What is the $10,000 Escambia County Down Payment Assistance Program?

The $10,000 Escambia County Down Payment Assistance Program gives you a great opportunity to get up to $10,000 in help with your down payment and closing costs.

Despite the name, the program serves not only Escambia County but also 21 other counties across Florida.

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We’ll walk you through how the program works, its key features and benefits, and the eligibility requirements you need to know.

If you’re planning to buy your first home or looking for affordable financing options, this guide will help you understand everything you need about this program.

Escambia County Down Payment Assistance Program: An Overview

The $10,000 Escambia County Down Payment Assistance Program helps cover the costs of your down payment and closing expenses when buying a home.

It offers up to $10,000 in assistance, paired with a 30-year fixed-rate mortgage option.

The program also provides benefits like an exemption from Florida’s Documentary Stamp Tax and no Recapture Tax, which could save you money over time.

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Escambia County DPA Benefits

The Escambia County Housing Finance Authority Program provides several benefits to make homeownership more affordable and accessible:

• Fixed Rate: No surprise payment increases for easier budgeting.
• 30-Year Loan Term: Lower monthly payments spread over 360 months.
• First-Time and Former Homebuyers: Available if you haven’t owned a home in the last three years.
• Multi-County Coverage: Serves 21 counties across Florida.
• Military Veteran Support: No first-time homebuyer requirement for honorably discharged veterans.
• Targeted Areas: First-time homebuyer requirement waived for homes in designated areas.

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Requirements for Eligibility

To qualify for the Escambia County Housing Finance Authority Program, here’s what you need to know:

Homeownership History

• You qualify if you’re a first-time homebuyer who has never owned a home as your main residence.
• If you haven’t owned a home in the last three years, you can still qualify.
• Veterans with an honorable discharge can qualify even if they’ve owned a home in the last three years, as long as the new home will be their main residence.
• You can also qualify if you’re buying a home in a federally designated Targeted Area, even if you’ve owned a home in the last three years.

Financial and Property Requirements

• Your FICO score must be at least 640 for FHA, USDA-RD, or VA loans.
• Your household income and the home’s price must be within the program’s limits for your county.
• The home you’re buying must be located in one of the participating counties.

If you meet these requirements, the program could help you take the next step toward owning your home.

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Participating Florida Counties

The Escambia County Housing Finance Authority Program is available in the following counties:

• Alachua
• Bay
• Bradford
• Escambia
• Franklin
• Gadsden
• Gulf
• Hernando
• Indian River
• Jackson
• Jefferson
• Leon
• Madison
• Marion
• Martin
• Okaloosa
• Santa Rosa
• St. Lucie
• Taylor
• Wakulla
• Walton

You can also explore additional opportunities in federally designated targeted areas.

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How To Claim The Down Payment Assistance

1. Check Eligibility: Reach out to a lender, such as MakeFloridaYourHome, to check your eligibility and start your application.
2. Gather Documents: Collect tax returns, bank statements, pay stubs, and income verification.
3. Connect with a Lender: Contact a participating lender to start your application.
4. Get Pre-Approved: The lender reviews your application and approves your loan amount.
5. Purchase a Home: Work with a Realtor to finalize a home purchase agreement.

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FAQs

Can the down payment assistance be used for closing costs?

Yes, the Escambia County Down Payment Assistance Program allows funds to be used for both down payment and closing costs, reducing the upfront expenses of buying a home.

Do I need to repay the assistance?

The assistance is provided as a second mortgage, which may need to be repaid if you sell or refinance your home within a certain time frame. Details depend on the specific terms set by the program.

Is there a maximum purchase price for the home?

Yes, the program has limits on the home’s purchase price, which vary by county. Your lender can provide the exact limits for your area.

What types of properties qualify?

Eligible properties include single-family homes, condominiums, townhomes, and PUDs located within the participating counties. The home must be your primary residence.

How long does the application process take?

The timeline depends on your lender and how quickly you can provide the necessary documents. Working with an experienced lender can help speed up the process.

Do I need a real estate agent?

While not required, having a Realtor can help you find eligible properties and negotiate the purchase agreement more effectively.

What happens if my credit score is below 640?

A credit score below 640 will disqualify you from the program. It’s recommended to work on improving your credit before applying or consult a lender for advice.

Is homebuyer education required?

Yes, all applicants must complete a homebuyer education course and provide a certificate of completion before closing.

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Next Steps

Start by checking your eligibility for the $10,000 Escambia County Down Payment Assistance Program. This step ensures the program is available in your area and that you meet the basic requirements.

Once eligible, connect with a participating lender who will guide you through the application process, help you select the best loan option, and confirm the amount of down payment assistance available to you.

After your loan is approved and you’ve completed a required homebuyer education course, the assistance will be applied at closing to lower your upfront costs.

Take the first step today by confirming your eligibility!

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