Florida Hometown Heroes Housing Programs

This program is designed to assist front-line employees to achieve their homeownership dreams. Any employee with sufficient income and an acceptable credit score can apply for these programs. The mortgage and income limit have recently increased to match the increase in home prices. Alongside the down payment assistance and closing costs, the program offers many other benefits.

Additional Benefits of Hometown Heroes Housing Programs

• Lower Interest Rate – This program allows for interest rates that are lower than the market rates. Lower rates apply to all FHA, VA, RD, Fannie Mae, and Freddie Mac loans.
• Lower Loan Costs – Along with down payment and closing costs assistance, all borrowers can enjoy reduced upfront fees, no discount points, and no origination points.
• Higher Assistance Amount – The maximum amount of the down payment assistance has increased to a maximum of 5% of the first mortgage (or up to $25,000)
• Loan Conditions – The assistance program is intended for first-time home buyers. Veterans are exempt from the requirement to be first-time Homebuyers. The amount of the assistance is considered a second mortgage. This is a zero-interest, zero amortization 30 years deferred mortgage. The loan is not payable unless one of the following conditions is met:
  ▪ Sale of the property
  ▪ Refinancing of the Property
  ▪ Transfer of the deed
  ▪ Property not occupied as the primary residence by the borrower
  The second mortgage becomes due if any of the above events take place.

Income and Loan Limits for Hometown Heroes Housing Program

The recent increase has been applied to the income limits and the mortgage amount to reflect the noticeable increase in home prices. These limits vary by each county. For example, the current annual income limit in St Lucie County is $120,000. Meanwhile, the maximum amount for an FHA mortgage is established at $431,250, while Conventional and VA loans are capped at 726,200. Please contact us for more information regarding the limits for other Florida counties.

These are new and improved features. Manufactured Homes are eligible for borrowers with 660 Credit Scores. FHA loans can be manually underwritten with a Credit Score of 660. Newly constructed Homes are eligible for this program. FHA and FNMA Conventional Loans allow non-occupant Co-signors which can make for easier qualifying. FNMA and FHLMC reduced MI with Homebuyers with less than 80% AMI. DTI ratios up to 50% with AUS Approve/Eligible

Qualifying Occupations for Down Payment Assistance Programs

There is a comprehensive list of qualifying occupations for obtaining down payment and closing costs assistance. The following are some of the eligible occupations:

• Healthcare Employees – Covers a wide variety of healthcare-related workers including but not limited to the following:
▪ Nurses and Certified Nursing Assistants, CNA – Nurses including RN, LPN, APRN, Clinical Nurse Specialist, Certified Registered Nurse Anesthetist, Certified Nurse Midwife, Nursing Home Administrators
▪ Medical Doctors and Assistants– The following is an example of employees covered under the healthcare category:
◦ Physicians – and Physician Assistants, Certified Medical Assistants
◦ Acupuncturists – and Chiropractic Physicians, Certified Chiropractic Assistants,
◦ Anesthesiologists – and Anesthesiologist’s Assistants,
◦ Psychiatrists
◦ Psychologists – and School Psychologists
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◦ Physical Therapists – and Physical Therapist Assistants
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◦ Pharmacists – Pharmacy Technicians
◦ Dentists – and Dental Assistants, Dental Hygienists
◦ Speech-Language Pathologists – or Audiologists and their certified assistants
◦ Occupational Therapists – and their certified assistants
◦ Certified or Registered Respiratory Therapists – and Respiratory Care Practitioners
◦ Licensed or Registered Dieticians or Nutritionists – and Licensed Nutrition Counselors, and Dietetic Technicians
◦ Prosthetist, Orthotist – Prosthetist Orthotist, Pedorthist, Prosthetist, Orthotic Fitter, Orthotic Fitter Assistant
◦ Genetic Counselor
◦ Home Health Specialist – Working for a licensed home health agency
◦ Clinical Laboratory Personnel – Laboratory Director, Supervisor, Technologist, Blood-Gas Analyst, Laboratory Testing Technician
◦ ●Hearing Aid – Hearing Aid Specialist – Hearing Aid Specialist Trainee
◦ Athletic Trainer – Licensed by the Florida Board of Athletic Training
◦ Electrologist
◦ Massage Therapist
◦ Opticians and Certified Optometrists
◦ Phlebotomist – Full-time employment and successful completion of an accredited phlebotomy course are required
◦ Radiology – Licensed Medical Physicist (Radiologic), Certified Basic X-Ray Machine Operator, Certified Radiologic Technologist, Certified Radiology Assistant, Certified General Radiographer, Specialty Technologist (Radiologic)