FHFC Bond HFA Conventional Loan - Low Income
Best For: First Time Homebuyers, Low Down Payments, Lowest Rates, Easy Qualification
Florida Housing Conventional Loan for low income first time buyers with lower mortgage insurance that can be paired with assistance programs.
Program Description
30-year fixed rate Conventional Bond Loan from Florida Housing with below market interest rates for residents making less than 80% AMI (Area Median Income). Can be paired with FHFC's FL Assist and FL HLP programs, which provide up to $10,000 in down payment and closing cost assistance. This program is only available to Florida first time homebuyers.
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FHFC Bond HFA Conventional Loan - Low Income
Min. Credit Score
640
Min. Down Payment
3%
Max Loan Amount
$726,200
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- Below market interest rates and lower mortgage insurance coverage available
- Can be combined with up to $10,000 in assistance
- Also available for manufactured homes and condos
- Also available for multi-family properties (2-4 units)
- Available in all of Florida
- 80% AMI income limit restrictions apply
- Limited funding available
- Requires private mortgage insurance (PMI)
- Only available to first time homebuyers
Program Availability
FHFC Bond HFA Conventional Loan - Low Incomes are available in 1 state.
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“The low rates, lower mortgage insurance coverage, and down payment assistance options are the greatest draws of this program—but the income limits disqualify many potential borrowers."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
50.00%
Purchase Price Limit
$349,525 - $590,491
Income Limit
$48,560 - $80,400
Annual Qualifying Income
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- Below market interest rates and lower mortgage insurance coverage
- Can be combined with FHFC's FL Assist or FL HLP programs
- Subject to 80% AMI (Area Median Income) limits
Additional Conditions
- Veteran's Exemption: Eligible Veterans with proof of active duty and honorable discharge via Form DD214 may be exempt from the first time homebuyer requirement
- Borrower(s) must not exceed program purchase or income limits, and must have a minimum FICO score of 640
- Non-occupying co-borrower(s) and cosigner(s) allowed
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is required for this loan program.
Class Name: Pre-Purchase Homebuyer Education Course
One borrower must finish a pre-purchase homebuyer class approved by the program. Veterans don't need the class unless in the HFA Preferred program, but active military do. The class should meet HUD or industry standards. Classes after closing and MGIC's class don't count. Mortgage insurance company classes are okay if they meet standards. Class completion certificates are good for 2 years. Only one borrower, not co-signers, needs to take the class.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
Required with less than 20% Down Payment
Type: Private Mortgage Insurance (PMI)This program requires Private Mortgage Insurance (PMI) if you are putting down less than 20% on the home you are purchasing or refinancing.
Type: No Funding Fee
This program does not have a funding fee.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
FHFC Bond HFA Conventional Loan - Median Income
Best For: First Time Homebuyers, Lowest Rates, Easy Qualification
Florida Housing Conventional Loan for first time homebuyers with incomes above 80% AMI that can be paired with FHFC's FL Assist or FL HLP programs.
Home Possible® Purchase Loan
Best For: First Time Homebuyers, Low Down Payments
Low down payment financing from Freddie Mac with discounted fees for creditworthy low and moderate income borrowers across the US.
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Calculate Income Limits Using Area Median Income
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The Power of a Mortgage Review: Trusting a PRO Lender on ReviewMyMortgage
Explore the benefits of a mortgage review with a trusted PRO Lender on ReviewMyMortgage.com. Learn how you can save money, uncover refinancing opportunities, access expert knowledge, stay informed about market trends, and take advantage of the platform's user-friendly loanSMART dashboard. Secure your financial future by signing up for a free account on reviewmymortgage.com today.
Read MoreVisit our Mortgage Education Center for more resources.
* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers
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