Manatee County Housing Finance Authority

2011 Bond Program

PROGRAM FUNDS $ 5,000,000
ELIGIBLE AREAS Manatee & Palm Beach Counties
ELIGIBILITY CRITERIA – First-time Homebuyers – All Borrower(s) & Spouses(occupant or non-occupant)
– Must be able to permanently reside in the U.S.
– Principal residence
– Borrower(s) must occupy property within 60 days of closing
– IRS filed returns for past 3 yrs – all borrower(s) & spouses
ELIGIBLE LOAN TYPES FHA, VA, USDA-RD
AVAILABLE DOWN PAYMENT ASSISTANCE DPA Available, see rates; Must be used for downpayment and closing cost. No Cash Back.
INCOME LIMIT CRITERIA Household income is considered for ALL Borrower(s) , spouses and anyone 18 years or older.
–  1-2 person HHLD max = $74,760
–  3+  person HHLD max = $87,220
HOME PACQUISITION LIMITS Acquisition Limits
– Non-Targeted Areas: $318,375
– Targeted: $472,205
HOME BUYER EDUCATION Required for ALL first time home borrowers. 
FICO SCORE REQUIREMENT Minimum credit score of 620
CO-SIGNERS Co-Signers are permitted for FHA Loans. Cannot be named on the Warranty Deed.
LOAN TIME LINE REQUIREMENTS –  Reservation to UW Cert: 15 days
–  Reservation to Close and Delivery: 30 days
–  Reservation to Loan Purchase: 60 days
LENDER PARTICIPATION  Click Here
FORMS AND DOCUMENTATION  Click Here
OTHER  For additional information, Click Here.

Current Rates

  •  4.00%  30 year amortizing first mortgage loan with 1.25%  Origination Fee

DPA

  • Manatee County: second mortgage – 4% of first mortgage; due upon sale, refinance,
    repayment of the first mortgage, or receipt of tax credit refund Purchase and servicing
    by Manatee County HFA.
  • Palm Beach County: second mortgage – 4% of first mortgage with 3.00% simple
    interest; due upon sale, refinance, repayment of the first mortgage, Purchase and
    Servicing by Palm Beach HFA
Program Updates

– Program Ended