Manatee County

Housing Finance Authority of Manatee County

Manatee County offers 2 great options to homebuyers. Please choose one of the options listed below.

Option #1 – Key to Homeownership Program

ELIGIBLE AREAS – Manatee county

ELIGIBILITY CRITERIA* –

  1. Buyers and their spouses need NOT be first-time buyers but must be able to permanently reside in the US.
  2. Buyers must live in the property they purchase as their principal residence.
  3. >All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.
  4. Buyers must occupy the property purchased within 60 days of closing.

* See loan officer for more information

KEY TO HOMEOWNERSHIP FIRST MORTGAGE –Qualified buyers will receive a 30-year fixed rate first mortgage from a participating lender. Eligible loan products include FHA, VA, RD and Freddie Mac HFA Advantage Conventional.

DOWNPAYMENT ASSISTANCE – Up to $10,000 – assistance is a 30-year deferred, 0% rate second mortgage due upon refinance, sale, prepayment of first mortgage loan or when the property ceases to be the principal residence of the mortgagor.

HOMEBUYER EDUCATION –Required for all borrowers and anyone listed on the deed.
Homebuyer Education Certification is acceptable for a period of one year from issuance. Approved education courses include:

  1. Face to face from a HUD approved education provider
  2. Online education ONLY from: www.eHomeAmerica.org
  3. Online education ONLY from: hometrackonline.org
    Lender provided homebuyer education is unacceptable as is over the phone education. If an education course is not listed on the HUD face-to-face web site, it is not acceptable. The only online education providers are listed above.
    1. CREDIT SCORE – FICO mid score must be 640 or higher. The maximum debt-to-income (DTI) ratio is 45%.

      INCOME LIMIT CRITERIA – Household income is considered for ALL Borrower(s), spouses and anyone 18 years or older.

      1. Person Household $65,500
      2. or more Person Household $75,325

      ELIGIBLE PROPERTY – Primary residences only, new or existing, one to four units, detached or attached, condos, townhomes.

      MAXIMUM SALES PRICE LIMIT – Must include everything paid by the borrower or on the borrower’s behalf.
      $264,706

      Option #2 – Key to Homeownership Grant Program

      ELIGIBLE AREA – Manatee county

      ELIGIBILITY CRITERIA* –

      1. Buyers are NOT required to be first time buyers.
      2. Buyers and their spouses must be able to permanently reside in the US.
      3. Buyers must live in the property they purchase as their principal residence.
      4. All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.
      5. Buyers must occupy the property purchased within 60 days of closing.
      6. Buyers must qualify using the Own a Home Opporunity Grant requirements.
      7. Buyers must credit qualify for the Own a Home Opportunity Grant first mortgage.

      * See loan officer for more information

      KEY TO HOMEOWNERSHIP GRANT FIRST MORTGAGE – Qualified buyers will receive a 30-year fixed rate first mortgage from a participating lender. Eligible loan products include FHA, VA, RD and Freddie Mac HFA Advantage Conventional.

      DOWN PAYMENT ASSISTANCE – 4% or 5% grant of the Note amount. Must be used for down payment and closing cost assistance. This grant is never repaid.

      HOMEBUYER EDUCATION –Required for all borrowers and anyone listed on the deed.
      Homebuyer Education Certification is acceptable for a period of one year from issuance. Approved education courses include:

      1. Face to face from a HUD approved education provider
      2. Online education ONLY from: www.eHomeAmerica.org
      3. Online education ONLY from: hometrackonline.org
        Lender provided homebuyer education is unacceptable as is over the phone education. If an education course is not listed on the HUD face-to-face web site, it is not acceptable. The only online education providers are listed above.

      CREDIT SCORE – FICO mid score must be 640 or higher. The maximum debt-to-income (DTI) ratio is 45%.

      INCOME LIMIT CRITERIA –Must include the income of the borrower only $75,325.

      ELIGIBLE PROPERTY – Primary residences only, new or existing, one to four units, detached or attached, condos, townhomes.

      MAXIMUM SALES PRICE LIMIT – Must include everything paid by the borrower or on the borrower’s behalf.
      $323,529