5% of Loan Amount (Max $25,000) for Closing Costs & Down Payment
• The second mortgage will be 5% of the first mortgage loan amount, not to exceed $25,000.
• The second mortgage will be deferred for 30 years with no monthly payments and no interest due.
• It is not a forgivable loan and must be paid in full upon sale of the home.
• The borrower is required to be a first-time homebuyer.
• Any occupation! *not necessary to have a “Hero Occupation”
• Income Limits $123,150/year
• Property Types: Single Family Home, Condo on FNMA approved list, some Manufactured Homes
• This program is available for FHA, VA, and Conventional mortgage loans.
• More info available here: https://www.floridahousing.org/programs/homebuyer-overview-page/hometown-heroes