HFA of Manatee County FHA Single Family Program
  • Introduction
  • Quick Facts
  • Pros & Cons
  • Availability
  • Occupancy & Property Type
  • Income & Purchase Price Limits
  • Key Features & Conditions
  • Other Limitations
  • Mortgage Insurance & Fees
  • Grant, Bond & Other Add-On Programs
  • Special Offers
  • Similar Loan Programs
  • Related Resources
Program Description

HFA of Manatee County offers a FHA loan, which is a type of mortgage insured by the Federal Housing Administration that may let you make a down payment as low as 3.5% and that has less-restrictive credit requirements than many conventional home loans. When paired with HFA of Manatee County Second Mortgage for down payment assistance, residents can finance up to 100% of their home purchase.

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Most PopularCondominium OptionsState Housing Loan Program
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HFA of Manatee County FHA Single Family Program

Min. Credit Score

660

Min. Down Payment

3.5%

Max Loan Amount

$506,000

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
  • Flexible qualification guidelines
  • Lower down payment than standard conventional loans
  • Allows up to 45% DTI (Debt-to-Income)
  • 1-4 unit options allowed
  • Only available in Manatee County, FL
  • Not available for second homes or investment properties
  • Homebuyer Education
  • Mortgage Insurance (MIP) is required for the life of the loan
  • Manufactured homes are not permitted
Program Availability

HFA of Manatee County FHA Single Family Programs are available in 1 state.

*Limited Availability: Eligible properties may be located anywhere within Manatee County, FL.

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“This program is great for homebuyers near Lakewood Ranch, FL , who are in need of assistance and qualify for FHA standard programs with a 660 credit score. Funds can be used for down payment or closing cost."

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

45.00%

Purchase Price Limit

$349,526

Income Limit

$135,600

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
  • FHA requires a 3.5% down payment that can be satisfied by add-on program.
  • Allows for credit scores as low as 660.
  • FHA loan program option from HFA of Manatee County; easier qualification
Additional Conditions
  • Eligible properties may be located anywhere within Manatee County, including the city of Lakewood Ranch, FL.
  • FHA loans are insured by the Federal Housing Administration, allowing your mortgage lender to provide you with a better deal than you might find with other loans. These loans are especially beneficial for first time home buyers and others with less-than-perfect credit scores or little money for a downpayment because of its flexible qualification guidelines.
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: Homebuyer Education through HUD approved Agency

First-time homebuyers are required to complete a HUD-approved education course. The education course can be obtained from any HUD-approved provider face to face or online typically though MGIC online or eHomeAmerica online.

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.

Mortgage Insurance
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.

Funding Fee
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.

Annual Fee
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.

Grants, Bonds & 2nd Mortgages

There are certain programs that can be combined with this HFA of Manatee County FHA program to help cover all or a portion of your down payment and closing costs, or provide additional borrower benefits.

HFA of Manatee County Second Mortgage
|HFA of Manatee County FHA

Single Family Program Second Mortgage combines the HFA of Manatee County first mortgage with a second mortgage to cover down payment costs.

Max. Loan Amount

$506,000

Min. Credit Score

660

Min. Down Payment:

3.5% 0%
Details
Special Offers

Occasionally, there are special offers that can be added to this mortgage program that provide additional benefits, such as a reduction in your federal taxes (mortgage credit certificates), extra cash for your down payment, and more.

HFA of Manatee County Key to Homeownership Grant Program- Government Loan

The Key to Homeownership Grant Program offers down payment assistance in the form of a grant in conjunction with the HFA of Manatee County Single Family First Mortgage Programs.

Details
FHA of Manatee County Mortgage Credit Certificate (MCC)

HFA of Manatee County Mortgage Credit Certificate (MCC) is an interest tax credit that is used to reduce your federal income tax responsibility each year.

Details
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.

HFA of Manatee County Conventional- Low Income

Best For: First Time Homebuyers, Low Credit Scores

FHA program for Manatee County, FL residents seeking down payment assistance, offered by the HFA of Manatee County

Details
Pinellas County HFA FHA Loan Program

Best For: First Time Homebuyers, Low Down Payments, Easy Qualification

FHA program for Pinellas, Pasco, and Polk County, FL residents seeking down payment assistance, offered by the Pinellas County HFA

Details
Related Resources
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Believe it or not, following these simple tips can not only make or break your home buying experience, but it can also either save or cost you valuable time and money. If you aren’t completely sure if something you’re planning to do will help or hurt the status of your loan approval, you should always contact your loan officer to advise before you act.

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A Rundown On Closing Costs and How They Affect You

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High Balance FHA Loans Explained

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Visit 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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