florida hometown heroes

The Florida Hometown Heroes Housing Program has broadened its scope to include all first-time homebuyers starting July 1, 2023. This initiative is designed to make homeownership more accessible for eligible members of the community workforce. Along with this expansion, the program has increased its grant amount from $25,000 to $35,000.

This program targets first-time homebuyers who meet income qualifications by offering down payment and closing cost assistance. It enables them to buy a primary residence in the community where they work and serve. Additionally, the Florida Hometown Heroes Loan Program provides lower interest rates on first mortgages and offers special benefits to those who have served or are currently serving in the military.

• Eligibility: Full-time community workforce members employed by a Florida-based employer can benefit from this program. It offers lower-than-market interest rates on various first mortgages, including FHA, VA, RD, Fannie Mae, or Freddie Mac loans. The program also includes reduced upfront fees and no origination or discount points, along with down payment and closing cost assistance.
• Down Payment and Closing Cost Assistance: Eligible borrowers can receive up to 5% of their first mortgage loan amount, with a maximum assistance limit of $35,000. This support helps cover initial home purchase expenses, making homeownership more attainable.
• Deferred Second Mortgage: The assistance is provided as a 0% interest, non-amortizing, 30-year deferred second mortgage. Borrowers do not make regular payments on this second mortgage, but it becomes due if the property is sold, the first mortgage is refinanced, the deed is transferred, or the homeowner no longer lives in the property as their primary residence. Note that this loan is not forgivable and must be repaid under the program’s terms.

The Florida Hometown Heroes Housing Program aims to support community workforce members in achieving homeownership by providing financial assistance and special benefits. This initiative helps individuals fulfill their dreams of homeownership and acknowledges their service and contributions to the community and country.

The Florida Hometown Heroes Program, also known as the Florida Hometown Heroes Housing Program, is designed to make home buying more affordable for frontline workers in Florida. alliedinsgroup.net is pleased to offer this program to Florida Hometown Heroes. You can apply now to get started.

The minimum credit score required is 640, or 660 for manufactured homes. The program allows for a maximum loan-to-value ratio of up to 97%, with combined-loan-to-value or high-credit-loan-to-value ratios up to 105%. Rates and limits may vary for manufactured homes and multi-unit properties.

With rising living costs, saving for a mortgage can be challenging. In 2022, the average monthly mortgage payment in Florida was $1,530. The Hometown Heroes program supports frontline workers by making property purchases more accessible.

Eligible participants in the Florida Hometown Heroes Program can enjoy various benefits, including lower-than-market rates on first mortgages and financial assistance with closing costs and down payments.

Eligible community and frontline workers can benefit from:

• Lower-than-standard market rates on FHA, VA, RD, Freddie Mac, and Fannie Mae mortgages
• Discounted upfront fees
• No origination or discount points
• Up to 5% of the first mortgage loan amount in down payment and closing cost assistance, up to a maximum of $35,000, provided via a 0% non-amortizing, 30-year second mortgage. Note that this loan is not forgivable and becomes payable in full under certain conditions.

Florida’s Hometown Heroes program offers five mortgage products, including three government loans and two conventional mortgages:

• Florida First Heroes: Available to eligible first-time buyers through FHA, VA, and USDA-RD loans. Buyers can access 30-year fixed-rate mortgages and receive down payment support through a second mortgage.
• FL HFA Preferred Heroes – Fannie Mae: Offers a 30-year fixed-rate mortgage to those earning less than 80% of the median income. This product includes down payment and closing cost assistance through a second mortgage.
• FL HFA Advantage Heroes – Freddie Mac: Provides 30-year fixed-rate mortgages for individuals earning less than 80% of the average median income, with down payment and closing cost assistance available via a second mortgage.

The program is open to a broad range of frontline workers, including but not limited to:

• Law enforcement officers
• Firefighters
• EMTs and paramedics
• K-12 educators
• Healthcare professionals
• Childcare providers
• Military personnel and veterans

Income limits vary by location, with 2022 limits ranging from $118,950 to $153,750. FHA & USDA loan limits range from $420,680 to $710,700, while Conventional and VA loan limits are set at $647,200 (Monroe County limit is $710,700).

A minimum credit score of 640 is required, or 660 for manufactured homes. To improve your chances of approval and secure better rates, consider:

• Paying bills on time
• Reducing credit card use
• Keeping up with loan repayments
• Paying off credit card debts monthly

To qualify, you must have a full-time job meeting the eligibility criteria, working at least 35 hours per week.

To apply, provide evidence of your occupation, homebuyer status, and income. Required documents may include:

• Fully executed Hometown Heroes Housing Loan Program Attestation
• State of Florida license or certification
• VOE (Verification of Employment)

Forms are generally available online, and you may need to complete additional forms depending on the loan type. Ensure you meet all eligibility criteria before applying to avoid rejection.

The Florida Hometown Heroes Program is designed to make homeownership more accessible for individuals who dedicate their lives to serving their communities. This program benefits over 50 professions by providing financial assistance to help them buy a home. Key benefits include:

• Lower-than-Market Mortgage Rates: Access to reduced interest rates compared to standard market rates.
• Reduced Home Buying Costs: Financial support to lessen the overall expense of purchasing a home.
• Increased Homeownership Opportunities: Facilitates home buying for more people in essential roles.
• 0% Interest Loans: Access to loans with no interest charges.
• Down Payment and Closing Cost Assistance: Loans offer up to 5% of the mortgage value, with a maximum of $25,000.
• Income-Based Eligibility: Available to those earning up to 150% of the median income for their state or county.
• Support for Full-Time Employment: Rewards individuals with full-time jobs in eligible professions.

Florida has seen a significant increase in home prices over the past five years, with some areas experiencing over a 50% rise. This surge has made homeownership more challenging for those with low to moderate incomes. For example, while the average annual wage for frontline workers in the US is $35,333, the minimum income needed to afford an average home in Florida is around $62,000. The growing gap between wages and housing costs highlights the need for programs like Hometown Heroes, which provide targeted financial support to frontline workers.

Additionally, rising mortgage rates have made borrowing more expensive. The Hometown Heroes Program not only offers financial aid but also provides preferential mortgage rates that are lower than current market rates. Between June and July 2022 alone, the program provided over $12 million in down payment assistance, benefiting more than 840 families.

The Hometown Heroes Program is intended for the purchase of primary residences. The program does not cover commercial properties or refinancing of existing properties. Eligible properties include:

• Condominiums
• Detached single-family homes
• Single-unit attached homes (e.g., townhouses)
• Properties with 2-4 units

Qualified homebuyers receive down payment and closing cost assistance through a 0% interest, 30-year, non-amortizing second mortgage. This second mortgage is equal to 5% of the first mortgage amount, up to a maximum of $25,000. It is non-forgivable, meaning the full balance is due if the property is sold, refinanced, the deed is transferred, or the home is no longer used as the primary residence.

The Florida Hometown Heroes Program helps frontline workers achieve homeownership by providing access to affordable mortgage products. Eligible individuals benefit from lower-than-market rates and financial assistance with down payments and closing costs. The program supports over 50 professions and is a valuable resource for first-time homebuyers.

• What is the Hometown Heroes Program? The Florida Hometown Heroes Program is a mortgage initiative that makes home buying more affordable for frontline workers, offering lower rates and financial assistance.
• Who is eligible for help? The program includes over 50 professions such as healthcare workers, firefighters, and teachers. Applicants must have full-time jobs and meet income and property purchase limits. It is primarily aimed at first-time buyers, with exceptions for active military personnel and veterans.
• What are the main benefits? Participants enjoy lower borrowing rates and receive financial aid for down payments and closing costs through a second mortgage.
• How do I apply? To apply, provide documentation proving eligibility. Check the specific requirements and seek advice if needed to ensure you qualify before applying.

Eligible frontline workers can access lower-than-market rates on FHA, VA, RD, Fannie Mae, or Freddie Mac mortgages. The program offers reduced upfront fees, no origination or discount points, and down payment and closing cost assistance. Borrowers can receive up to 5% of the first mortgage loan amount (with a cap of $25,000) through a 0%, non-amortizing, 30-year deferred second mortgage. This second mortgage becomes due upon property sale, refinancing, deed transfer, or if the property ceases to be the primary residence. Note that the loan is not forgivable.