Florida Gives $25,000 Real Estate Aid to “Hometown Heroes”
Randy Gilbert, J.D.
Chief Happiness Officer
Florida’s Title Insurance Company
(954) 500-Title (8485)
First let me point out, I said “Gives $25,000,” I did not say “Forgives $25,000.” So here is how Florida’s newly funded, $100 Million Dollar Hometown Heroes program works; and if you qualify, then it is an amazing program! If you don’t qualify then that’s okay. Keep reading until the end, because there are three (3) additional programs that are just too good to be true.
When did the Hometown Heroes program start, and why haven’t I heard about it? June 1st, 2022.
Who is offering the Hometown Heroes program? 40 years ago, Florida’s legislature created the Florida Housing Finance Corporation (“Florida Housing”), as a quasigovernment agency charged with assisting Florida residents in obtaining affordable housing through a variety of programs; this is their newest.
How much can I get? Up to 5.00% of your first mortgage loan amount (maxed at $25,000.00).
What can it be used for? Both the down payment and closing costs.
What real estate is eligible? Existing properties, new properties (but not if obtaining a construction-perm loan), detached single family homes, condos, Up to 4-unit properties if buyer occupies one unit, town homes, mobile homes with land, and modular homes with land.
Is this a Loan or a Gift? It’s a 0% loan. It is not a grant, nor a gift, nor will it be forgiven.
When do I have to repay it? The loan gets recorded as a 30-year deferred 2nd mortgage which must be repaid in full upon: (1) Sale, (2) Refinancing; (3) Deed transfer; or (4) Homeowner no longer occupying property as their primary residence.
Can I apply with any lender or mortgage broker I choose? No. … Read the rest of this article in full at https://ftic.net/articles/.
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