Mortgage Loan Options

The City of Pensacola and Escambia County jointly participate in the State Housing Initiatives Partnership (SHIP) First-Time Homebuyers Program. The program is designed to assist low and moderate income families in obtaining affordable housing. SHIP funds of up to $25,000 based on income are available for down payment and closing cost assistance. The monies are offered in the form of a zero-interest deferred payment loan

• Cannot have owned a home in the past 3 years
• Applicant’s total household income must be within the maximum income eligibility limits
• Applicant(s) must have sufficient income and credit-worthiness to qualify
• Must attend an eight hour HUD certified homebuyer education class prior to closing Mobile/manufactured homes are not eligible
• Buyers must make property their principal residence
• Sales price may not exceed current purchase price limits as provided annually by Florida Housing Finance Corporation
• Strict debt to income limits

Santa Rosa SHIP guidelines are similar to those above, however all approved applicants will receive $25,000 to use towards down payment and closing costs, not up-to. Santa Rosa SHIP income limits are higher currently. 

Disclaimer:  

SHIP program, for eligible borrowers, provides down payment and closing cost assistance up to $25,000 . Down payment and closing cost assistance is available in the form of a 0%, non-amortizing, 30-year deferred second mortgage. The SHIP loan is forgivable, given you stay in the house a specific number of years, county specific. Contact for specifics and availability at the time. Must be a qualified buyer. Terms and conditions apply.

PRMI NMLS 3094. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms, and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend. Florida Office of Financial Regulation MLD646."

https://www.cityofpensacola.com/183/Home-Buyers-Programs

https://www.santarosa.fl.gov/341/Housing-Programs

Apply Here

The Florida Hometown Heroes Housing Program makes purchasing a home more realistic for eligible full-time workforce employees- employed by a Florida-based employer as well as all educators, nurses, healthcare employees, law enforcement, firefighters, active military and veterans. See a full list of qualifying occupations at floridahousing.org

With this program, eligible first time homebuyers who haven't owned or occupied a primary residence in the past 3 years can receive up to 5% of the first mortgage loan amount for use in down payment and closing costs. This assistance is capped at $25,000. 

For example, on a loan amount of $350,000, this assistance would be limited to $17,500 towards down payment and closing costs. 

The Florida Heroes Loan Program includes other benefits such as a lower first mortgage rate. 

Income and Purchase Price Limits are determined by which county you are located in as well as the loan program selected.

 

Disclaimer:  

Florida Hometown Heroes housing program, for eligible borrowers, has reduced upfront fees, and no origination /discount points required. Down payment/closing cost assistance, up to 5% of the first mortgage loan amount (maximum of $25,000) . Down payment and closing cost assistance is available in the form of a 0%, non-amortizing, 30-year deferred second mortgage. The Florida Hometown Heroes loan is not forgivable, terms and conditions apply.

PRMI NMLS 3094. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms, and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend. Florida Office of Financial Regulation MLD646."

https://www.floridahousing.org/live-local-act/hometown-heroes-program     

Apply Here

At PRMI Pensacola, we have access to down payment assistance programs for first time homebuyers.* We'll discuss with you the best available options that you qualify for and explain them to you in a honest, stress free way.

These programs can allow you to purchase your first home sooner. Some would-be homeowners don’t have enough savings to cover a down-payment. With down payment assistance, you’ll have access to the funds necessary to buy a home.These programs have varying qualifications, of which we will discuss and find which best can work for you!

With a variety of loan options available, we can help find the one that best suits your specific situation. Popular choices being FHA loans, VA loans and USDA loans- as well as down payment assistance programs for qualifying borrowers!

Stop paying your landlord's mortgage and start financing your freedom!

 

PRMI NMLS 3094. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms, and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend. Florida Office of Financial Regulation MLD646.

*First lien interest rates may be higher when using a DPA second. *The full purchase price of the subject property can be financed. Borrower funds may be required for reserves, closing costs and/or minimum contribution. *Closing costs and fees may still apply. +VA home loan purchases, have options for 0% down payment, No private mortgage Insurance requirements, competitive interest rates, with specific qualification requirements. • The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency.

Apply Here

VA loans help make homeownership more attainable for veterans and military service members. These loans are federally insured and available with no down payment.* Plus, they don’t require private mortgage insurance.

*Closing costs and fees may still apply.

Apply Here

Conventional loans offer affordable rates and flexible down payment options.

Apply Here

These loans have higher loan limits that help you purchase high-value property. Low down payments are possible. Apply Here

USDA loans are government-insured loans that help people purchase homes in rural areas. These loans are often available with low or no down payment.*

*Closing costs and fees may still apply.

Apply Here

FHA loans come with low down payment options and lenient credit requirements. These federally insured loans are designed to help more people achieve their homeownership goals.

Apply Here