Have you heard about the new Hometown for Heroes Loan program that offers you up to 25,000 in down payment assistance to buy a home? Let me tell you about the program here.
Let’s first talk about who qualifies for this program. The program is meant to assist active military veterans, law enforcement officers, first responders, educators, healthcare workers, childcare workers, medical professionals. Veterans who discharge status is anything other than dishonorable are eligible. Active duty personnel from the military, Air Force, Army, Coast Guard, Marine Corps, Navy, National Guard, or the Reserves are also eligible. Surviving spouse of a deceased veteran who possesses a certificate of eligibility on VA loans are also eligible. It’s Florida’s way of saying, “Thank you for your service.”
There are over 50 professions or occupations that qualify for this loan program. You can call me to discuss if your profession qualifies. You will need to show a license or certification for the profession that is being used to qualify.
Now, the borrower must be working full-time in the occupation they hold the license or certification to qualify. For example, you can’t be certified as a teacher or healthcare worker and be working currently as an accountant. Also, to qualify, you need a minimum 640 credit score. If two or more borrowers appear on the loan application, only one borrower is required to have a license and/or certification to qualify.
Now, let’s talk about the program itself and what it offers. The Hometown Heroes Program is meant for first-time homebuyers. That means you can’t have owned a home in the last three years and lived in it as your primary home or residence. For example, let’s say you inherited a property in North Carolina. You own it, but you never lived in it as your primary home. You would still be considered a first-time homebuyer for the reason that you actually never lived in it.
The program offers up to 5% of your loan amount to a maximum of 25,000 as down payment and/or closing cost assistance. If you already have your down payment, you can still use it in addition to or to replace and use any extra funds to assist with your closing cost.
This is meant for primary residences only. That means you must live in the property as your primary home within 60 days of closing. You can use this with an FHA, VA, USDA and conventional loan programs.
So what type of properties can you buy? Well, they include detached single-family homes, condos, town homes, and apartment buildings with up to four units. However, the buyer must occupy one of the units as their primary residence.
Now, the great thing about using this with a VA loan is twofold. First, you are allowed to own a primary home now and still use the program to purchase a new primary home. However, active duty military personnel are not able to use this exemption, so they may not have owned a primary home in the last three year.
Secondly, with the VA loan, you can still obtain 100% financing and still use the program, and the funds can be used to assist with your closing costs and prepaids. Prepaids are the upfront cash payments you make at closing for certain mortgage expenses before they’re actually due, like homeowner’s insurance, property taxes and mortgage interest.
Now, there are income limits and loan limits to use this program, and they are based on the county that you are purchasing your property in. We can review these limits once we have a chance to talk on the phone.
Now, there is one little requirement from you in order to qualify for the program. You need to take a homebuyer education course, so there could be an online course that is completed at your own pace or a class that you attend in person.
The way the program is structured is the funds that you will obtain as your down payment assistance will be 0% deferred second mortgage, meaning you make zero payments on that second mortgage while you live in the house. However, as soon as you sell, refinance or permanently move out, you will pay back the loan in full.
As you can see, there are quite a few details and conditions that must be met in order to qualify for the loan program, but we have closed quite a few of these already in the short time the program has been available.
Presently, not all lenders offer this program, and not all realtors know that the program exists. However, we do offer the program and I can answer any questions you may have. All you have to do is give me a call. Let me and my team assist you in your next purchase, refinance or sale.
Thank you for watching and I’ll see you on the next one.
Florida Hometown Heroes Program
Have you heard about the new Hometown Heroes Loan program that offers you up to $25,000 in down payment and closing cost assistance to buy a home?
Who Qualifies for the Hometown Heroes Housing Program
Let’s first talk about who qualifies for this program. The program is meant to assist:
- Law Enforcement Officers
- First Responders
- Educators
- Healthcare Workers
- Childcare Workers
- Medical Professionals
- Veterans who discharge status is anything other than dishonorable are eligible
- Active duty personnel from the military
- Air Force
- Army
- Coast Guard
- Marine Corps
- Navy
- National Guard
- Reserves
Surviving spouse of a deceased veteran who possesses a certificate of eligibility on VA loans are also eligible.
It’s Florida’s way of saying, “Thank you for your service.”
There are over 50 professions or occupations that qualify for this loan program. You can call our lender partner, Alfredo Aguiar at 305-389-5279 to discuss if your profession qualifies. You will need to show a license or certification for the profession that is being used to qualify.
The borrower must be working full-time in the occupation they hold the license or certification to qualify. For example, you can’t be certified as a teacher or healthcare worker and be working currently as an accountant. Also, to qualify, you need a minimum 640 credit score. If two or more borrowers appear on the loan application, only one borrower is required to have a license and/or certification to qualify.
How the Hometown Heroes Program Works
The Hometown Heroes Program is meant for first-time homebuyers. That means you can’t have owned a home in the last three years and lived in it as your primary home or residence. For example, let’s say you inherited a property in North Carolina. You own it, but you never lived in it as your primary home. You would still be considered a first-time homebuyer for the reason that you actually never lived in it.
The program offers up to 5% of your loan amount to a maximum of $25,000 as down payment and/or closing cost assistance. If you already have your down payment, you can still use it in addition to or to replace and use any extra funds to assist with your closing cost.
This is meant for primary residences only. That means you must live in the property as your primary home within 60 days of closing. You can use this with an FHA, VA, USDA and conventional loan programs.
The great thing about using this with a VA loan is twofold. First, you are allowed to own a primary home now and still use the program to purchase a new primary home. However, active duty military personnel are not able to use this exemption, so they may not have owned a primary home in the last three year.
Secondly, with the VA loan, you can still obtain 100% financing and still use the program, and the funds can be used to assist with your closing costs and prepaids. Prepaids are the upfront cash payments you make at closing for certain mortgage expenses before they’re actually due, like homeowner’s insurance, property taxes and mortgage interest.
There are income limits and loan limits to use this program, and they are based on the county that you are purchasing your property in. We can review these limits once we have a chance to talk on the phone.
In order to qualify for the program you need to take a homebuyer education course, so this could be an online course that is completed at your own pace or a class that you attend in person.
What Type of Properties Can You Purchase
The types of properties you can purchase include detached single-family homes, condos, town-homes, and apartment buildings with up to four units (fourplexes). However, the buyer must occupy one of the units as their primary residence.
How the Program is Structured
The way the program is structured is the funds that you will obtain as your down payment assistance will be a 0% deferred second mortgage, meaning you make zero payments on that second mortgage while you live in the house. However, as soon as you sell, refinance or permanently move out, you will need to pay back the loan in full.
As you can see, there are quite a few details and conditions that must be met in order to qualify for the loan program. Presently, not all lenders offer this program, and not all real estate agents know that the program exists. However, our lender partner does offer the program and they can answer any questions you may have.
Our lender partner, Alfredo Aguiar, can be contacted by calling him directly at 305-389-5279.
If you are looking for a home in the South Florida area and would like our help in finding the perfect home and use the Florida Hometown Heroes Program to purchase it, just contact Cooper City Realty anytime at 954-818-3602. We understand the program very well and would love to help you find the right home.