SteveKnowsLoan is pleased to partner with the Florida Department of Community Affairs to provide the Florida Hometown Heroes Housing Program to qualified Florida frontline employees. Law enforcement officers, firefighters, teachers, medical staff, daycare workers, and active duty and veteran military personnel are all prime candidates to benefit from this initiative, which aims to reduce the cost of homeownership for them.
Details on the Florida Hometown Heroes Housing are provided below.
- The borrower’s annual income cannot be higher than the maximum allowed by law in the county where the property is located.
- Each borrower must qualify as a person’s first time purchasing a home.
- One of the borrowers must be working full-time (35 or more hours per week) in a profession that meets certain criteria.
- Except for the HFA Preferred Heroes program, veterans and active-duty military members are exempt from all first-time homebuyer restrictions.
- All borrowers using income from a qualifying vocation are mandated to participate in a first-time homebuyer education program.
OPTIONS:
- Eligible borrowers can get a 30-year fixed-rate mortgage from HFA Preferred Heroes (Fannie Mae) or HFA Advantage Heroes (Freddie Mac) with a conventional loan. Private mortgage insurance (PMI) premium discounts may be available to borrowers whose annual income is less than 80% of the area median income (AMI).
- The MI rate for FHA, USDA, and VA loans is unaffected by the borrower’s AMI.
PARAMETERS:
- In Florida ONLY.
- Conventional, FHA, USDA, and VA loans, in addition to other 30-year fixed mortgages, are all available.
- Single-family homes and PUDs with 1-4 units are available for primary purchasers only.
- The property must be at least 5 years old, and the borrower must live in at least one unit as their principal residence.
- Construction standards for condominiums and mobile houses must be met.
- In accordance with agency guidelines, commercial usage of a property is limited to no more than fifteen percent.
- Minimum credit score required is 640 (or 660 for constructed homes).
- Approved/Eligible determinations are possible with a DTI no higher than 50% (45% for modular dwellings).
- In most cases, borrowers (with the exception of service members and veterans) are not allowed to own any other properties.
- No High-Balance loans, please, only conforming ones.
- There can be no correspondent loans; all loans must go through the broker route.
- No cosigners or coborrowers who won’t be living in the home.
- There will be no releases from the escrow.
- No land trusts, condos, or single-wide mobile homes allowed.
- Avoid any short-term rate buydowns at any costs.
- There aren’t any HELOCs allowed, either as a stand-alone or a piggyback loan.
WE PROVIDE:
- Down payment and closing cost assistance is available for borrowers, up to 5% of the loan amount ($25,000 maximum).
- A no-interest, non-amortizing, 30-year second mortgage is available to help with the down payment and closing costs.
- All or part of the borrower’s down payment, any down payment in excess of the minimum borrower requirement, and reasonable and customary closing fees can be covered by the down payment and closing cost assistance.
- In the event of a sale, refinancing of the initial mortgage, transfer of deed, or if the homeowner no longer uses the property as their principal residence, the entire balance of the Florida Hometown Heroes loan is immediately due and payable.
SteveKnowsLoan is dedicated to assisting first responders in Florida in qualifying for the Florida Hometown Heroes loan. Please get in touch with us if you’re interested in this program or have any queries.
Get in touch with one of our lending advisors, contact us today.
Call Steven Jackson at 813-616-9411 now!
