Escambia County Housing Finance Authority and Polk Housing Finance Authority
Escambia County HFA Big Splash Program for Government Loans (FHA, VA, RD)
ELIGIBILITY CRITERIA* –
1. Buyers and their spouses (occupant and non-occupant) must be first-time buyers and 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 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.
1 person household $65,200
2 or more person household $74,980
MAXIMUM SALES PRICE LIMIT – This price must include everything paid by the buyer or on the buyer’s behalf. $253,809
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%.