Hometown Heroes: Making Florida Homeownership Desires A Actuality


At MortgageDepot, we perceive the worth of group and the significance of supporting those that contribute to it. That’s why we’re excited to introduce you to the Florida Hometown Heroes Housing Program, a outstanding initiative aimed toward making homeownership extra accessible and reasonably priced for eligible debtors. By means of this program, first-time, income-qualified homebuyers can obtain down cost and shutting value help to assist them safe their dream of proudly owning a main residence. As your trusted mortgage companion, MortgageDepot is right here to information you thru the method of acquiring these loans and turning your homeownership desires into actuality.

The Florida Hometown Heroes Housing Program: A Beacon of Alternative

The Florida Hometown Heroes Housing Program, administered by the Florida Housing Finance Company, is a beacon of alternative for aspiring householders. This program not solely helps particular person homebuyers but additionally acknowledges the contribution of important group members, equivalent to firefighters, regulation enforcement officers, lecturers, healthcare employees, and extra. With MortgageDepot’s help, you possibly can discover the advantages of this program, which presents:

  • As much as 5% Help: Debtors can obtain as much as 5% of the mortgage quantity, capped at $35,000, in down cost and shutting value help.
  • Further Help: This program will be mixed with different help packages to maximise the quantity of support acquired, making homeownership much more achievable.
  • Inexpensive Reimbursement: The down cost and shutting value help comes within the type of a 0% curiosity, non-amortizing, 30-year repayable second mortgage. It turns into due and payable upon sale of the property, refinancing of the primary mortgage, or a change in main residency standing.
  • Versatile Utilization: The help will be utilized in the direction of the borrower’s down cost, exceeding minimal borrower necessities, and cheap closing prices.

Choices to Go well with Your Wants

MortgageDepot understands that each borrower’s scenario is exclusive. That’s why we provide a spread of mortgage choices underneath the Florida Hometown Heroes Housing Program:

  • Standard Choices: We provide each HFA Most popular Heroes (Fannie Mae) and HFA Benefit Heroes (Freddie Mac), every offering eligible debtors with a 30-year fixed-rate mortgage. Lowered Non-public Mortgage Insurance coverage (PMI) premiums can be found for debtors beneath 80% AMI.
  • FHA, USDA, and VA Loans: For these mortgage sorts, the applicant’s Space Median Earnings (AMI) doesn’t influence the Mortgage Insurance coverage (MI) fee.

Who’s Eligible?

MortgageDepot is dedicated to serving to you perceive the eligibility standards for the Florida Hometown Heroes Housing Program:

  • Earnings Restrict: Debtors should not exceed the utmost earnings restrict necessities for the county during which the property is being bought.
  • First-Time Homebuyers: All debtors should be thought of first-time homebuyers.
  • Employment: No less than one borrower should be employed by a Florida-based employer, with documentation equivalent to pay stubs or Verification of Employment (WVOE).
  • Counseling: First-time homebuyer counseling is required for not less than one borrower.
  • Veterans and Lively-Obligation Navy Members: Veterans and active-duty navy members are exempt from sure first-time homebuyer necessities, however they need to full a homebuyer counseling course.

Parameters Designed for Your Wants

MortgageDepot ensures that you’ve got the pliability you want inside the program’s parameters:

  • Property Sorts: Eligible property sorts embody 1-4 unit single-family residences, PUDs, condos, and sure manufactured properties.
  • Occupancy: The borrower should occupy not less than one unit as their main residence, and the property should be not less than 5 years previous.
  • Credit score Rating and DTI: The minimal FICO rating required is 640 (660 for manufactured properties), and the utmost Debt-to-Earnings (DTI) ratio is 50% with Approve/Eligible findings (45% for manufactured properties).
  • Further Charges: Third-Get together Processing Charges, Processing Charges, and PA+ charges can not exceed $500.

MortgageDepot is your information to navigating the intricacies of the Florida Hometown Heroes Housing Program. With our experience and dedication, we might help you safe the help it is advisable to obtain your homeownership desires.

In Partnership with MortgageDepot: Your Path to Homeownership

At MortgageDepot, we’re proud to be your companion in your journey to homeownership. With the Florida Hometown Heroes Housing Program, we’re right here to assist you in making your dream of proudly owning a house a actuality. Our workforce is well-versed in this system’s particulars and necessities, guaranteeing that you’ve got the data and assets it is advisable to succeed. Contact us immediately to be taught extra about how MortgageDepot might help you acquire these beneficial loans and embark in your homeownership journey within the vibrant state of Florida. Keep in mind, the Florida Hometown Heroes Utility Type has a fast 3-hour approval time, so don’t delay—begin your journey towards reasonably priced homeownership immediately.

Join with considered one of our mortgage consultants to be taught extra.