Being a public service worker is not just about being a hardworking citizen; being a public service worker is about doing what’s right for others. 

Recently, the Florida government implemented the Hometown Heroes down payment assistance (DPA) loan program to make their lives much easier.

This program aims to help Florida’s public service workers, including teachers, nurses, veterans, and others.

Here at Mortgage Capital, the Hometown Heroes DPA loans offer a variety of benefits. These benefits range from cash assistance to low interest rates and reduced quick and easy home ownership fees.

Florida’s Hometown Heroes DPA Down Payment Assistance Loan Program Requirements

Florida-based Employer

Applicants must be full-time employees of a Florida-based organization. The applicant’s employer must have a physical location within the state. Lastly, the applicant must work on or report on the location itself.

The only exception to this requirement is veterans, as long as they can provide a legitimate DD214 document.

Income Limit

Applicants must also not exceed certain limits, such as the income limit requirements and household size.

There are also other specific considerations. BOND takes account of a household’s income. As such, the sum of the income of all adult individuals is considered.

There are others, such as credit-qualifying income or AUS income by the TBA.

Homebuyer Education (HBE)

The applicant must undergo a government-approved program. It may come as in-person, online, or education courses mandated by the US Department of Housing and Urban Development.

A certificate of completion will then be given, valid for 2 years after completion. Military veterans, active-duty personnel, and co-signers are exempt from this requirement.

Who Qualifies for Florida’s Hometown Heroes Down Payment Assistance DPA in Florida?

To be eligible for the Hometown Heroes DPA loan program, the applicant must be or have the following:

• Full-time work (35+ hours a week) for a Florida-based organization
• Must be a first-time buyer or a veteran.
• A credit score of 640+
• Earn less than 15% of the area’s income.

Applicants also have to be in a public service profession, such as:

• Law enforcement 
• Firefighters 
• Healthcare professionals 
• Educators/teachers 
• Childcare professionals 
• Active-duty military members and veterans 
• Other public service workers

How to Get Florida’s Hometown Heroes Down Payment Assistance DPA in Florida

Contact Approved Lender

The first step to take is to identify and connect with Florida-registered lenders. The lender will then explain all the available programs and start the pre-approval process.

The lender will also help you purchase a home and give you the estimated loan amount.

Undergo Homebuyers Course

The applicant is to undergo a homebuyer’s course. The course will cover various topics such as finances, credits, and budgeting.

Connect with a Real Estate Firm

After receiving a certificate of completion, the applicant must hire a certified real estate agent to help them find the perfect home or property based on their budget and wants.

The realtor will also help the applicant negotiate the price, documentation, and property inspection.

Finalization

Applicants must then finalize the mortgage application together with the lender. The lender will require a search of the property’s title and an appraisal of its value. The applicant must also start looking for homeowner’s insurance.

Closing

With the help of a lawyer and lender, the borrower can close the application process by signing all necessary documents to start owning their dream home.

How to Get Florida’s Hometown Heroes Down Payment Assistance DPA for First-Time Home Buyers in Florida

For first-time buyers, the applicant must have no previous ownership interest or no primary residence within the last three years. 

The applicant is only exempted if they are a military veteran, active-duty military personnel, or looking to buy a property in a Federally Designated Targeted Area.

How to Refinance a House Bought Under Florida’s Hometown Heroes First Time Home Buyer Down Payment Assistance DPA

When it comes to refinancing the property bought using the Hometown Heroes DPA loan, there are specific steps you must take.

First, read and understand the DPA loan program’s rules, regulations, terms, and conditions. Through this, the borrower can understand what they can do, the requirements to gather, or the steps to take.

Second, you should also reach out to the local DPA administrator. This is critical, as they will also tell borrowers what steps to take and other requirements they need.

For specific DPA programs, borrowers must repay a portion of the used loan. 

Lastly, the borrower needs to contact the lender they worked with before. The previous lender will work with the borrower to gather the requirements and assist in refinancing.

The lenders will also inspect and appraise your home to check its new value. This is done either by themselves or using registered property inspectors.

How Long Must I Live in Florida to Qualify for Florida’s Hometown Heroes Down Payment Assistance DPA?

To qualify for a Hometown Heroes DPA loan, the applicant must have resided in Florida for 12 months or more.

They must also work full-time (35+ hours a week) for a Florida-based organization. Also, they must have resided within the state but not owned a primary residence for three years.

Florida’s Hometown Heroes: DPA Mortgage Brokers and Lenders

Within the nation, there are a variety of brokers and lenders ready to help public service workers. These brokers and lenders have different benefits, prices, and offers. 

Choosing which is best for you can be difficult, but here are some tips to help you.

First, you need to know your needs and your budget. Ask important questions such as, Do you want a fixed or adjustable rate? How long will you be paying the loan? What type of benefits are you looking for? Are there any additional fees to pay?

If you reach an answer for each, you can filter out various lenders and their offers based on your needs and budget.

Second, by reading and asking for recommendations from friends and families. After all, those closest to you will give you the most useful and relevant advice and referrals.

Lastly, try reaching out to different lenders and brokers. Ask for their offers, or you could even ask for referrals. A good example of such a lender is Mortgage Capital.

Considered one of the best, Mortgage Capital has specialists dedicated to helping public service workers achieve their goals.

So reach out to them now and start your journey as a first-time homeowner.