Hometown Heroes Down Payment Assistance Program | HOMETOWN HEROS DOWN PAYMENT ASSISTANCE PROGRAM

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
◦
◦ Physical Therapists – and Physical Therapist Assistants
◦
◦ 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)

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Florida Property Taxes and Homestead Exemption

by Hamid Hakimi | Buyers Information

Florida Property Taxes and Homestead Exemption

Calculating Property Taxes

Learn How to Estimate Property Taxes

Although the calculation of the property taxes is a fairly simple math there are a significant misunderstanding and confusion among homeowners and even real estate professionals. The purpose of this article is to streamline the process and take the myths out of understanding the property taxes.

Previous Owners’ Taxes

This is the first step where most of the confusions begins. Rule number one is not to even look at how much property taxes the previous owners are paying unless they purchased the house in the same tax year and have not applied any exemptions to their property taxes. The reason for this is the recalculation and adjustment of the Assessed Value upon purchase of a home by the county.

Assessed Value and Market Value

Assessed Value is a dollar value used solely for calculating the property taxes and set normally by the property appraiser office in your jurisdiction. The assessed value is not the same as the appraised value, market value or the purchase price. Based on the jurisdiction, the Assessed Value is around 90% or 80% of the Market Value. For Example, if the Market Value of a property is $100,000 the property taxes are calculated based on 80% of Market Value or $80,000. Most websites for Property Appraiser’s Offices offer an online Tax Estimator tool, which estimates the new taxes for the property you are purchasing. Check with your local Appraiser Office’s website in your county for the availability of this tool.

Millage Rate

Millage is similar to a tax rate and set by Board of Commissioners, School Boards and other agencies who have the authority to levy taxes. Each Mill is equal to $1 per $1,000 of the Assessed Value. To calculate the property taxes, the Assessed Value is simply multiplied by the Assessed Value. In the example above, if the Millage is 2.

Homestead Exemption

The Homestead Exemption aoolies to all primary residence in the State of Florida. While some states offer this exemption only to older citizens the Homestead Exemption applies to everyone in Florida. It is very important to know other benefits of a property which is qualified as a homestead. The Homestead Properties are immune from the forced sales imposed by some creditors but not all. All judgment liens resulting from litigation for negligence of the homeowner or for breach of contract are protected by homestead laws. The liens on non-homestead properties, however, are fully enforceable in the State of Florida.

The liens which are voluntarily put in place by homeowners are not protected by Homestead laws. These liens include the mortgage, taxes, and liens due to non-payment of debt for repairs or improvement of the property are some example of the liens not exempt from creditor from claims against the property.

In addition to Florida residency, there are other requirements such as the ownership and occupancy and the location and sise of a property to qualify as a homestead. There is no limit on the value of the property to qualify for homestead. This has made Florida a haven for people with large assets and debts arising from lawsuits, They can easily transfer an unlimited amount of money to purchase a homestead property and will be automatically shielded from in-state or out-of-state judgments. Many famous people like OJ Simpson and Burt Reynolds have used Florida Homestead Laws to their benefit by purchasing high-priced homestead homes. The amount of Homestead Exemption is up to $50,000 for married couple and $25,000 for individual qualified homeowners.