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Escambia County Down Payment and Closing Cost Assistance

Florida

Available Assistance

The program provides down payment and closing costs assistance to income-eligible applicants in the form of a zero-interest, deferred second mortgage, with the maximum loan amount being $7,500. This can be used in conjunction with the program’s 4 percent first mortgage exclusively. The second mortgage is non-amortizing, but repayment is due when the first mortgage is satisfied or upon sale, transfer, rental or disposition of the property. Additionally, the program provides up to 100 percent of the homebuyer’s cash to close with an FHA first mortgage can provide (as long as there is no cash back to the borrower).

Eligibility Requirements

To be considered eligible for the Down Payment and Closing Cost Assistance Program, borrowers must be first-time homebuyer; those who have owned a principal residence during the past three years do not qualify. However, this does not apply to qualified veterans and homebuyers purchasing in a designated targeted area. Borrowers’ annual household income must fall within program limits (shown below) and a minimum credit score of 640 is required for Conventional, FHA, USA-RD and VA Loans to participate.

Property Guidelines

Any home being purchased with the aid of program funds must serve as the borrower’s primary residence. Eligible property types include attached or detached single family homes, condominiums, townhomes or PUDs, and must be located within Alachua, Bradford, Escambia, Gadsden, Indian River, Leon, Marion, Martin, Okaloosa, Santa Rosa, St. Lucie, Wakulla, or Walton Counties. The total purchase price of a home within Escambia County may not exceed the program’s purchase price limits: $310,211 for homes in Target Areas, and $253,809 for those in

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