Wednesday, March 22, 2023
HomeMortgageFlorida Hometown Heroes Housing Program

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 reasonably priced for many who serve our communities day by day, together with regulation enforcement officers, firefighters, educators, healthcare professionals, childcare staff, and energetic navy or veterans.

Right here’s what you might want to know concerning 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 of first-time homebuyers.
  • At the least one borrower should be employed in an accepted occupation, and should present verification of full-time employment of 35 hours or extra per week.
  • Veterans and active-duty navy members are exempt from all first-time homebuyer necessities except taking part within the HFA Most popular Heroes program.
  • First-time homebuyer counseling is required for all debtors using earnings from an accepted occupation.


  • Standard loans: HFA Most popular 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) might qualify for diminished personal mortgage insurance coverage (PMI) premiums.
  • FHA, USDA, and VA loans: AMI doesn’t affect the MI fee.


  • Florida ONLY.
  • 30-year mounted Standard, FHA, USDA, and VA mortgage varieties.
  • 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  • Borrower should occupy 1 unit as their main residence and the property should be no less than 5 years outdated.
  • Condos and manufactured properties 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 properties).
  • Most debt-to-income (DTI) ratio of fifty% with Approve/Eligible findings (45% for manufactured properties).
  • Borrower(s) can not personal another properties (excluding veterans or energetic navy 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 properties, or land trusts.
  • No momentary fee buydowns.
  • No standalone or piggyback HELOCs.


  • Debtors can obtain as much as 5% of the mortgage quantity (capped at $25,000) in down fee and shutting value help.
  • Down fee and shutting value help is out there within the type of a 0% curiosity, non-amortizing, 30-year repayable second mortgage.
  • The down fee and shutting value help can be utilized to fulfill the borrower’s down fee, any down fee exceeding the minimal borrower requirement, and cheap and customary closing prices.
  • The Florida Hometown Heroes mortgage just isn’t 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 now not occupies the property as their main residence.

At MortgageDepot, we’re dedicated to serving to eligible front-line employees receive the Florida Hometown Heroes mortgage to make homeownership extra reasonably priced. If you’re on this program or have any questions, please contact us to get began.

Join with one among our mortgage consultants to be taught extra.



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