THE HHF DPA SECOND MORTGAGE PROGRAM Florida Housing offers a second mortgage program that provides eligible borrower(s) with funds that can be used for down payment, closing costs and prepaids, mortgage insurance premiums, or as a principal reduction to the first mortgage. This second mortgage program offers the following benefits to qualified borrower(s): Borrower(s) qualifying for the FL First or Military Heroes First Mortgage Program in Brevard, Duval, Hillsborough, Orange and Volusia Counties automatically qualify. This is not a stand-alone second mortgage program. A five-year, deferred loan that is forgiven at the rate of 20% per year, over the term of the second mortgage loan provided the borrower is not in default. 0% interest rate. Up to $15,000 in assistance. THE FIRST MORTGAGE PROGRAMS Florida Housing offers two first mortgage government loan programs to eligible First Time Homebuyers. Borrower(s) are required to qualify as a First Time Homebuyer as defined below and satisfy the following requirements to be eligible to participate in the first mortgage programs that offer down payment assistance. The Florida First (FL First) offers eligible borrowers a 30-year, fixed-rate mortgage. Borrowers who qualify for this mortgage program will automatically qualify for down payment assistance through the HHF DPA Program. The Military Heroes offers eligible borrowers a 30-year, fixed-rate mortgage with a rate that is 25 bps less than the Florida First. To be eligible to participate in the Military Heroes Program, borrowers must be a veteran whose discharge status is anything other than dishonorable, or active duty personnel from the military (Air Force, Army, Coast Guard, Marine Corps, Navy, National Guard, or the Reserves). Borrowers qualifying for this mortgage program will automatically qualify for downpayment assistance through the HHF DPA Program. Verification of eligibility may include discharge papers for duty personnel, a current military photo ID for active duty personnel, or alternative documentation that supports eligibility. Program Requirements First Time Homebuyer Requirement - unless meeting one of the exceptions below, the borrower and spouse, if applicable, must not have had an Ownership Interest in a principal
THE HHF DPA SECOND MORTGAGE PROGRAM Florida Housing offers a second mortgage program that provides eligible borrower(s) with funds that can be used for down payment, closing costs and prepaids, mortgage insurance premiums, or as a principal reduction to the first mortgage. This second mortgage program offers the following benefits to qualified borrower(s): Borrower(s) qualifying for the FL First or Military Heroes First Mortgage Program in Brevard, Duval, Hillsborough, Orange and Volusia Counties automatically qualify. This is not a stand-alone second mortgage program. A five-year, deferred loan that is forgiven at the rate of 20% per year, over the term of the second mortgage loan provided the borrower is not in default. 0% interest rate. Up to $15,000 in assistance. THE FIRST MORTGAGE PROGRAMS Florida Housing offers two first mortgage government loan programs to eligible First Time Homebuyers. Borrower(s) are required to qualify as a First Time Homebuyer as defined below and satisfy the following requirements to be eligible to participate in the first mortgage programs that offer down payment assistance. The Florida First (FL First) offers eligible borrowers a 30-year, fixed-rate mortgage. Borrowers who qualify for this mortgage program will automatically qualify for down payment assistance through the HHF DPA Program. The Military Heroes offers eligible borrowers a 30-year, fixed-rate mortgage with a rate that is 25 bps less than the Florida First. To be eligible to participate in the Military Heroes Program, borrowers must be a veteran whose discharge status is anything other than dishonorable, or active duty personnel from the military (Air Force, Army, Coast Guard, Marine Corps, Navy, National Guard, or the Reserves). Borrowers qualifying for this mortgage program will automatically qualify for downpayment assistance through the HHF DPA Program. Verification of eligibility may include discharge papers for duty personnel, a current military photo ID for active duty personnel, or alternative documentation that supports eligibility. Program Requirements First Time Homebuyer Requirement - unless meeting one of the exceptions below, the borrower and spouse, if applicable, must not have had an Ownership Interest in a principal
HHFDPAGOVT070615_Final.docx