Hometown Heroes: Making Florida Homeownership Dreams a Reality

At MortgageDepot, we understand the value of community and the importance of supporting those who contribute to it. That’s why we’re excited to introduce you to the Florida Hometown Heroes Housing Program, a remarkable initiative aimed at making homeownership more accessible and affordable for eligible borrowers. Through this program, first-time, income-qualified homebuyers can receive down payment and closing cost assistance to help them secure their dream of owning a primary residence. As your trusted mortgage partner, MortgageDepot is here to guide you through the process of obtaining these loans and turning your homeownership dreams into reality.

The Florida Hometown Heroes Housing Program: A Beacon of Opportunity

The Florida Hometown Heroes Housing Program, administered by the Florida Housing Finance Corporation, is a beacon of opportunity for aspiring homeowners. This program not only supports individual homebuyers but also recognizes the contribution of essential community members, such as firefighters, law enforcement officers, teachers, healthcare workers, and more. With MortgageDepot’s assistance, you can explore the benefits of this program, which offers:

• Up to 5% Assistance: Borrowers can receive up to 5% of the loan amount, capped at $35,000, in down payment and closing cost assistance.
• Additional Assistance: This program can be combined with other assistance programs to maximize the amount of aid received, making homeownership even more achievable.
• Affordable Repayment: The down payment and closing cost assistance comes in the form of a 0% interest, non-amortizing, 30-year repayable second mortgage. It becomes due and payable upon sale of the property, refinancing of the first mortgage, or a change in primary residency status.
• Flexible Usage: The assistance can be applied towards the borrower’s down payment, exceeding minimum borrower requirements, and reasonable closing costs.

Options to Suit Your Needs

MortgageDepot understands that every borrower’s situation is unique. That’s why we offer a range of mortgage options under the Florida Hometown Heroes Housing Program:

• Conventional Options: We offer both HFA Preferred Heroes (Fannie Mae) and HFA Advantage Heroes (Freddie Mac), each providing eligible borrowers with a 30-year fixed-rate mortgage. Reduced Private Mortgage Insurance (PMI) premiums are available for borrowers below 80% AMI.
• FHA, USDA, and VA Loans: For these loan types, the applicant’s Area Median Income (AMI) does not impact the Mortgage Insurance (MI) rate.

Who’s Eligible?

MortgageDepot is committed to helping you understand the eligibility criteria for the Florida Hometown Heroes Housing Program:

• Income Limit: Borrowers must not exceed the maximum income limit requirements for the county in which the property is being purchased.
• First-Time Homebuyers: All borrowers must be considered first-time homebuyers.
• Employment: At least one borrower must be employed by a Florida-based employer, with documentation such as pay stubs or Verification of Employment (WVOE).
• Counseling: First-time homebuyer counseling is required for at least one borrower.
• Veterans and Active-Duty Military Members: Veterans and active-duty military members are exempt from certain first-time homebuyer requirements, but they must complete a homebuyer counseling course.

Parameters Designed for Your Needs

MortgageDepot ensures that you have the flexibility you need within the program’s parameters:

• Property Types: Eligible property types include 1-4 unit single-family residences, PUDs, condos, and certain manufactured homes.
• Occupancy: The borrower must occupy at least one unit as their primary residence, and the property must be at least 5 years old.
• Credit Score and DTI: The minimum FICO score required is 640 (660 for manufactured homes), and the maximum Debt-to-Income (DTI) ratio is 50% with Approve/Eligible findings (45% for manufactured homes).
• Additional Fees: Third-Party Processing Fees, Processing Fees, and PA+ fees cannot exceed $500.

MortgageDepot is your guide to navigating the intricacies of the Florida Hometown Heroes Housing Program. With our expertise and dedication, we can help you secure the assistance you need to achieve your homeownership dreams.

In Partnership with MortgageDepot: Your Path to Homeownership

At MortgageDepot, we’re proud to be your partner on your journey to homeownership. With the Florida Hometown Heroes Housing Program, we’re here to support you in making your dream of owning a home a reality. Our team is well-versed in the program’s details and requirements, ensuring that you have the knowledge and resources you need to succeed. Contact us today to learn more about how MortgageDepot can help you obtain these valuable loans and embark on your homeownership journey in the vibrant state of Florida. Remember, the Florida Hometown Heroes Application Form has a quick 3-hour approval time, so don’t delay—start your journey toward affordable homeownership today.

Connect with one of our loan consultants to learn more.