As a number one mortgage dealer, MortgageDepot is proud to supply the Florida Hometown Heroes Housing Program to eligible front-line staff within the state of Florida. This program is designed to make homeownership extra inexpensive for individuals who serve our communities each day, together with legislation enforcement officers, firefighters, educators, healthcare professionals, childcare workers, and lively army or veterans.

Right here’s what you’ll want to know concerning the Florida Hometown Heroes program:

ELIGIBILITY:

• Debtors should not exceed the utmost earnings restrict necessities for the county the place the property is being bought.
• All debtors have to be thought of first-time homebuyers.
• No less than one borrower have to be employed in an accepted occupation, and should present verification of full-time employment of 35 hours or extra per week.
• Veterans and active-duty army members are exempt from all first-time homebuyer necessities except taking part within the HFA Most well-liked Heroes program.
• First-time homebuyer counseling is required for all debtors using earnings from an accepted occupation.

OPTIONS:

• Standard loans: HFA Most well-liked Heroes (Fannie Mae) and HFA Benefit Heroes (Freddie Mac) supply eligible debtors a 30-year, fixed-rate mortgage. Debtors with earnings under 80% of the realm median earnings (AMI) might qualify for diminished non-public mortgage insurance coverage (PMI) premiums.
• FHA, USDA, and VA loans: AMI doesn’t impression the MI fee.

PARAMETERS:

• Florida ONLY.
• 30-year fastened Standard, FHA, USDA, and VA mortgage varieties.
• Major purchases ONLY: 1-unit single-family residences and PUDs, 2-4 models.
• Borrower should occupy 1 unit as their major residence and the property have to be at the least 5 years previous.
• Condos and manufactured properties should comply with company necessities.
• Not more than 15% of a property can be utilized for enterprise functions and should comply with company necessities.
• Minimal FICO rating of 640 (660 for manufactured properties).
• Most debt-to-income (DTI) ratio of fifty% with Approve/Eligible findings (45% for manufactured properties).
• Borrower(s) can’t personal some other properties (excluding veterans or lively army members).
• Conforming mortgage limits ONLY – no Excessive-Stability.
• Mortgage have to be originated within the dealer channel – no correspondent.
• No non-occupying co-borrowers or co-signors.
• No escrow waivers.
• No co-ops, single-wide manufactured properties, or land trusts.
• No short-term fee buydowns.
• No standalone or piggyback HELOCs.

WHAT WE OFFER:

• Debtors can obtain as much as 5% of the mortgage quantity (capped at $25,000) in down cost and shutting value help.
• Down cost and shutting value help is on the market within the type of a 0% curiosity, non-amortizing, 30-year repayable second mortgage.
• The down cost and shutting value help can be utilized to fulfill the borrower’s down cost, any down cost exceeding the minimal borrower requirement, and affordable and customary closing prices.
• The Florida Hometown Heroes mortgage just isn’t forgivable and turns into due and payable in full upon sale of the property, refinancing of the primary mortgage, switch of deed, or if the house owner not occupies the property as their major residence.

At MortgageDepot, we’re dedicated to serving to eligible front-line staff get hold of the Florida Hometown Heroes mortgage to make homeownership extra inexpensive. If you’re on this program or have any questions, please contact us to get began.

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