Florida Hometown Heroes Program
The Florida Hometown Heroes Housing Program makes homeownership affordable for eligible frontline community workers such as law enforcement officers, firefighters, educators, healthcare professionals, childcare employees, and active military or veterans.
This program provides down payment and closing cost assistance to eligible US Veterans and/or first-time, income-qualified homebuyers so they can purchase a primary residence in the community in which they work and serve.
Program Details:
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Today's Mortgage RatesBorrowers can receive up to 5% of the first mortgage loan amount (maximum of $25,000) in down payment and closing cost assistance making it possible to purchase a home with limited personal funds.
Eligible frontline workers can receive reduced upfront fees, no origination points or discount points and down payment and closing cost assistance.
Down payment and closing cost assistance is available in the form of a 0%, non-amortizing, 30-year deferred second mortgage. This second mortgage becomes due and payable, in full, upon sale of the property, refinancing of the first mortgage, transfer of deed or if the homeowner no longer occupies the property as his/her primary residence. The Florida Hometown Heroes loan is not forgivable.
Does your occupation qualify as a Florida Hometown Hero? Receive a list of qualifying occupations via email now.
Residential Mortgage and Loans for First Time Home Buyers
Along with buying your first car, graduating from college, and getting married are milestones most people want to achieve. Another goal that most people share in common is owning a home. People who have been through the process and have already made their dream a reality will reflect on the moment they closed on their first home.
Unfortunately, not many people have the financial resources to completely finance their home out of pocket. Fortunately, there are a number of mortgage solutions offered across the country to help homebuyers purchase their dream home.
These programs include a number of options for first-time homebuyers even if they have low to moderate income levels. In addition to these, there are programs meant to assist first-time home buyers that don’t necessarily have the best credit scores.
FSMG’s First-Time Home Buyer Solutions
Florida State Mortgage Group, Inc participates in a number of first-time home buyer programs. We offer various FSMG-originated conforming and government residential loans to first-time buyers.
In addition to that, in participating counties we offer residential mortgage loans in conjunction with a Mortgage Credit Certificate (“MCC”). The MCC program grants up to $2,000 an IRS income tax credit to homeowners for each year they own and occupy a mortgaged property as their primary residence.
WATCH our MCC video
For further convenience of our borrowers, FSMG also offers loans with reduced interest rates and low-cost private mortgage insurance (PMI).
In addition, FSMG also offers MCCs to eligible veterans who are not first-time homebuyers.
We suggest you speak to one of our loan officers to explore your options as a first-time home buyer and/or eligible veteran and find a solution that works right for you.
Frequently Asked Questions
Who classifies as a first time home buyer or FTHB?
Unlike what most people think, first time home buyers are not just the people who have never owned a home. In fact, anyone who hasn’t owned a home (that was their primary residence) in the past 3 years is considered a first time home buyer.
The definition is oversimplified for better understanding. It actually covers a larger segment of people that you would have thought.
Are FHA (Federal Housing Authority) loans exclusive to first time buyers?
No, FHA loans are available to any qualified borrower in the purchase and/or refinancing of their primary residence.
What are the down payment requirements for first-time home buyers?
Generally, 3% is the minimum downpayment for conforming loans and 3.5% for FHA loans. The Florida Hometown Heros Program may be utilized to provide the necessary downpayment and closing costs effectively eliminating the need for any required minimum downpayment.
Florida State Mortgage Group offers first time home buyers conventional loans with a down payment as little as 1%.
Talk to one of our loan officers at (954) 359-3000 to discuss your options or click the button below to get started.
Do you know how much home you can afford?
Most people don’t... Find out in 10 minutes.
Today's Mortgage Rates
