
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* –
* 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
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%.
Option #2
Escambia County HFA Big Splash Program for the conventional loan (Freddie Mac HFA Advantage)
ELIGIBLE AREAS – Walton County
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).
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.