By Phil Ganz
Edited by Ryan Skerritt
Funds for the 2024-2025 Hometown Heroes Program will be released on July 1st, 2024, and are expected to go quickly.
To take advantage of this opportunity, you need to act fast and be fully prepared.
Understanding these loan limits is crucial for applicants to effectively plan and maximize the benefits offered by the Florida Hometown Heroes Program.
What Are Loan Limits in Florida?
Loan limits in Florida specify the maximum borrowing amounts for different loan programs, such as mortgages.
These limits vary by loan type and geographic area within the state.
For programs like Florida Hometown Heroes, understanding these limits is crucial as they determine the financial assistance available to you.
Familiarizing oneself with these limits is essential for prospective homebuyers, as they influence property options and affordability during the home-buying process.
Hometown Heroes Program Loan Limits in 2024
USDA-RD does not have a Cap on Loan Limit.
| County | FHA Loan Limits | VA and HFA Loan Limits |
|---|---|---|
| Alachua | $498,257 | $766,550 |
| Baker | $564,650 | $766,550 |
| Bay | $498,257 | $766,550 |
| Bradford | $498,257 | $766,550 |
| Brevard | $498,257 | $766,550 |
| Broward | $621,000 | $766,550 |
| Calhoun | $498,257 | $766,550 |
| Charlotte | $498,257 | $766,550 |
| Citrus | $498,257 | $766,550 |
| Clay | $564,650 | $766,550 |
| Collier | $730,850 | $766,550 |
| Columbia | $498,257 | $766,550 |
| De Soto | $498,257 | $766,550 |
| Dixie | $498,257 | $766,550 |
| Duval | $564,650 | $766,550 |
| Escambia | $498,257 | $766,550 |
| Flagler | $498,257 | $766,550 |
| Franklin | $498,257 | $766,550 |
| Gadsden | $498,257 | $766,550 |
| Gilchrist | $498,257 | $766,550 |
| Glades | $498,257 | $766,550 |
| Gulf | $498,257 | $766,550 |
| Hamilton | $498,257 | $766,550 |
| Hardee | $498,257 | $766,550 |
| Hendry | $498,257 | $766,550 |
| Hernando | $498,257 | $766,550 |
| Highlands | $498,257 | $766,550 |
| Hillsborough | $498,257 | $766,550 |
| Holmes | $498,257 | $766,550 |
| Indian River | $498,257 | $766,550 |
| Jackson | $498,257 | $766,550 |
| Jefferson | $498,257 | $766,550 |
| Lafayette | $498,257 | $766,550 |
| Lake | $498,257 | $766,550 |
| Lee | $498,257 | $766,550 |
| Leon | $498,257 | $766,550 |
| Levy | $498,257 | $766,550 |
| Liberty | $498,257 | $766,550 |
| Madison | $498,257 | $766,550 |
| Manatee | $547,400 | $766,550 |
| Marion | $498,257 | $766,550 |
| Martin | $621,000 | $766,550 |
| Miami-Dade | $766,550 | $766,550 |
| Monroe | $766,550 | $766,550 |
| Nassau | $498,257 | $766,550 |
| Okaloosa | $603,750 | $766,550 |
| Okeechobee | $498,257 | $766,550 |
| Orange | $498,257 | $766,550 |
| Osceola | $498,257 | $766,550 |
| Palm Beach | $621,000 | $766,550 |
| Pasco | $498,257 | $766,550 |
| Pinellas | $498,257 | $766,550 |
| Polk | $498,257 | $766,550 |
| Putnam | $498,257 | $766,550 |
| Santa Rosa | $498,257 | $766,550 |
| Sarasota | $547,400 | $766,550 |
| Seminole | $498,257 | $766,550 |
| St. Johns | $579,022 | $766,550 |
| St. Lucie | $564,650 | $766,550 |
| Sumter | $498,257 | $766,550 |
| Suwannee | $498,257 | $766,550 |
| Taylor | $498,257 | $766,550 |
| Union | $498,257 | $766,550 |
| Volusia | $498,257 | $766,550 |
| Wakulla | $498,257 | $766,550 |
| Walton | $603,750 | $766,550 |
| Washington | $498,257 | $766,550 |
Eligibility Criteria for the Hometown Heroes Loan
Eligibility for the Hometown Heroes Loan is determined by the applicant’s profession and financial status.
Professional Requirements
- Must be employed full-time (minimum 35 hours per week) by a Florida-based employer.
- Must work in essential service roles within the community.
Financial Requirements
Credit Score
Minimum FICO score of 640.
Minimum FICO score of 660 for manufactured housing.
Debt-to-Income Ratio (DTI)
Maximum DTI of 50%.
Maximum DTI of 45% for manufactured housing.
First-Time Homebuyer Status
Must not have had any ownership interest in a principal residence during the three years prior to obtaining the mortgage loan.
Income and Loan Limits
Vary by county and household size to ensure the program benefits those most in need based on local cost of living and average incomes.
Different Mortgage Options For Hometown Heroes Applicants
The Florida Hometown Heroes Program is tailored to provide a range of mortgage options, catering to the diverse needs of eligible community workers.
These mortgage options are designed to offer financial flexibility and support, ensuring that the dream of homeownership is accessible to more people.
Below are the key mortgage types available under this program, each with its unique features and benefits.
FHA Loans
-
Insured by the Federal Housing Administration (FHA) - FHA loans are particularly appealing due to their more lenient credit score requirements. This makes them an excellent choice for individuals who may not qualify for conventional loans.
- Benefits - These loans are known for their lower down payment requirements and more flexible lending standards, making them accessible to a broader range of homebuyers.
VA Loans
-
Guaranteed by the Department of Veterans Affairs (VA) - VA loans are exclusively available to veterans and active military personnel. They offer significant advantages for those who have served the country.
- Benefits - Perhaps the most notable feature is the 100% financing option, eliminating the need for a down payment. Additionally, VA loans do not require monthly mortgage insurance premiums, reducing the overall monthly expenses for borrowers.
USDA Loans
-
Guaranteed by the United States Department of Agriculture (USDA) - These loans are intended to support home purchases in rural areas, contributing to rural development.
- Benefits - Like VA loans, USDA loans offer 100% financing, making them an attractive option for those looking to purchase homes in eligible rural areas. They also do not require monthly mortgage insurance premiums.
Conventional Loans
-
Not Government-Insured - Conventional loans are standard mortgage options not insured or guaranteed by any government agency.
- Features - These loans usually require a down payment of at least 3% and typically come with higher interest rates compared to government-insured loans like FHA and VA loans. However, they offer more flexibility in terms of property types and are widely available through various lenders.
When considering these mortgage options, it's crucial to evaluate individual circumstances such as income, credit score, and the specific type of property being purchased.
Working with a qualified lender can provide personalized advice and guidance, helping borrowers determine the most suitable mortgage option for their needs under the Florida Hometown Heroes Program.
This tailored approach ensures that each participant maximizes the benefits offered by the program while securing a mortgage that aligns with their financial situation and homeownership goals.
How to Apply for the Hometown Heroes Program
Step 1 - Apply for the Program
-
Application Process - Contact MakeFloridaYourHome to get your application started online.
- Eligibility Assessment - The lender will review your application to determine if you meet the program’s eligibility criteria.
Step 3 - Making an Offer on a Home
- Approval Requirement - If your application is approved, you can then proceed to make an offer on a home. Note that the lender must approve the loan before you can finalize the purchase.
Step 4 - Reserve the Funds
- Reservation Fee - Upon loan approval, you will need to reserve the funds by paying a reservation fee, typically 1% of the down payment assistance amount.
Step 5 - Closing on the Home
- Final Step - Once the funds are reserved, you can move forward to close on the home. The lender will provide you with the down payment assistance funds at the time of closing.
The entire reservation and loan delivery process usually takes 30 to 60 days. However, this timeline can vary, especially if there are delays in the underwriting process.
Hometown Heroes Program FAQ
Here are some frequently asked questions about the Florida Hometown Heroes Program to help you understand its features, benefits, and recent changes.
What is the Florida Hometown Heroes Program?
The program is designed to provide down payment assistance to working Floridians aiming to purchase a home. It's open to all gainfully employed residents of Florida, not just frontline heroes, and offers up to $35,000 in down payment assistance.
Who is eligible to participate in the program?
Eligibility includes being a first-time homebuyer, having a minimum credit score of 640, earning an income less than 150% of the area median income for your county, and being employed by a Florida-based employer.
What are the different mortgage options available under the program?
The program offers FHA, VA, USDA, and conventional loans. Each has its own features, such as FHA loans' lenient credit requirements and VA loans' 100% financing without a down payment.
What are the income and maximum loan limits for the program?
Income and loan limits vary by county. For instance, in Miami-Dade County, the maximum income is $154,800, and the loan limit is $557,750. These limits can be found on the Florida Housing Finance Corporation website.
How can I find a Hometown Heroes Program lender?
Start by finding a participating lender on the Florida Housing Finance Corporation website or contact MakeFloridaYourHome.
After applying and getting approved for the program, you can reserve funds by paying a reservation fee, typically 1% of the down payment assistance amount.
What are the Florida Tax Exemption Benefits of the program?
Participants can save thousands of dollars through exemptions from documentary stamp tax and intangible tax for first and second mortgages and notes secured by loans for housing financed through Florida Housing's Homebuyer Programs.
Where can I find more information, and who can I contact with questions about the program?
For more information, contact MakeFloridaYourHome, which oversees the Florida Hometown Heroes program. They can help you understand the program's eligibility criteria, application process, and more.
For further details, individuals are encouraged to visit the Florida Housing Finance Corporation website or reach out to MakeFloridaYourHome for personalized guidance and support.
Bottom Line
The Florida Hometown Heroes Program provides essential financial support and diverse mortgage options for eligible community service professionals, making homeownership more attainable.
Funds for the 2024-2025 Hometown Heroes Program will be released on July 1st, 2024, and are expected to go quickly.
To maximize benefits, understand the loan limits and act fast to take advantage of this opportunity.
With over 50 years of mortgage industry experience, we are here to help you achieve the American dream of owning a home. We strive to provide the best education before, during, and after you buy a home. Our advice is based on experience with Phil Ganz and Team closing over One billion dollars and helping countless families.
About Author - Phil Ganz
Phil Ganz has over 20+ years of experience in the residential financing space. With over a billion dollars of funded loans, Phil helps homebuyers configure the perfect mortgage plan. Whether it's your first home, a complex multiple-property purchase, or anything in between, Phil has the experience to help you achieve your goals.
About Editor - Ryan Skerritt
Ryan Skerritt has over 10+ years of experience in the residential financing space. With over two hundred and fifty million of funded loan volume, Ryan has the skill set to help any homebuyer configure the perfect mortgage plan.
