Unlocking $36 Million in Hometown Heroes Funds on November 6th: A Quick Guide for Florida Realtors

Are you a Florida realtor looking to empower your clients with homeownership opportunities? You're in luck! Florida Housing's Board of Directors has just approved an additional $36 million for the Hometown Heroes (HTH) Loan Program. This program is a game-changer, assisting over 13,000 first-time borrowers living and working in Florida. Here's your concise guide to the new funds:

The Hometown Heroes Program Essentials:

• Designed for first-time homebuyers who work full-time for Florida-based employers.
• Offers up to 5% of the loan amount (ranging from $10,000 to $35,000) for down payment and closing cost assistance.
• The second mortgage becomes due upon property sale, refinancing, deed transfer, or if the homeowner no longer occupies the property as their primary residence.
• Not a forgivable loan.
  

Usage and Limitations:

• Eligible for down payment and customary closing costs, but not for real estate agent commissions or covering the gap between sales price and appraised value.
• Not influenced by FHA, USDA, and VA PMI rates.
• Income limit requirements vary by county.
• First-time homebuyer status, full-time employment of 35 hours or more per week, and occupation verification are mandatory.
  

Program Details: 

• Available for 30-year fixed-rate mortgages.
• Primarily for 1-unit single-family residences and PUDs, and 2-4-unit properties (with the borrower occupying one unit and the property being at least 5 years old).
• This applies to condos and manufactured homes with varying FICO scores and DTI ratio requirements.
• Borrowers cannot own other properties except for veterans or active military members.
  

Program Exceptions and Restrictions:

• No high-balance loans or waiver of UW fees.
• Non-occupying co-borrowers or co-signors are not allowed.
• Escrow waivers, co-ops, single-wide manufactured homes, land trusts, and temporary rate buydowns are prohibited.
• Standalone or piggyback HELOCs are not allowed.
  

Take Immediate Action: Limited Availability!

• These additional funds will be in high demand and fully allocated soon after the release on November 6th.
• As a Florida realtor, you have a unique opportunity to assist your clients in realizing their homeownership dreams. Reach out and guide them through the Hometown Heroes Program.
  

• This additional funding is a game-changing opportunity to help aspiring Florida homeowners. By staying informed and acting quickly, you can support your clients on their homeownership journey and elevate your reputation as a trusted and knowledgeable Florida realtor. Don't miss out on this chance to make a real difference in your clients' lives.

Download Your Hometown Heroes Program Guidelines Now!

Download the flyer to access and share this valuable resource with your clients. It will help them kickstart their homeownership journey by providing comprehensive information about the program.

 

This will make it easier for your clients to understand the benefits and requirements. Don't miss out on this amazing opportunity. Get started today!

 

 

 

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