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Walton County

WALTON COUNTY

Escambia County Housing Finance Authority AND Walton County Board of County Commissioners

First-time buyers in Walton 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)

ELIGIBLE AREAS – Walton County

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  $70,560
​2 or more person household  $82,320

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 660 or higher.

DTI – The maximum debt-to-income (DTI) ratio is 45%.

CO-SIGNERS – Permitted for FHA loans under very specific conditions.
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Option #2
Escambia County HFA Big Splash Program for the conventional loan (Freddie Mac HFA Advantage)

ELIGIBLE AREAS – Walton County

ELIGIBILITY CRITERIA* –

  • Buyers and their spouses (occupant and non-occupant) must be first-time buyers and must be able to permanently reside in the US.
  • Buyers must live in the property they purchase as their principal residence.
  • All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.
  • 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 – 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).
1 person household  $70,800
​2 or more person household  $82,600

MAXIMUM SALES PRICE  LIMIT –  This price must include everything paid by the buyer or on the buyer’s behalf. $253,809

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.
​

WHAT’S THE NEXT STEP?
If you think you qualify for the program based upon the criteria above, contact a participating loan officer to get pre-approved for a mortgage.