuyer Program Requirements, please visit their website for details.
PARTICIPATING BUILDERS & AVAILABLE PROPERTIES
(Escambia County Only)
Bennat, Inc. (850) 232-1267
Blue Water Signature Homes, Inc. (850) 450-4656
Home(s) for Sale: 309 South 1st Street
1211B East Scott Street
535 South 2nd Street
537 South 2nd Street
312 East Palmetto Avenue
316 East Palmetto Avenue
317 South A Street
11 Broadmoor Street
13 Sullivan Road
Caldwell Home Builders, Inc. (850) 516-4820
Community Action Program Committee, Inc. (850) 679-4817
Home(s) for Sale: 1192 Heathrow Drive
Community Enterprise Investments, Inc. (850) 595-6234
Home(s) for Sale:
404 East Lloyd Street
Handipro-Kleen Services, Inc. (aka: HKS, Inc.) (850) 206-0962
Home(s) for Sale:
415 West Jackson Street
417 West Jackson Street
508 North A Street
Mike Motes Builders, LLC (850) 626-3471
Home(s) for Sale: 16 Park Drive
1042 Peakview Drive
2297 Libra Lane
Parker Custom Built Homes, Inc. (850) 572-1134
Home(s) for Sale: 1465 Dolphin Road
1681 Eagle Terrace
SEED Properties, LLC (850) 380-3073 or (845) 797-9016
Home(s) for Sale:
1017 W. LaRua Street
420 North E Street
For additional information about the Urban Infill Housing Development Program or specific homes that are available in Escambia County and the City of Pensacola contact the ECHFA office at (850) 432-7077 or any of the Participating Builders listed above.