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Florida Heroes' Program

Should this post become a sticky?

  • Yes

    Votes: 10 50.0%

  • No

    Votes: 10 50.0%
  • Total voters
    20
RivrGuide

RivrGuide

Admiral Hartman 4 Life
pilot
I just found out about the Florida Heroes' Program from our realtor. Basically Florida issues bonds to help military, fire, police and teachers buy houses. All you have to do is be stationed in FL, and you qualify for the program.

The best rate I could get without it was 6.3-6.5APR, with $0-$10,000.00 in upfront fees.
With it, the rate is currently around 5.68% and 500 in origination fees.

Also, there is no funding fee like a VA Loan.

The program is not advertised, so you have to physically go in and ask about it at a local bank. I used Suntrust on Gulf Breeze to get started

Cheers
 
insanebikerboy

insanebikerboy

Internet killed the television star
pilot
None
Contributor
That's not a bad deal....too bad USAA insurance wouldn't cover it as soon as I move out of state :rolleyes:
 
wiseguy04

wiseguy04

The Dude abides....
pilot
Thanks for the tip. Sounds pretty good. Steve, you want to chime in with your real estate insight?:)
 
ryann24

ryann24

Ry
Do all banks and credit unions offer this? I just ask because we are about to write a contract on a house and are using NFCU and the homebuyers choice loan. The kicker is the origination fees and what not. The rates are up and down today.
 
Steve Wilkins

Steve Wilkins

Teaching pigs to dance, one pig at a time.
None
Super Moderator
Contributor
wiseguy04 said:
Thanks for the tip. Sounds pretty good. Steve, you want to chime in with your real estate insight?:)
Click to expand...
I don't know what the hell this Florida Heroes program is. Never heard of it. So I went down the road here to SunTrust and asked their mortgage bubba about it. He didn't know what it was either. So he looked it up in their 'Reference Point Library' and couldn't find anything about it. He then made a few phone calls and talked to the loan processor he works with. She didn't know what the Florida Heroes program was either.

RivrGuide, PM me the name and phone number of the mortgage bubba at SunTrust who told you about this program. I'd like to get the scoop on this and if legit, pass it on to the folks here at the SunTrust by my house.

In any case, any program that has your interest rate going from 6.5% down to 5.4% AND no increase in closing costs has me a bit suspicious.
 
ryann24

ryann24

Ry
Steve Wilkins said:
I don't know what the hell this Florida Heroes program is. Never heard of it. So I went down the road here to SunTrust and asked their mortgage bubba about it. He didn't know what it was either. So he looked it up in their 'Reference Point Library' and couldn't find anything about it. He then made a few phone calls and talked to the loan processor he works with. She didn't know what the Florida Heroes program was either.

RivrGuide, PM me the name and phone number of the mortgage bubba at SunTrust who told you about this program. I'd like to get the scoop on this and if legit, pass it on to the folks here at the SunTrust by my house.

In any case, any program that has your interest rate going from 6.5% down to 5.4% AND no increase in closing costs has me a bit suspicious.
Click to expand...
I am curious too because I called Suntrust and they thought I was crazy:) Well, maybe I am but still.:) They looked it up and had no reference to it, I called Wachovia, same thing, and then talked to Bank of America and said we could bring in our paperwork and sometimes the "executives" have access to different loan programs. The homebuyers choice with NFCU has been the best deal by far for us, their interest rate seems to be the best also. I am just leary because there are so many whacky loan programs out there that are bad news!!!
 
Steve Wilkins

Steve Wilkins

Teaching pigs to dance, one pig at a time.
None
Super Moderator
Contributor
ryann24 said:
Do all banks and credit unions offer this? I just ask because we are about to write a contract on a house and are using NFCU and the homebuyers choice loan. The kicker is the origination fees and what not. The rates are up and down today.
Click to expand...
Give ERA Mortgage a call before you committ to NFCU. They're unbelievably easy to work with and you should know in about 20 minutes what they can do for you. I don't get anything out of it so don't think I'm trying to push something on you. My house is financed through them as well.

Here's the number: (888) 236-2358
 
Steve Wilkins

Steve Wilkins

Teaching pigs to dance, one pig at a time.
None
Super Moderator
Contributor
ryann24 said:
I am curious too because I called Suntrust and they thought I was crazy:) Well, maybe I am but still.:) They looked it up and had no reference to it, I called Wachovia, same thing, and then talked to Bank of America and said we could bring in our paperwork and sometimes the "executives" have access to different loan programs. The homebuyers choice with NFCU has been the best deal by far for us, their interest rate seems to be the best also. I am just leary because there are so many whacky loan programs out there that are bad news!!!
Click to expand...
I'm on a personal mission to shut down Wachovia's mortgage business.
 
ryann24

ryann24

Ry
Steve Wilkins said:
Give ERA Mortgage a call before you committ to NFCU. They're unbelievably easy to work with and you should know in about 20 minutes what they can do for you. I don't get anything out of it so don't think I'm trying to push something on you. My house is financed through them as well.

Here's the number: (888) 236-2358
Click to expand...
Thank you thank you! Will they run our credit again do you know? We have had it shopped 3 times and have the best credit, I just wasn't sure if we want it ran again? Thanks! :)
 
ryann24

ryann24

Ry
Steve, I called them and they said they HAD to run my credit even if I faxed over our credit score and what not so I told him we would hold off, I asked if he could tell me their rates and he couldn't but asked me what NFCU was giving us and said if they are able to do 100% financing at 6.5% they can't touch that. So at least they were honest:):) Thanks!
 
Steve Wilkins

Steve Wilkins

Teaching pigs to dance, one pig at a time.
None
Super Moderator
Contributor
ryann24 said:
Steve, I called them and they said they HAD to run my credit even if I faxed over our credit score and what not so I told him we would hold off, I asked if he could tell me their rates and he couldn't but asked me what NFCU was giving us and said if they are able to do 100% financing at 6.5% they can't touch that. So at least they were honest:):) Thanks!
Click to expand...
Yea, they do have to run the credit because essentially they are pre-approving you. Most places simply pre-qualify. That's interesting that they wouldn't tell you what their rates were. That doesn't make me very happy. I've seen NFCU able to beat their competition out of the park, and also the other way around. At least you called. Most people won't even take that step. Hope the contract goes well for you guys.
 
The Chief

The Chief

Retired
Contributor
The last I looked into the Florida Hero Program they were offering 5.6% 30 (and some40) year fixed rates, about 1 percentage point below some LO's, which is a lot of money over 30 years. There are restrictions in the program.

As with all loans, read the fine print and understand it.
 
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