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First Home 4 U

First Home 4 U


Housing Finance Authority of Lee County and Housing Finance Authority of Broward County First-Time Buyer Program
 

ELIGIBLE AREAS 

Broward County 

ELIGIBILITY CRITERIA 

  • First-time Homebuyers -All borrower(s) and spouses (occupant or non-occupant)
  • Must be able to permanently reside in the U.S.
  • Must be principal residence
  • Borrower(s) must occupy property within 60 days of closing
  • IRS-filed transcripts for past three years of all borrower(s) and spouses 
  • DOWN PAYMENT ASSISTANCE (DPA)

    DPA is available, see rates. Must be used for down-payment and closing cost (no cash back).
    There are two options for down payment assistance:
       1.  Low Rate First Mortgage and up to $10,000 of DPA as 0%, 30 year deferred second
       2.  Assisted Rate First Mortgage with 3% DPA grant 

    INCOME LIMIT CRITERIA 

    Non-Targeted Areas:
         2 or Fewer Persons:  $81,720
         3 or More Persons:  $95,340 

    Targeted Areas:
         2 or Fewer Persons:  $81,720
         3 or More Persons:  $95,340 

    HOME ACQUISITION LIMITS

    Non-Targeted Areas:
         $391,153 

    Targeted Areas:
         $437,179 

    HOME BUYER EDUCATION Not Required
    FICO SCORE REQUIREMENT Minimum credit score of 640, 45% Debt-to-Income (DTI) ratio
    CO-SIGNERS Co-signers are permitted for FHA Loans, but cannot be named on the Warranty Deed.

    Lenders

    Prospective borrowers:  Click here for approved lenders' contact information.

    Prospective lenders:  All lenders must be approved first by U.S. Bank if they want to participate in the Broward County Housing Finance Authority Second Mortgage Loan Program. Click here for Lender Participation Instructions.