FHFC First FHA Purchase Loan
Most PopularBest For: First Time Homebuyers, Low Credit Scores, Zero Down, Easy Qualification
Bond FHA program for Florida first time homebuyers with below market interest rates, easy qualification and down payment assistance options.
Program Description
30-year fixed rate FHA Bond Loan from Florida Housing with below market interest rates for residents and easier qualification than other programs. 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 First FHA Purchase Loan
Min. Credit Score
640
Min. Down Payment
3.5%
Max Loan Amount
$472,030
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 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
- Stricter income and purchase price limits than other Florida Housing programs
- Limited funding available
- Requires UFMIP (Upfront Mortgage Insurance Premium)
- Mortgage Insurance (MIP) is required for the life of the loan (some exceptions apply)
Program Availability
FHFC First FHA Purchase Loans are available in 1 state.
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“The Florida First FHA option is easier to qualify than other Florida Housing first mortgage options, but has a significant funding fee and lifetime mortgage insurance (in most cases)."
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
$79,300 - $117,875
Annual Household (1-2) 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
- FHFC FHA bond loan option with easier qualification
- Can be combined with FHFC's FL Assist or FL HLP programs
- Below market interest rates
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 On All FHA Loans
Type: Annual Mortgage Insurance Premium (MIP)This FHA program requires the Annual Mortgage Insurance Premium (MIP) regardless of the amount of your down payment or home equity.
Type: FHA UFMIP
The FHA Up Front Mortgage Insurance Premium (UFMIP) is a one-time fee equal to 1.75% of your loan amount. This fee can either be paid at closing or financed into your loan amount.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2.5%
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.
OHCS Rate Advantage Conventional Loan
Best For: Flexible Terms, First Time Homebuyers, Low Credit Scores, Lowest Rates
Oregon Housing Conventional program for first time homebuyers featuring below market interest rates and no mortgage insurance.
Chenoa Fund FHA Manufactured Home Purchase Loan
Best For: First Time Homebuyers, Low Credit Scores, Lowest Rates, Easy Qualification
Low down payment requirements, easier qualification guidelines, lower rates, and flexible terms for first time homebuyers and beyond.
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* 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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