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$35,000 - Down Payment Assistance AVAILABLE FOR ALL FIRST TIME HOMEBUYERS IMPORTANT NOTICE

FUNDING IS LIMITED

The Newly Updated Florida Hometown Heroes Housing Program is now available to all First Time Home Buyers, not just community workers while funds are available! For those borrowers who qualify, can receive up to 5% of their home loan amount (capped at $35,000) in down payment and closing cost assistance. It can be paired with additional assistance programs to maximize amount of received assistance. There is also a $10,000 grant minimum for loans of $200,000 or less. Down payment and closing cost assistance is available in the form of a 0% interest, non-amortizing, 30-year repayable second mortgage. This second mortgage becomes due and payable in full upon sale of the property, refinancing of the first mortgage.

USE

OF

FUNDS

You can use the down payment assistance funds to satisfy the following: • Borrower’s down payment • Any down payment exceeding the minimum borrower requirement. • Reasonable and customary closing costs

ELIGIBILITY

Borrowers must not exceed the maximum income limit requirements for the county in which property is being purchased - Hometown Heroes Loan Limit and Income Limit Lookup • At least one borrower must be employed by a Florida based employer • Verification of Employment Letter or pay stubs indicating full time employment of 35 hours or more a week is required • First-time homebuyer counseling is required to be completed by at least one borrower A Florida Hometown Heroes Loan Program Borrower Certification Form is required • Veterans and active-duty military members are exempt from all first-time homebuyer requirements unless participating in Fannie Mae HFA Preferred Heroes program. • Veterans are NOT exempt from completing a homebuyer counseling course

PARAMETERS

• Florida properties ONLY: • Terms: 30-year fixed Conventional, FHA, USDA and VA loan types • For Primary home purchases ONLY:

PROPERTY

TYPES

THAT

QUALIFY

• 1-unit single family residences and PUDs • 2-4 units: Borrower must occupy 1 unit as their primary and property must be at least 5 years old. • Condos: FHA loans are ineligible for single unit approvals • Manufactured homes: Not eligible • Mixed-use properties: No more than 15% of a property can be used for business purposes and must follow agency requirements. BORROWER REQUIREMENTS • Min FICO = 640 • Max Debt to income (DTI) = 50% • Max Cashback = $300 • Maximum principal reduction = $1,000 • Borrower(s) cannot own any other properties – excluding veterans or active military members. • Conforming loan limits ONLY – no High-Balance • Florida Hometown Heroes Second Mortgagee Clause required to satisfy Homeowner's Insurance requirements. • Cannot waive underwriting fee • No non-occupying co-borrowers or co-signors • No escrow waivers • No co-ops, single-wide manufactured homes, or land trusts • No temporary rate buydowns • No standalone or piggyback HELOCs