100% Community Advantage Special Conventional Financing
Updated February 23, 2025See how its possible to still purchase a home!
Program Features:2025 - 100% Community Advantage Special Conventional Financing with $0 Mortgage Insurance available for select counties.
- 30-year / 100% LTV first mortgage loan.
- Must have 1 month PITI reserves.
- If census tract has a 50.01% Minority population, there is NO income limit.
- No upfront or monthly mortgage insurance is required by Borrower.
- The program is available to anyone who can qualify for a Fannie Mae Conventional Loan.
- This loan is manually underwritten with a maximum of 45% DTI.
- Minimum 600 middle FICO 5-4-2 credit score for 100% financing and No Mortgage Insurance. No non-traditional credit can be used.
- 50.01 minority no income limit OR 100% or less of the MSA Area Median Income.
- This program can be used in these counties: Polk, Orange, Marion, Broward, Duval, & Escambia.
- Eligible Borrowers include US Citizens and Permanent Resident Aliens.
- Maximum LTV 100% Conventional loan amount $400,000.
- 1 unit only - Single Family Residence, Townhouses, Manufactured and Mobile homes allowed.
- Borrowers 1003 income used only for household income limitation. Only Applicant 1003 income used for qualification purposes.
- NO mortgage insurance for Borrower with this Conventional loan program.
- Seller contribution 6% maximum towards Buyers closing costs.
- Purchase only, no construction to permanent loans; no investment properties.
- Non-Owner Occupied Co-Signers allowed.
- 2-years of Federal Tax returns required.
- Must be a First Time Home Buyer
- All First Time Home Buyers must complete a HUD Approved, MI Company, or Agency Homebuyer Education course.
- Gift Funds from family are allowed.
- No Foreclosures, Bankruptcies, Deed in Lieu or Short Sales in past 3 years from note date.
- No cash back at closing with only exceptions being Earnest Money deposit, Appraisal money and Home Inspection funds with receipt and evidence of home inspection.
Other Florida First-Time Home Buyer & Down Payment Assistance Programs:
- 100% Community Advantage Special Conventional Financing
- Hometown Choice Conventional Special Mortgage Financing for First Time Home Buyers
- First Time Homebuyer 100% Special Financing with No Mortgage Insurance
- Essex 100% Special Mortgage Financing with Down Payment Assistance
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- Down Payment Assistance Unlimited Income Grant for 100% Financing for Home Financing!
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- Salute Our Soldiers 100% VA Loan Program for Honorably Discharged Veterans
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- First Time Home Buyer 105% Special Financing with No Income Limit
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- Opportunity Advantage Loan Fund
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- First Time Home Buyer up to $30,000 deferred Down Payment Assistance!
- Home Key Down Payment Assistance programs for Pinellas, Pasco and Polk County Florida
- Palm Beach County 1st Time Home Buyer Grant and Down Payment Assistance Program
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