Monday, February 20, 2023
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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 individuals who serve our communities every single day, together with legislation enforcement officers, firefighters, educators, healthcare professionals, childcare workers, and energetic army or veterans.

Right here’s what it’s worthwhile 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 have to be thought of first-time homebuyers.
  • No less than one borrower have to be employed in an permitted 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 collaborating within the HFA Most well-liked Heroes program.
  • First-time homebuyer counseling is required for all debtors using earnings from an permitted occupation.


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


  • Florida ONLY.
  • 30-year fastened Standard, FHA, USDA, and VA mortgage sorts.
  • Main purchases ONLY: 1-unit single-family residences and PUDs, 2-4 models.
  • Borrower should occupy 1 unit as their major residence and the property have to be not less than 5 years previous.
  • Condos and manufactured houses should comply with company necessities.
  • Not more than 15% of a property can be utilized for enterprise functions and should comply with 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 not personal another properties (excluding veterans or energetic army members).
  • Conforming mortgage limits ONLY – no Excessive-Stability.
  • Mortgage have to 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 momentary charge 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 price help.
  • Down fee and shutting price help is offered within the type of a 0% curiosity, non-amortizing, 30-year repayable second mortgage.
  • The down fee and shutting price 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 shouldn’t be 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 major residence.

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

Join with considered one of our mortgage consultants to study extra.



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