what if i qualified for a first mortgage assistance program from my county where i live. Can i combine the hometown heroes program with it? i asked someone from the first mortgage program if i could and she said yes. What is your opinion on this?
Great question. The income limit is determined by the home you're purchasing. For instance, if you're currently living in Broward County, but the home you're buying is in Palm Beach County, then the income limits are for Palm Beach County. We are a direct lender for the Hometown Heroes program, and we handle the whole process--we handle the loan qualification, and we coordinate with Florida Housing for the financing funds. At the moment, the Hometown Heroes Program is out of down payment assistance funds; but another influx of cash is expected in the coming months. We have a waiting list you you can join to be notified when funds are available. If you want to see if you meet the criteria for this program, you can jump over to tinyurl.com/bdzk6yxp. If you want to speak with someone, our contact info is there too. Hope this helps! 😎🚀🏡
So if you use this program you can get a home at no cost out of pocket since it'll cover all the down-payment? And if you use the wrap trick to put closing costs in mortgage if property over appraises.
Good question. The program will give you enough to cover the down payment, and usually a little left over towards your closing costs. The rest of it either needs to come from your own funds, a gift from a family member, or from a seller. You cannot roll any of the unpaid closing costs into the loan if you are using a conventional FHA or VA loan. The only Loan program that allows you to roll in your closing costs if the appraisal comes in higher than the sales price, is a USDA loan which are only available on certain rural zoned areas and there are certain other restrictions as well. USDA loans are available through the Hometown Heroes program. Hope this helps!
@unconventionallending Well by the wrap trick I meant that if the home you are buying is 350 and it appraises at 360 you tell the seller to sell it for 360 and they apply the extra 10k as seller credit to your closing costs
@@leri3365 gotcha! Yes that can work, but it has to be done at the time you go under contract, not mid-way through the process--and of course the home must appraise for the full sales price. I assume that you already know this... (I included these details for anyone reading this who isn't familiar with how this works.) 😎👍🏼
How does the assistance work for closing costs? Can i put that assistance towards both closing and down payment? and about how much would be required to pay out of my pocket with this program?
Thanks for your question! With the Hometown Heroes program, you usually receive enough assistance to cover your entire down payment, along with some (but not all) of your closing costs. You'll need to plan to contribute something towards the remainder of these costs. For how to calculate this, be sure to check out our video on How to calculate this and some tips » ua-cam.com/video/hKLEkYDlMdI/v-deo.html How this helps! 🎯🏠🌴
Great question. Technically yes; however the complication with new construction is that we don't always know if down payment funds will be available when the home is completed and the builder is ready to close. When you buy a new construction home, many builders require a 10% down payment that is often non-refundable if the down payment assistance has dried up. For example, if you went under contract 5 months ago and the builder were ready to close now (March 4, 2024), the Hometown Heroes down payment assistance is currently out of money so you wouldn't be able to close. Additional funds are expected this year, but we do not have an ETA for their arrival. Hope this helps. :-)
Good question. The Florida Hometown Heroes Program does not allow any other simultaneous down payment assistance. You can receive additional assistance from a seller, or a gift from a family. Hope this helps!
That's correct. Although there is no monthly payment due for the assistance (which is a 0% interest, 30 year deferred second mortgage), the assistance loan must always eventually be repaid in full when one of the following occurs: 1) the home is sold 2) the home is refinanced 3) if the homeowner moves to another property, or 4) the first loan comes to term. Because of this, the fund is routinely replenished over time, which is why it's such an enduring program compared to other down payment assistance programs. Thanks for the opportunity to clarify this. 🏡👍
Hi, the Florida Hometown Heroes Program cannot be combined with any other down payment assistance or loan programs. The down payment funds are tied directly to the loan program. Hope this helps!
Good question! The down payment is based on 5% of the new loan amount (i.e. - after your down payment). If you want to run your scenarios to see how much assistance you can receive, be sure to check out our own custom calculators. Hope this helps! tinyurl.com/bdzk6yxp
What about a work from home job with a company based in Chicago. All positions for this company are remote.
Unfortunately, this is not eligible acceptable for the program.
what if i qualified for a first mortgage assistance program from my county where i live. Can i combine the hometown heroes program with it? i asked someone from the first mortgage program if i could and she said yes. What is your opinion on this?
Great question. The income limit is determined by the home you're purchasing. For instance, if you're currently living in Broward County, but the home you're buying is in Palm Beach County, then the income limits are for Palm Beach County.
We are a direct lender for the Hometown Heroes program, and we handle the whole process--we handle the loan qualification, and we coordinate with Florida Housing for the financing funds. At the moment, the Hometown Heroes Program is out of down payment assistance funds; but another influx of cash is expected in the coming months. We have a waiting list you you can join to be notified when funds are available. If you want to see if you meet the criteria for this program, you can jump over to tinyurl.com/bdzk6yxp. If you want to speak with someone, our contact info is there too. Hope this helps! 😎🚀🏡
So if you use this program you can get a home at no cost out of pocket since it'll cover all the down-payment? And if you use the wrap trick to put closing costs in mortgage if property over appraises.
Good question. The program will give you enough to cover the down payment, and usually a little left over towards your closing costs. The rest of it either needs to come from your own funds, a gift from a family member, or from a seller. You cannot roll any of the unpaid closing costs into the loan if you are using a conventional FHA or VA loan.
The only Loan program that allows you to roll in your closing costs if the appraisal comes in higher than the sales price, is a USDA loan which are only available on certain rural zoned areas and there are certain other restrictions as well. USDA loans are available through the Hometown Heroes program. Hope this helps!
@unconventionallending Well by the wrap trick I meant that if the home you are buying is 350 and it appraises at 360 you tell the seller to sell it for 360 and they apply the extra 10k as seller credit to your closing costs
@@leri3365 gotcha! Yes that can work, but it has to be done at the time you go under contract, not mid-way through the process--and of course the home must appraise for the full sales price. I assume that you already know this... (I included these details for anyone reading this who isn't familiar with how this works.) 😎👍🏼
How does the assistance work for closing costs? Can i put that assistance towards both closing and down payment? and about how much would be required to pay out of my pocket with this program?
Thanks for your question! With the Hometown Heroes program, you usually receive enough assistance to cover your entire down payment, along with some (but not all) of your closing costs. You'll need to plan to contribute something towards the remainder of these costs. For how to calculate this, be sure to check out our video on How to calculate this and some tips » ua-cam.com/video/hKLEkYDlMdI/v-deo.html
How this helps! 🎯🏠🌴
Does it apply to new construction or is there a limit on the house amount ex $430k etc
Great question. Technically yes; however the complication with new construction is that we don't always know if down payment funds will be available when the home is completed and the builder is ready to close. When you buy a new construction home, many builders require a 10% down payment that is often non-refundable if the down payment assistance has dried up. For example, if you went under contract 5 months ago and the builder were ready to close now (March 4, 2024), the Hometown Heroes down payment assistance is currently out of money so you wouldn't be able to close. Additional funds are expected this year, but we do not have an ETA for their arrival. Hope this helps. :-)
Can the hero’s program be stacked with other first time home buyer grants?
Good question. The Florida Hometown Heroes Program does not allow any other simultaneous down payment assistance. You can receive additional assistance from a seller, or a gift from a family. Hope this helps!
@@unconventionallending Last question, the hero’s program is not forgivable in any circumstances correct?
That's correct. Although there is no monthly payment due for the assistance (which is a 0% interest, 30 year deferred second mortgage), the assistance loan must always eventually be repaid in full when one of the following occurs: 1) the home is sold 2) the home is refinanced 3) if the homeowner moves to another property, or 4) the first loan comes to term. Because of this, the fund is routinely replenished over time, which is why it's such an enduring program compared to other down payment assistance programs. Thanks for the opportunity to clarify this. 🏡👍
@@unconventionallending Thank You so much for fast and to the point response!
This program can be used with the rocket mortgage 1%?
Hi, the Florida Hometown Heroes Program cannot be combined with any other down payment assistance or loan programs. The down payment funds are tied directly to the loan program. Hope this helps!
If the property you're looking to buy is $200,000, will the program cover 5% ($10,000) or the max $35,000?
Good question! The down payment is based on 5% of the new loan amount (i.e. - after your down payment). If you want to run your scenarios to see how much assistance you can receive, be sure to check out our own custom calculators. Hope this helps! tinyurl.com/bdzk6yxp
Does someone speaks Spanish
Please give us a call Monday. :-)