Escambia County Housing Finance Authority (ECHFA) helps homebuyers achieve their homeownership dream, which typically translates to Lenders seeing an increase in loan closings.
We periodically launch new programs, so please be sure to revisit and bookmark our website as a resource when researching attractive Homeownership Programs for your clients.
Our Homebuyer assistance program currenlty offers the following:
ECHFA HOMEOWNERSHIP PROGRAM
|2018 SINGLE FAMILY (GOVERNMENTAL) BOND ELIGIBLE PROGRAM OPTION|
5.375% Low Interest Rate WITH Up to $7,500*, 30-Year Deferred Non-Interest Bearing Second Mortgage
|Don’t wait. Afford a home now because a low interest rate means lower monthly mortgage payments. Keep your money for that all important emergency fund. Unlike most Second Mortgages, there are NO monthly payments.|
|Discount/Origination Fee||The total combined fee not to exceed 1.00% of the principal loan amount.|
|Documentary Stamp Tax and Intangible Tax||Yes, effective November 15, 2018, first and second mortgages are EXEMPT from Documentary stamp tax and Intangible tax.|
|Recapture Tax||Yes, the Governmental loans are subject to the potential for Recapture Tax, view the Notice of Potential Recapture.|
|FREDDIE MAC HFA ADVANTAGE (CONVENTIONAL) PROGRAM OPTION|
5.625% Interest Rate WITH Up to $7,500*, 30-Year Deferred Non-Interest Bearing Second Mortgage
|The Freddie Mac HFA Advantage (Conventional) Program option significantly lowers the cost of the Mortgage Insurance over the term of the loan. Unlike most Second Mortgages, there are NO monthly payments.|
|Origination Fee||The origination fee not to exceed 1.00% of the principal loan amount.|
|Documentary Stamp Tax||Yes, effective July 1, 2018, the first and second mortgages are exempt from documentary stamps tax.|
|Homeownership Education Certificate||Buyers utilizing the Freddie Mac HFA Advantage (Conventional) Product Option will be required to complete homebuyer education. Click here for an option for the required homebuyer education course.|
|FREDDIE MAC ADDITIONAL INCOME SUBSIDY (AIS) GRANT PROGRAM|
|Non-repayable Freddie Mac Grant of $2,500||Borrowers at or below 50% of the Area Median Income (AMI) Limits, per Participaing County, as published by Freddie Mac (see link) are eligibale for an AIS Grant of $2,500.|
|Non-repayable Freddie Mac Grant of $1,500||Borrowers above 50% of AMI but at or below 80% AMI, per Participaing County, as published by Freddie Mac (see link) are eligible for an AIS Grant of $1,500.|
|Are these subsidies stackable?||Yes, if the borrower qualifies, 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 (OPTIONAL)|
|Available Programs||The mortgage credit certificates are available in connection with any not to exceed 30 year, fixed rate mortgage loans, such as the Freddie Mac Advantage (Conventional) Program Option. Click here for more information about ECHFA's Mortgage Credit Certificate Program.|
|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 eligibale to receive a mortgage credit certificate.|
|MCC Participating Counties||Alachua, Bay, Bradford, Escambia, Gadsden, Indian River, Jackson, Leon, Marion, Martin, Okaloosa, Santa Rosa, St. Lucie, Wakulla and Walton.|
|Fixed Rate||No 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
|Unlike most Homeownership Programs, this one isn’t just for first-time homebuyers. Anyone who hasn’t owned a home in the last 3 years may participate.|
|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/Purchase Price Limits||Not for just low income housing. Maximum Income Limits range from $62,500 up to $101,100. Purchase Price Limits range from zero up to $271,165 (up to $355,881 in Targeted Areas).
|Down Payment Assistance Programs||If a borrower qualifies, the borrower may receive the AIS Grant from Freddie Mac and Down Payment Assistance and a Mortgage Credit Certificate from the Issuer. These subsidies are stackable.|
*All assistance program FEATURES are subject to change based on market conditions. Participating Lenders provide specific APR information as required by law.
WHAT PROPERTIES QUALIFY?
The following types of properties qualify for our Homeownership Program:
• Single-Family - Detached
• Single-Family - Attached
The property must be located within one of the following counties:
The total purchase price of a property may not exceed the Purchase Price Limits listed on the Participating Counties Map.