We at SteveKnowsLoan know how important it is to give back to the communities in which we live and work. That’s why we’re so pleased to tell you about the Florida Hometown Heroes Housing Program, a fantastic effort to lower the financial barrier to entry for prospective homeowners in the state. This program is designed to help first-time homebuyers with low to moderate incomes realize their goal of purchasing their first home by providing them with funds for the down payment and closing costs. SteveKnowsLoan is here to be your reliable mortgage partner as you pursue these loans and finally become a homeowner.
An Inspirational Housing Program for Florida’s Hometown Heroes
The Florida Hometown Heroes Housing Program is a ray of sunshine for would-be homeowners thanks to the Florida Housing Finance Corporation. Important community figures including firefighters, police officers, teachers, nurses, and others are honored through this program in addition to helping individual homebuyers. SteveKnowsLoan can help you learn more about this program and all it has to offer.
- Assistance for the borrower’s down payment and closing costs may total up to 5% of the loan amount, with a maximum of $35,000.
- Homeownership is made even more attainable by the fact that this program can be used in tandem with others to increase the total amount of aid received.
- Down payment and closing cost help is provided in the form of a second mortgage with no interest and a 30-year repayment term, making the loan manageable for most borrowers. When the property is sold, the first mortgage is refinanced, or the primary residence of the borrower is changed, the balloon payment is due in full.
- Assistance can be used anyway the borrower sees fit, including but not limited to a larger down payment or to cover appropriate closing costs.
- Choices to Meet Your Requirements
SteveKnowsLoan recognizes that each borrower’s circumstances are distinct.
That’s why the Florida Hometown Heroes Housing Program provides several distinct mortgage plans:
- Both Fannie Mae’s HFA Preferred Heroes and Freddie Mac’s HFA Advantage Heroes conventional mortgage programs give eligible borrowers a 30-year fixed-rate loan term. Borrowers whose annual household income is less than 80% of the AMI qualify for lower Private Mortgage Insurance (PMI) premiums.
- There is no correlation between the borrower’s income and the mortgage insurance premium for FHA, USDA, and VA loans.
Who Can Apply?
If you’re wondering if you qualify for the Florida Hometown Heroes Housing Program, SteveKnowsLoan is here to explain it.
- The borrowers’ annual income must not exceed the maximum allowed by law in the county where the property is located.
- Buyers must be “first-time buyers,” or people who have never owned a home before.
- At least one borrower must provide proof of employment from a Florida-based company, such as a pay stub or a W-2 form.
- At least one of the borrowers must have participated in a first-time buyer counseling program.
- Veterans and active-duty service members can skip some of the steps normally required of first-time homebuyers in exchange for taking a counseling course on the subject.
- Customizable Settings to Fit Your Requirements
SteveKnowsLoan gives you the leeway you need to work within the bounds of the program:
- Single-family homes, PUDs, condominiums, and some manufactured homes are all examples of property kinds that qualify.
- Borrower must live in the property as their primary residence for at least one year and the property must be at least five years old.
- Minimum FICO score for approval is 640 (or 660 for prefabricated homes), and maximum DTI with Approve/Eligible determinations is 50% (or 45% for manufactured homes).
- It is forbidden to charge more than $500 for any combination of third-party processing costs, processing fees, and PA+ fees.
- If you’re looking for assistance with the Florida Hometown Heroes Housing Program, SteveKnowsLoan is here to be your go-to resource. We’re confident that with our knowledge and effort, we can get you the funding you need to buy a property.
With the Help of SteveKnowsLoan, Here Is Your Roadmap to Homeownership.
SteveKnowsLoan is honored to work with you toward your goal of home ownership. You can get help purchasing a home in Florida if you qualify for the Florida Hometown Heroes Housing Program. To guarantee your success in the program, our staff is well-versed in its intricacies and prerequisites. Get in touch with SteveKnowsLoan today to find out how we can assist you in securing one of these loans and taking the first steps toward becoming a proud Florida homeowner. Start your quest toward affordable homeownership today, as the Florida Hometown Heroes Application Form has a rapid 3-hour approval time.
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