Program helps homebuyers
A special mortgage assistance program can mean lower monthly payments for qualified first-time homebuyers and persons who haven’t owned a home in the past three years in Washington and Holmes Counties. The Escambia County Finance Authority, or HFA, working in conjunction with other housing finance authorities and local governments in 20 Florida Counties, has issued $96,255,000 of tax-exempt bonds to fund the program.
Compared to an interest rate of 7.00 percent, the 5.80 percent mortgages will reduce the principal and interest payment a homebuyer would pay for an $80,000 mortgage for $532.24 to $469.40 a month, saving the homebuyer $62.84 each month and a total of $22,622.25 over the life of the loan.
To qualify, first-time homebuyers or persons who have not owned a home in the past three years must earn under $49,400 for a family of one or two person and under $56,810 for a family of three or more. Qualifying purchase price limits under the program are $98,523 for an existing home and $106,366 for a new home.
Upon qualifying with a participating lender, homebuyers will be able to secure a 30-year mortgage at a fixed interest rate of 5.80 percent. The following additional aid also is available under the program to assist homebuyers:
Down payment assistance is available to all qualifying homebuyers at a slightly higher interest rate;
Soft second mortgages (which require no payment over the life of the 30-year mortgage and accrue no interest) of up to $2,500 at zero percent interest are also available to qualifying homebuyers who earn less than 80 percent of the area median income;
Qualified homebuyers can also use SHIP assistance with the first-time homebuyers’ program.
Since 1982, the Escambia HFA has issued approximately $825,000,000 in single-family mortgage revenue bonds. To date, approximately 12,000 homebuyers have qualified under the HFA’s first-time homebuyer program, allowing them to realize the dream of owning their first home.
To find out more about this program and obtain the names of participating mortgage lenders, call the Escambia HFA at 1(800)388-1970 or visit the HFA’s Web site at www.escambiahfa.com. The Escambia HFA is headquartered in Pensacola with locations at the Holmes and Washington County Boards of County Commissioners.
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