Are You Taking Advantage of Florida’s Home Affordability Programs?

Homebuying is often exhausting and always expensive. Purchasing a home will be the largest expenditure for most Americans in their lifetime. Thankfully, Florida lawmakers have taken steps to make buying a home in the sunshine state more affordable (or, in some cases, affordable period for those who would otherwise never be able to buy a home).

Getting a discount on a home could mean tens of thousands saved that you can use to improve your home, provide for your family, and live a more fulfilling life in your new home. At Alvarez Law Group, we work diligently and proudly to connect clients to these resources they may otherwise not know they have access to.

Hometown Heroes Program

For the bravest among us, the Hometown Heroes program in Florida “makes homeownership affordable for eligible frontline community workers such as law enforcement officers, firefighters, educators, healthcare professionals, childcare employees, and active military or veterans.”

This program helps qualifying individuals with their down payment and closing costs on their first-time home purchase. Occupational and income eligibility requirements must be met to qualify for:

  • Up to 5% of the first mortgage loan (up to $25,000) for the down payment and closing costs
  • Lower than market rates on FHA, VA, RD, Fannie Mae, or Freddie Mac first-time mortgages
  • Reduced upfront fees
  • A 0%, non-amortizing, 30-year deferred second mortgage

In addition to this program, Alvarez Law Group proudly offers discounts on real estate closing services for veterans, first responders, and law enforcement. Just use the link at the end of this article to contact our team to discuss how you can save today.

Florida Assist

The Florida Assist program is more aid aimed at helping with down payments, specifically on second mortgages. The program offers up to $10,000 on FHA, VA, USDA, and Conventional loans as well as a 0% deferred second mortgage.

Repayment with the FL Assist program is deferred unless the buyer sells, transfers, refinances, or moves out of the home.

Florida Homeownership Loan Program (FL HLP)

This program is another option for buyers getting into their second mortgage. The program offers up to $10,000 to assist with buying a home along with a 3% fully-amortizing second mortgage with a 15-year term.

FL HLP comes with a monthly payment, however, which may impact your ability to secure a mortgage due to its inclusion in the debt-to-income ratio calculation.

Seller-Paid Rate Buydown

A seller-paid rate buydown is exactly as it sounds. Instead of an actual program, this type of discount is a concession point to negotiate with the seller.

In this scenario, a seller will buy down the rate of a loan to get a better interest rate for the buyer. This can save hundreds a month on your mortgage, and sellers benefit by creating a better market for their homes. Sellers often resort to lowering the price of the home to attract buyers, but they can retain higher profits by buying out even a 0.5% rate of the mortgage upfront.

Work with an Attorney to Save Today

These programs can all help you in the home-buying process, but the qualifications and intricacies require careful attention. The team at Alvarez Law Group can help you locate, apply for, and secure assistance from these programs in Florida.When you are ready to buy a home in Florida, contact Alvarez Law Group to make it happen.

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At Alvarez Law Group, we are proud of our reputation for being a trusted advocate during insurance claims litigation and real estate transactions.

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