MARTIN COUNTY
Escambia County Housing Finance Authority AND Martin County Board of County Commissioners
Escambia County HFA Big Splash Program for Government Loans (FHA, VA, RD
and Conventional Loans (Freddie Mac HFA Advantage)
ELIGIBLE AREAS – Martin County
ELIGIBILITY CRITERIA* –
DOWN PAYMENT ASSISTANCE – Up to $10,000 for down payment and closing cost assistance. The assistance is in the form of a 30-year deferred, 0% Interest second mortgage. This is a second mortgage and is NEVER forgiven and must be repaid upon sale, refinancing, transfer of title, or rental of the home if done within the first 30 years.
INCOME LIMIT CRITERIA –
For Government Loans (FHA, USDA-RD and VA)
Household income is considered for ALL Borrower(s), spouses and anyone 18 years or older.
1-2 person household $100,989
3 or more person household $116,138
For Conventional Loans (Freddie Mac HFA Advantage)
Income considered ONLY for the borrower(s) listed on the 1003 loan application. This is the same income used to credit qualify the borrower(s).
All household sizes $70,240
MAXIMUM SALES PRICE LIMIT – This price must include everything paid by the buyer or on the buyer's behalf. $560,153
Escambia County Housing Finance Authority AND Martin County Board of County Commissioners
Escambia County HFA Big Splash Program for Government Loans (FHA, VA, RD
and Conventional Loans (Freddie Mac HFA Advantage)
ELIGIBLE AREAS – Martin County
ELIGIBILITY CRITERIA* –
- Buyers and their spouses (occupant and non-occupant) must be first-time buyers and must be able to permanently reside in the US.
- Buyers must live in the property they purchase as their principal residence.
- All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.
- Buyers must occupy the property purchased within 60 days of closing.
DOWN PAYMENT ASSISTANCE – Up to $10,000 for down payment and closing cost assistance. The assistance is in the form of a 30-year deferred, 0% Interest second mortgage. This is a second mortgage and is NEVER forgiven and must be repaid upon sale, refinancing, transfer of title, or rental of the home if done within the first 30 years.
INCOME LIMIT CRITERIA –
For Government Loans (FHA, USDA-RD and VA)
Household income is considered for ALL Borrower(s), spouses and anyone 18 years or older.
1-2 person household $100,989
3 or more person household $116,138
For Conventional Loans (Freddie Mac HFA Advantage)
Income considered ONLY for the borrower(s) listed on the 1003 loan application. This is the same income used to credit qualify the borrower(s).
All household sizes $70,240
MAXIMUM SALES PRICE LIMIT – This price must include everything paid by the buyer or on the buyer's behalf. $560,153
HOMEBUYER EDUCATION – Not Required
ELIGIBLE PROPERTY – New or existing, one unit (no 2-4 units), detached or attached, condos, townhomes.
CREDIT SCORE - FICO mid score must be 640 or higher.
ELIGIBLE PROPERTY – New or existing, one unit (no 2-4 units), detached or attached, condos, townhomes.
CREDIT SCORE - FICO mid score must be 640 or higher.
Mortgage Credit Certificate Program
Please speak with your tax advisor or tax professional or tax preparer to determine your estimated tax liability and the value of the MCC. The following information is for informational purposes only and does not constitute professional tax advice.
First-time buyers – don’t buy that house until you determine if you qualify for a Mortgage Credit Certificate (MCC)!
The MCC could save you THOUSANDS of dollars by reducing the amount of federal income tax you owe. The MCC is not down payment assistance but rather a dollar-for-dollar reduction in your federal tax liability.
SO HOW DOES AN MCC WORK?
An MCC is used in conjunction with a first mortgage loan provided by a participating lender. The MCC allows a borrower to take 20% of their annual mortgage interest as a tax credit while continuing to use the balance of the interest as a deduction. The MCC program tax credit maybe used as long as the property remains the borrower(s) principal residence. The MCC benefit may be received one of two ways. 1) Annually when a borrower files their federal income tax returns, or 2) A portion may be claimed with each paycheck by filing a revised W-4 form with the employer adjusting federal income tax withholding. Another added bonus - this MCC program may be combined with the Big Splash first mortgage program, the income and sale price limits are the exact same.
FEDERAL INCOME TAX LIABILITY - In order for a borrower to benefit from the Mortgage Credit Certificate they must have Federal income tax liability. Just because you received a tax refund does not mean you don't have liability. To determine your tax liability look at your IRS 1040 form line 37. A large number means you are a great fit for the MCC program. Even a small number means you will benefit from the MCC. However, zero indicates you would not be a good fit for the MCC because you have no tax liability.
WHAT'S THE NEXT STEP? If you think you qualify for the program based upon the criteria above, contact the Escamiba County HFA to obtain a list of loan officers. The loan officer will qualify you for the program and a mortgage loan. Please call 800-388-1970.
CLICK HERE TO VIEW THE PROGRAM FLYER & LIST OF PARTICIPATING LOAN OFFICERS
Haga clic aqui parável el folleto del programa, alista de prestamistas participantes y socios agentes inmobiliarios certificados en español.
Please speak with your tax advisor or tax professional or tax preparer to determine your estimated tax liability and the value of the MCC. The following information is for informational purposes only and does not constitute professional tax advice.
First-time buyers – don’t buy that house until you determine if you qualify for a Mortgage Credit Certificate (MCC)!
The MCC could save you THOUSANDS of dollars by reducing the amount of federal income tax you owe. The MCC is not down payment assistance but rather a dollar-for-dollar reduction in your federal tax liability.
SO HOW DOES AN MCC WORK?
An MCC is used in conjunction with a first mortgage loan provided by a participating lender. The MCC allows a borrower to take 20% of their annual mortgage interest as a tax credit while continuing to use the balance of the interest as a deduction. The MCC program tax credit maybe used as long as the property remains the borrower(s) principal residence. The MCC benefit may be received one of two ways. 1) Annually when a borrower files their federal income tax returns, or 2) A portion may be claimed with each paycheck by filing a revised W-4 form with the employer adjusting federal income tax withholding. Another added bonus - this MCC program may be combined with the Big Splash first mortgage program, the income and sale price limits are the exact same.
FEDERAL INCOME TAX LIABILITY - In order for a borrower to benefit from the Mortgage Credit Certificate they must have Federal income tax liability. Just because you received a tax refund does not mean you don't have liability. To determine your tax liability look at your IRS 1040 form line 37. A large number means you are a great fit for the MCC program. Even a small number means you will benefit from the MCC. However, zero indicates you would not be a good fit for the MCC because you have no tax liability.
WHAT'S THE NEXT STEP? If you think you qualify for the program based upon the criteria above, contact the Escamiba County HFA to obtain a list of loan officers. The loan officer will qualify you for the program and a mortgage loan. Please call 800-388-1970.
CLICK HERE TO VIEW THE PROGRAM FLYER & LIST OF PARTICIPATING LOAN OFFICERS
Haga clic aqui parável el folleto del programa, alista de prestamistas participantes y socios agentes inmobiliarios certificados en español.