First Time Homebuyers Down Payment and Closing Cost Assistance

First Time Homebuyers Down Payment and Closing Cost Assistance

PARAMETERS:

  • Florida ONLY.
  • 30-year fixed Conventional, FHA, USDA, and VA loan types.
  • Primary purchases ONLY: 1-unit single-family residences and PUDs, 2-4 units.
  • Borrower must occupy 1 unit as their primary residence and the property must be at least 5 years old.
  • Condos and manufactured homes must follow agency requirements.
  • No more than 15% of a property can be used for business purposes and must follow agency requirements.
  • Minimum FICO score of 640 (660 for manufactured homes).
  • Maximum debt-to-income (DTI) ratio of 50% with Approve/Eligible findings (45% for manufactured homes).
  • Borrower(s) cannot own any other properties (excluding veterans or active military members).
  • Conforming loan limits ONLY – no High-Balance.
  • Loan must be originated in the broker channel – no correspondent.
  • No non-occupying co-borrowers or co-signors.
  • No escrow waivers.
  • No co-ops, single-wide manufactured homes, or land trusts.
  • No temporary rate buydowns.
  • No standalone or piggyback HELOCs.

First-Time Home Buyer’s Guide

    *By submitting a request to be contacted, you agree that Cardinal Financial Company, Limited Partnership may contact you at the telephone number or email address you have provided for purposes of fulfilling this inquiry about mortgage financing, even if you previously registered on a corporate, state, or federal Do Not Call registry or requested Cardinal Financial Company, Limited Partnership not send marketing information to you by use of phone, email or text message. You agree Cardinal Financial Company, Limited Partnership may use automated dialing systems and prerecorded voice messaging in connection with calls or texts made to any telephone number provided even if call or text results in a charge by your provider. Consent to receiving autodialed calls or texts is not required as a condition of purchasing any Cardinal Financial Company, Limited Partnership products or services and you may choose to contact Rae Drake at 352-514-1829