Florida Hometown Heros Program
Chris Galli NMLS#13152
Florida Hometown Heros Program
Novus Home Mortgage NMLS# 423065 Equal Housing Lender
The Florida Hometown Heroes Program
Buying a home is often one of the most significant and rewarding milestones in life. Yet, for many, the financial barriers such as hefty down payments and closing costs can make homeownership seem out of reach. Recognizing this, the state of Florida has taken a commendable step to ease these challenges for its dedicated workforce through the Florida Hometown Heroes Housing Program.
Program Overview
The Florida Hometown Heroes Housing Program is designed to make homeownership more affordable for eligible community members. This initiative focuses on reducing the financial burdens associated with home buying by offering down payment and closing cost assistance to first-time, income-qualified homebuyers. The goal is to enable these individuals, who work tirelessly to serve their communities, to purchase homes within the very communities they contribute to daily.
Program Benefits
One of the standout features of the Hometown Heroes Program is the provision of up to 5% of the first mortgage loan amount, capped at $35,000, to be used for down payment and closing costs. This assistance comes in the form of a 0%, non-amortizing, 30-year deferred second mortgage. This means that there is no interest accumulation or monthly payment required on this second mortgage. It becomes payable in full only upon specific conditions like the sale of the property, refinancing of the first mortgage, transfer of the deed, or if the homeowner no longer occupies the property as their primary residence.
Moreover, the program offers lower-than-market interest rates on various types of first mortgages, be it FHA, VA, RD, Fannie Mae, or Freddie Mac. There are no origination or discount points, further reducing the costs for prospective homeowners.
Eligibility Criteria
The program is tailored to full-time employees working for Florida-based employers. To qualify, individuals must meet the following requirements:
1. Full-Time Employment: Borrowers must work at least 35 hours per week.
2. Income Qualification: Applicants must earn less than 150% of the area median income, according to their local county data.
3. First-Time Homebuyers: All borrowers must be first-time homebuyers, meaning they have not held ownership in a principal residence in the last three years.
4. Credit Score: A minimum credit score of 640 is required.
5. Primary Residence: The property being purchased must be intended as the primary residence.
Additional Highlights
- Tax Exemption: A significant advantage of this program includes tax benefits. Buyers can save up to $2,000 in documentary stamp tax and intangible tax for each $100,000 of their home's purchase price, providing substantial savings during the transaction process.
- One-Time Participation: Borrowers are restricted to a one-time participation in Florida Housing’s Homebuyer Loan Program, ensuring broad access and fair distribution of resources.
Protecting Your Interests
In pursuit of a home, it’s crucial to stay vigilant against potential scams. The Florida Hometown Heroes Program explicitly states that there is no cost to apply for down payment assistance. Any company or individual demanding an upfront fee should be reported to the Inspector General’s Office at the Florida Housing Finance Corporation.
Steps to Get Started
Getting started with the program involves a few straightforward steps:
1. Connect with a Loan Officer: The first step is to connect with a participating loan officer through Florida Housing. These professionals will help determine your eligibility and guide you through the application process.
2. Verify Employment and Income: Ensure you meet the employment and income criteria by providing necessary documentation.
3. Prepare for the Home Buying Process: Work with your loan officer to understand the mortgage options available under the program and prepare your financial documents and credit report.
4. Complete the Application: Submit your application through the proper channels as guided by your loan officer.
The Impact of Hometown Heroes
The Hometown Heroes Program is more than just financial assistance; it’s a recognition and reward for those who serve the community. This initiative helps nurses, teachers, first responders, and other key professionals achieve their homeownership dreams while continuing to live and work in their communities.
Success Stories and Testimonials
The program has already helped many individuals dream of owning a home become a reality. From teachers finally being able to afford a home near their school to first responders securing a stable residence for their families, the testimonials are a testament to the program's widespread positive impact.
Conclusion
The Florida Hometown Heroes Housing Program stands as a beacon of support for those who dedicate their lives to serving their communities. By providing significant financial assistance and additional benefits, this initiative paves the way for many to step into homeownership, turning what was once a daunting task into an achievable goal.
As you embark on your home buying journey, consider the Hometown Heroes Program as a valuable resource designed to support your dream of owning a home, making the process smoother and more accessible. Connect with a loan officer, verify your eligibility, and take the first crucial step towards securing a home in the community you serve and love.
