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                20 JUN

                Hometown Heroes Loan Assistance in Florida

                Hometown Heroes Loan Assistance in Florida

                The state of Florida has allocated $100 million towards down payment assistance (DPA) for first responders and front-line workers. Up to 5% of the first mortgage amount for a maximum of $25,000 towards down payment or closing costs.  We had Ryan Brown at Cross Country Mortgage as a guest to talk about this program and how it will assist & encourage essential workers to stay in the area. Besides the loan assistance, it can also be used as an “appraisal gap” strategy.

                Eligible Professions 

                • Law Enforcement Officers
                • Teachers
                • Nurses
                • Veterans
                • Firefighters
                • Paramedics
                • Medical Assistants,
                • Therapists
                • AND MANY MORE … (scroll below to see the full list)

                Product Information

                • Down payment and closing cost assistance (DPA) up to 5% of the first mortgage

                amount = max $25,000

                • DPA as a 0%, non-amortizing 30-year deferred second mortgage
                • Primary Residence ONLY
                • First-Time Homebuyers (Unless Veterans/Active Military)
                • Minimum Credit Score: 640

                 

                Some other notes on this.  The program in for an eligible occupation in Florida and for first time homebuyers.  Veterans are exempt from this.

                The minimum credit score has to be 640 and maximum debt to income (DTI) is 45% with 640-669 FICO or 50% with 680+ FICO. Borrowers must attend a homebuyer education course, occupy the home within 60 days, and not have a primary home in the last 3 years (Veterans are exempt).

                Gift funds are allowed if needed.  A borrower may have ownership in one residential property at time of closing (investment, second home).  Single-family homes, townhomes, condos, 2-4 units, and manufactured homes all qualify.

                Down payment assistance is given in the form of a second mortgage loan.  30 year deferred loan at 0% interest unless the home is sold, transfer of deed, satisfaction of mortgage, refinance of until such time when they cease to occupy the property.  Up to 5% of the loan amount is not to exceed $25,000.  It can be used for down payment and closing costs.  Note that this loan is not forgivable.

                Loans that borrowers can use are….

                • Conventional Loan
                  • 3.% down payment requirement
                  • 5% for a 2-4 units
                • FHA Loan
                  • 3.5% down payment
                • VA Loan
                  • $0 down payment

                 

                Loan Costs

                • No discount points
                • No Origination points
                • Exempt from intangible tax doc stamps on mortgage

                An example of this on a $500,000 loan amount would equate to $7,750 in savings. $5,000 typical costs (1% discount points), $1,000 in intangible tax, and $1,750 in mortgage doc stamps.

                There are County Income Limits.  In our immediate area, Palm Beach County has a $138,000 income limitation. Miami-Dade has the highest limitation at $146,250 and Broward County is 2nd with $136,050. Martin County is at $120,000.

                Loan Limits are $647,200 for Conventional/VA.   FHA and USDA are determined by the county maximum.

                 

                The full list of who is eligible is vast…

                 

                Eligible Occupations – Law Enforcement

                Certified Correction Officer
                Correctional Probation Officer
                Firefighter
                Juvenile Detention Officer
                Juvenile Probation Officer
                Sworn Law Enforcement Officer

                 

                Eligible Occupations – Educators

                Career Specialist
                Certified Educator
                Childcare Instructor
                Classroom Teacher
                Employed by a licensed childcare facility or registered home childcare provider
                Librarian/Media Specialist
                Licensed/Registered Childcare Operator
                Owner of childcare facility
                School Counselor
                School Psychologist
                Social Worker

                 

                Eligible Occupations – Healthcare

                Acupuncturist
                Advanced Practice Registered Nurse (APRN)
                Anesthesiologist
                Anesthesiologist Assistant
                Athletic Trainer
                Blood-Gas Analyst
                Certified Basic X-Ray Machine Operator
                Certified Chiropractic Physician Assistant
                Certified General Radiographer
                Certified Medical Assistant
                Certified Nurse Midwife
                Certified Nursing Assistant (CNA)
                Certified Optometrist
                Certified Podiatric X-Ray Assistant
                Certified Radiologist Technician
                Certified Radiology Assistant
                Certified Registered Nurse Anesthetist
                Certified Respiratory Therapist
                Child Protective Service Enforcement
                Chiropractic Physician
                Clinical Laboratory Personnel
                Clinical Nurse Specialist
                Clinical Social Worker
                Dental Assistant
                Dental Hygienist
                Dentist
                Dietetic Technician
                Electrologist
                Genetic Counselor
                Healthcare Practitioner
                Hearing Aid Specialist
                Hearing Aid Specialist Trainee
                Home Health Aid (HHA)
                Laboratory Director
                Laboratory Testing Technician
                Licensed Dietician or Nutritionist
                Licensed Medical Physicist/Radiologist
                Licensed Nutrition Counselor
                Licensed Practical Nurse (LPN)
                Marriage & Family Therapist
                Massage Therapist
                Mental Health Counselor
                Naturopathic Physician
                Nuclear Pharmacist
                Nursing Home Administrator
                Occupational Therapist
                Occupational Therapist Assistant/Aide
                Optician
                Orthotic Fitter
                Orthotic Fitter Assistant
                Orthotist
                Osteopathic Physician
                Pedorthist
                Pharmacist
                Pharmacy Technician
                Phlebotomist
                Physical Therapist
                Physical Therapist Assistant
                Physician
                Physician Assistant
                Podiatric Physician
                Prosthetist
                Psychiatrist
                Psychologist
                Registered Dietician or Nutritionist
                Registered Nurse (RN)
                Registered Respiratory Therapist
                Respiratory Care Practitioner
                School Psychologist
                Specialty Technologist (Radiology)
                Speech Language Pathologist/Audiologist
                Supervisor
                Technologist
                Veterinarian
                Veterinarian Assistant/Technician (employed by a permanent or mobile vet practice)

                 

                Eligible Occupations – Military

                Active Military Personnel – Are exempt from the ‘First Time Homebuyer’ requirement – Must provide a copy of his/her military ID to validate eligibility
                Surviving spouse is eligible with providing a valid Certificate of Eligibility (COE)
                Veterans – Are exempt from the ‘First Time Homebuyer’ requirement – Must present a valid DD-214 that reflects discharge status

                 

                 

                Jeff Lichtenstein is owner and broker of Echo Fine Properties, a luxury real estate brokerage selling real estate in Jupiter  and homes in Palm Beach Gardens, Florida. He has 20 years of real estate experience, has closed over 1,000 transactions, and manages over 70 agents in a non-traditional model of real estate that mimics a traditional business model.  Some publications he has been quoted in.

                Feel free to ask him a question directly at [email protected] including a complimentary real valuation of your home.

                Posted in Finance, Jeff's Journal, Real Estate Tips, Resources on June 20, 2022 at 1:33 pm.

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