Sunday, December 3, 2023

Florida Hometown Heroes Housing Program

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

Right here’s what it’s essential to know in regards to the Florida Hometown Heroes program:


  • Debtors should not exceed the utmost earnings restrict necessities for the county the place the property is being bought.
  • All debtors should be thought-about first-time homebuyers.
  • Not less than one borrower should be employed in an accredited 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 accredited occupation.


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


  • Florida ONLY.
  • 30-year fastened Standard, FHA, USDA, and VA mortgage sorts.
  • Main purchases ONLY: 1-unit single-family residences and PUDs, 2-4 items.
  • Borrower should occupy 1 unit as their main residence and the property should be at the least 5 years outdated.
  • Condos and manufactured houses should observe company necessities.
  • Not more than 15% of a property can be utilized for enterprise functions and should observe company necessities.
  • Minimal FICO rating of 640 (660 for manufactured houses).
  • Most debt-to-income (DTI) ratio of fifty% with Approve/Eligible findings (45% for manufactured houses).
  • Borrower(s) can’t personal every other properties (excluding veterans or lively army members).
  • Conforming mortgage limits ONLY – no Excessive-Steadiness.
  • Mortgage should 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 houses, or land trusts.
  • No non permanent price buydowns.
  • No standalone or piggyback HELOCs.


  • 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 obtainable 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 cheap and customary closing prices.
  • The Florida Hometown Heroes mortgage is just not 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 home-owner not occupies the property as their main residence.

At MortgageDepot, we’re dedicated to serving to eligible front-line employees 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 one in every of our mortgage consultants to be taught extra.

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