Homeownership Program

ECHFA Homeownership Program

Feature*	Benefit
Single Family (Governmental) Program Option
30-year Fixed Rate Mortgage Loan with an ECHFA DPA Program option 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.
Discount/Origination Fee	The combined total discount fees may not exceed 1.00% of the principal loan amount.
Documentary Stamp Tax and Intangible Tax	The Authority's first Governmental Loan Option mortgage loan is EXEMPT from Florida Documentary Stamp Tax.
Recapture Tax	The Authority's Governmental Loan Option mortgage loans are NOT subject to Recapture Tax.
Freddie Mac HFA Advantage (Conventional) Program Option
30-year Fixed Rate Mortgage Loan with an ECHFA DPA Program option 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.
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.
Classic DPA Program
30-Year Deferred Non-Interest Bearing Second Mortgage Loan up to $10,000*.	Unlike most Second Mortgages, there are NO monthly payments on our down payment and closing cost assistance loans.
Interest on Second Mortgage	The 30-Year Deferred Second Mortgage is non-interest bearing, therefore no interest will accrue.
Term of Second Mortgage	The 30-Year Deferred Second Mortgage is fully payable when the first mortgage is due upon sale, refinance, transfer of title or simply paying off the first mortgage.
Mortgage Credit Certificate
Mortgage Credit Certificate Program	Mortgage credit certificates should be available for qualifying homebuyers in connection with the AUthority's TBA Mortgage Loan Program by the end of the year.
What is a Mortgage Credit Certificate?	A Federal Tax Credit 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.
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	Qualifying Homebuyers 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 21 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 $85,500 up to $128,761. Purchase Price Limits range from zero up to $481,176 (up to $588,104 in Targeted Areas.) See Helpful Resources Page.

*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.

Buy a Home of your Own

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.  

 

Participating Florida Counties

- Alachua
- Bay
- Bradford
- Escambia
- Franklin
- Gadsden
- Gulf
- Hernando
- Indian River
- Jackson
- Jefferson
- Leon
- Madison
- Marion
- Martin
- Okaloosa
- Santa Rosa
- St. Lucie
- Taylor
- Wakulla
- Walton
- Targeted Areas

The total purchase price of a property may not exceed the Purchase Price Limits listed on the corresponding Participating County Page.