NMLS 2275047

Hometown Heroes Is About to Renew – Here’s What You Need To Know! 

On July 1, the Hometown Heroes Assistance Program that has helped so many with down payments and closing costs will be available to all first-time homebuyers in Florida with minimal restrictions. However, funds are only expected to last 2-3 months once July hits.

Since time is of the essence on this fund (roughly $100 million is available, but will surely go very fast), we need to act now to secure your funds. Ideally, we’d like to get you pre-approved in June 2024 and under contract by July to ensure we can reserve your down payment assistance funds before they run out. Let’s take a quick look at qualifications and any other details that might be helpful as we approach the month and this exciting offer. 

Program Details

First, the details of the program. New guidelines now permit up to $35,000 for down payment and closing cost assistance. Buyers can now purchase homes up to $800,000 with little to no out-of-pocket money. Generally, you can expect 5% of the purchase price for assistance, though the actual amounts will vary. For example, estimated assistance on a $500,000 purchase price home will be $25,000. Qualified homebuyers will receive these funds at closing as a second mortgage with no interest or monthly payments for the loan’s entire term. Repayment will only be required upon sale, refinance, full loan payoff, or if the property is vacated. Also, all traditional loan programs and property types throughout Florida are eligible!

Do You Qualify? 

  • Any worker based in Florida who hasn’t owned a primary business in the last three years qualifies for the program. 
  • You must be employed full time; veterans are exempt. 
  • Veterans do not need to be first-time homebuyers.
  • Self-employed homebuyers can qualify with a valid Florida business license. 
  • The minimum credit score is 640.

Income limits do apply only to qualifying borrowers. The income of a non-borrowing spouse will be excluded if they are not on the loan application. (add in the income limits chart from the pickup file?)

How Can You Secure Funds?

Reach out to Choice Mortgage, and our team will walk you through completing a quick application. After a thorough review, we will discuss all details and qualifications with you. We’ll work quickly to make sure you are able to secure funds and finalize plans for your dream home before the program expires, so call us today to get started.

For more information about Choice Mortgage Group, visit www.choicemortgage.com.

Choice Mortgage Group
2424 N Federal Hwy, Suite 100 Boca Raton, FL 33431
(561) 395-6900
info@choicemortgage.com

Corporate Office

2424 N Federal Hwy, Suite 100
Boca Raton, FL 33431
(561) 395-6900
(888) 216-6476

NMLS 2275047

CHOICE MORTGAGE GROUP

Official Mortgage Lender of Florida Atlantic Athletics

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2424 N Federal Hwy, Suite 100 Boca Raton, FL  33431 | Phone: (561) 395-6900 Toll-Free: (888) 216-6476
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