Cash Grant – Who qualifies?
Cash Grant – The Board of County Commission of Escambia, Santa Rosa, Okaloosa and Walton Counties along with Escambia County Housing Financing Authority are offering $6,000 cash grant for down payment assistant (not to exceed 4% of the loan amount) for 1st time home buyers. In addition to the cash grant, they are also offering a 30 year fixed (FHA-Insured, VA-Guaranteed or USDA –RA) 4% mortgage. The cash grant never has to be repaid by borrowers. Qualified VA buyer does not have to be first time home buyer. First time home buyers and qualified veteran buyers have to occupy the home as their principal residence to qualify for the cash grant.
Need more that the $6000 Cash Grant – Try the Low Rate Mortgage Option
Another option to the cash grant for first time home buyers or qualified veteran buyers is the 30 year mortgage with a 3.25% fixed interest rate with a $7,500 deferred 30 year non-amortizing second mortgage with a 0% interest rate that is due upon satisfaction of 1st mortgage. The second mortgage has No Origination Fee, No Discount Points, No Intangible Tax and No Doc Stamp Fee. This is also a very good deal for those that may need more than the $6,000 offered in the grant.
Cash Grant – Other Qualifying Factors
- Household Income – Family of 1-2 up to $82,080 or Family of 3 or more up to $95,760
- Qualifying FICO score of 640 or higher
- Buyers must occupy the home as their principal residence
- Qualifying veterans need not be first time home buyer
- Buyers must be first time home buyers who have not had a present ownership in a principal residence during the past 3 years
- Home buyers buying a home in a designated target area do NOT need to be firstt time home buyers
- Buyers must purchase a home in Escambia, Santa Rosa, Okaloosa, Walton, Alachua, Bradford, Gadsden, Indian River, Leon, Marion, St Lucie or Wakulla Counties
- Qualifying Home – Single Family (Attached or Detached), Condominium, Townhouse, certain Manufactured Homes or PUDs