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Additionl Detail Hometown Heros

Additional Program Details:

  • 30-year fixed rate first mortgage loan (FHA, VA or Conventional)

  • Home Purchase transaction only

  • Primary Residence in the State of Florida Only

  • Home must be occupied within 60 days

  • Minimum credit Score of 640

  • Maximum DTI: 50% for Conventional, FHA and VA; 45% for USDA

  • Must be a first time buyer or have an exemption status

    • Veterans, active duty and their spouses are exempt from the first-time buyer requirement​

  • Income Limit: Must be below 150% of the area median income

    • Limit varies from $128,250 (Volusia/Flagler) to $131,700 (Orange/Osceola) to $154,800 (Miami/Dade) to a high of $162,750 (Monroe)

  • Loan Amount varies by county and loan type

    • Conventional: $726,200 all of Florida (except for Monroe county: $874,000)​

    • FHA: $472,030 (Flagler, Orange, Osceola, Volusia); $526,700 (St Johns) 

  • No purchase price limits 

  • No Minimum Borrower contribution for 1 unit property 

  • Cash Back is NOT allowed​​​​

    • Potential cash back can be used to reduce the 1st Mortgage principal ($1000 max)

    • Cannot be used for an appraisal gap

    • Cannot be used to pay off borrower debt, but personal funds may be used.

  • Homebuyer education is required for the hero borrower but not spouse.

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