HFA of Manatee County Second Mortgage
  • Introduction
  • Quick Facts
  • Pros & Cons
  • Availability
  • Occupancy & Property Type
  • Income & Purchase Price Limits
  • Key Features & Conditions
  • Other Limitations
  • Mortgage Insurance & Fees
  • Special Offers
  • Similar Loan Programs
  • Related Resources
Program Description

HFA of Manatee County combines two mortgages together to cover the cost of your down payment, and can also cover part of the closing costs for eligible borrowers up to $10,000.

Tags
State Housing Loan Program
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HFA of Manatee County Second Mortgage

Min. Credit Score

640

Min. Down Payment

3.5%

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.

Program Benefits
Benefit type: Up to $10,000 in Assistance
Closing Cost AssistanceDown Payment Assistance

Type: Deferred Payment Standard 2nd Mortgage Program - Repayable

This is a 30 year deferred, 0% second mortgage in an amount up to $10,000 in assistance, variable by county, that may be used for closing costs and down payment assistance.

First Mortgage Program Option

This program can be used in tandem with the following first mortgage programs in order to help fulfill down payment requirements, pay closing costs, or provide other benefits. Learn all about how grants, bonds & 2nd mortgages work here.

  • HFA of Manatee County Conventional- Median Income
  • HFA of Manatee County Conventional- Low Income
  • HFA of Manatee County USDA Single Family Program
  • HFA of Manatee County VA Single Family Program
  • HFA of Manatee County FHA Single Family Program
Pros & Cons
  • Allows for 100% financing for eligible home buyers
  • Available in all of Manatee County, FL
  • Income limits apply (varies by county of property)
  • Deferred, never forgiven
Program Availability

HFA of Manatee County Second Mortgages 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 buyers who are in need of assistance and qualify for HFA of Manatee County first mortgage programs with a 640 credit score or higher. 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
  • Second mortgage of up to $10,000
  • Assistance may be used for down payment and closing costs
Additional Conditions
  • Borrower(s) must occupy property as primary residence.
  • Must be combined with HFA of Manatee County first mortgage program.
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 Course

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

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
No Mortgage Insurance

This program does not require Private Mortgage Insurance (PMI).

Funding Fee
Type: No Funding Fee

This program does not have a funding fee.

Annual Fee
Type: No Annual Fee

This program does not have an annual fee.

Estimated Closing Costs: 2.5% 0%

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.

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.

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.

Virginia Housing Down Payment Grant - FHA

Best For: First Time Homebuyers, Zero Down

Virginia Housing's Down Payment Assistance (DPA) grant provides qualified first time homebuyers with up to 2.5% of the purchase price or value.

Details
Nevada Housing Home is Possible Teacher 2nd Mtg

Best For: First Time Homebuyers, Zero Down

Nevada Housing HIP Teacher 2nd Mortgage

Details
Related Resources
2023 Credit Score Guide and Tips for Improvement

Many borrowers often misunderstand what all goes into calculating a consumer’s credit score, focusing on the negatives such as delinquent payments and collection accounts. Let’s dive in and look at factors that impact your FICO credit score, how lenders factor your credit score into your mortgage rate, and ways to improve your credit score before you submit your mortgage application.

Read More

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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