FIRST HOME 4 U
Housing Finance Authority of Lee County and Housing Finance Authority of Broward County First-Time Buyer Program ELIGIBLE AREAS
Broward County
ELIGIBILITY CRITERIA
First-time Homebuyers -All borrower(s)and spouses (occupant or non-occupant)
Must be able to permanently reside in the U.S.
Must be the principal residence
Borrower(s) must occupy property within 60 days of closing
IRS-filed transcripts for the past three years of all borrower(s)and spouses
DOWN PAYMENT ASSISTANCE (DPA)
DPA is available, see rates. Must be used for down payment and closing cost (no cash back).
There are two options for down payment assistance:
1. Low Rate First Mortgage and up to $10,000 of DPA as 0%, 30-year deferred second
2. Assisted Rate First Mortgage with a 3% DPA grant
INCOME LIMIT CRITERIA
Non-Targeted Areas:
2 or Fewer Persons:$81,720
3 or More Persons: $95,340
Targeted Areas:
2 or Fewer Persons:$81,720
3 or More Persons: $95,340
HOME ACQUISITION LIMITS
Non-Targeted Areas:
$391,153
Targeted Areas:
$437,179
HOME BUYER EDUCATIONNot RequiredFICO SCORE REQUIREMENTMinimum credit score of 640, 45% Debt-to-Income (DTI) ratioCO-SIGNERSCo-signers are permitted for FHA Loans, but cannot be named on the Warranty Deed.
Lenders
Prospective borrowers: Click here for approved lenders' contact information.
Prospective lenders: All lenders must be approved first by U.S. Bank if they want to participate in the Broward County Housing Finance Authority Second Mortgage Loan Program.
Click here for Lender Participation Instructions.
