
Escambia County Housing Finance Authority AND Okaloosa County Board of County Commissioners
First-Time Buyer Program
First-time buyers in Okaloosa County have 2 great options! Please choose one of the options listed below.
Option #1
Escambia County HFA Big Splash Program for Government Loans (FHA, VA, RD)
ELIGIBILITY CRITERIA* –
*See loan officer for additional information
DOWN PAYMENT ASSISTANCE –Up to $7,500 for down payment and closing cost assistance. The assistance is in the form of a 30-year deferred, 0% Interest second mortgage. This is a second mortgage and is NEVER forgiven and must be repaid even if the first mortgage is refinanced.
INCOME LIMIT CRITERIA – Household income is considered for ALL Borrower(s), spouses and anyone 18 years or older.
MAXIMUM SALES PRICE LIMIT –This price must include everything paid by the buyer or on the buyer’s behalf. $314,470
HOMEBUYER EDUCATION – Not Required.
ELIGIBLE PROPERTY –New or existing, one unit (no 2-4 units), detached or attached, condos, townhomes.
CREDIT SCORE –FICO mid score must be 640 or higher.
DTI – The maximum debt-to-income (DTI) ratio is 45%.
Option #2
Escambia County HFA Big Splash Program for the conventional loan (Freddie Mac HFA Advantage)
ELIGIBILITY CRITERIA* –
* See loan officer for additional information
DOWN PAYMENT ASSISTANCE – Up to $7,500 for down payment and closing cost assistance. The assistance is in the form of a 30-year deferred, 0% Interest second mortgage. This is a second mortgage and is NEVER forgiven and must be repaid even if the first mortgage is refinanced.
INCOME LIMIT CRITERIA –Income considered ONLY for the borrower(s) listed on the 1003 loan application. This is the same income used to credit qualify the borrower(s).
MAXIMUM SALES PRICE LIMIT – This price must include everything paid by the buyer or on the buyer’s behalf. $314,470
HOMEBUYER EDUCATION – Required, speak with a participating lender for details.
ELIGIBLE PROPERTY – New or existing, one unit (no 2-4 units), detached or attached, condos, townhomes.
CREDIT SCORE – FICO mid score must be 640 or higher.
DTI – The maximum debt-to-income (DTI) ratio is 45%.
CO-SIGNERS – Not permitted.