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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
ryann24

ryann24

Ry
Steve Wilkins said:
That's what concerns me.
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Exactly. Our realtor was telling us about one of her customers who was selling a property and because they did not live in the home for 3 years (required in the fine print) she had to pay almost 10k because that was part of the "agreement" in fine print. Scary!!!!
 
The Chief

The Chief

Retired
Contributor
ryann24 said:
.... she had to pay almost 10k because that was part of the "agreement" in fine print. Scary!!!!
Click to expand...

I think the program provides a lower interest rate and in addition will provide up to $10,000 towards downpayment/closing costs. This $10,000 is a loan, a no interest loan, secured by the property, and must be repaid on a monthly basis. It is technically a second mortgage. Great aspect is you pay no interest on that loan.

So when you sell the property any remaining balance on the $10,000 loan is due and payable. Probably a provision for immediate repayment of the loan should you no longer live in the property.

Montgomery County, Maryland had(has) a very similar program for police/teachers.
 
Steve Wilkins

Steve Wilkins

Teaching pigs to dance, one pig at a time.
None
Super Moderator
Contributor
The Chief said:
I think the program provides a lower interest rate and in addition will provide up to $10,000 towards downpayment/closing costs. This $10,000 is a loan, a no interest loan, secured by the property, and must be repaid on a monthly basis. It is technically a second mortgage. Great aspect is you pay no interest on that loan.
Click to expand...
...and I'm guessing amortized over 30 yrs with a balloon due in 15.
 
Machine

Machine

Super *********
pilot
None
Site Admin
Suntrust came to the command today and spoke about this program. The Chief was correct that it can provide up to 10,000 down payment assistance. This is actually a grant, so there is no repayment unless you sell the house within 9 years. Then you owe the 10,000 back with no interest. There is also a $5000 down payment assistance that does need to be paid back over 10 years. The D/I ratio is up to 50%, and it requires PMI if your LTV is >80%. This program can be combined with a VA program though, but you'll need to pay the funding fees (which can be lumped into the loan). Let's see...oh yeah. It is for first-time homebuyers. This is defined as not owning real property for the past 3 years. Therefore this program cannot be used to refinance. I think that pretty much sums it up.

IMO, this seems like a really decent program if you qualify for it.
 
SnipeDude

SnipeDude

Cleveland Brown Fan
Machine said:
Suntrust came to the command today and spoke about this program. The Chief was correct that it can provide up to 10,000 down payment assistance. This is actually a grant, so there is no repayment unless you sell the house within 9 years. Then you owe the 10,000 back with no interest. There is also a $5000 down payment assistance that does need to be paid back over 10 years. The D/I ratio is up to 50%, and it requires PMI if your LTV is >80%. This program can be combined with a VA program though, but you'll need to pay the funding fees (which can be lumped into the loan). Let's see...oh yeah. It is for first-time homebuyers. This is defined as not owning real property for the past 3 years. Therefore this program cannot be used to refinance. I think that pretty much sums it up.

IMO, this seems like a really decent program if you qualify for it.
Click to expand...

Are you required to live in the home for the entire time of ownership? i.e. I am an SNFO so if I bought a home lived there for 1-2 years then transferred but rented out the home past the 9 years do I have to pay the money back?
 
Machine

Machine

Super *********
pilot
None
Site Admin
I didn't ask, but I doubt there's any type of homestead clause. Also, the 9 years applies to the down payment assistance. I'm not exactly sure how the qualifications for that goes, but I'm gunna guess it's likely you don't qualify for that portion of the deal.
 
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