The school district has been promoting this program heavily. I'm spreading the word amongst my colleagues that this is not "free money." A loan that you will pay on the back end. What a rip for the public service workers. Thanks for clarifying.
Thank you for this info. I could see why lenders would support this program as it "traps" you into not being able to refinance easily. I was considering this but i definitely am not anymore as that is a pretty BIG con. Ty again.
Thanks for explaining that you’d think that since it’s for people who are essential workers they would’ve had a 580 or no score especially considering many of us are recovering from the pandemic
So... hypothetically speaking one could use HH program to help secure a home at $550k, sell it 2 years later at $850k but would forfeit 35k of the profits? Walking out with something north of $200k
would you recommend using hometown heroes as 5% down, and then not doing anything else down? essentially 0% down aside from the grant? that way you can use the "grant" but then keep cash if you have any equity or re-finance issues later down the road.
When do you pay the hometown heroes loan? Let’s suppose you don’t refinance, the home stays your primary residence, the home is not sold, and the deed is not transferred.
When you refinance a mortgage, the existing loan is paid off using the new one. This program requires that any loans on the home are paid off when you refinance.
The program has officially opened to any first-time homebuyer in the state of Florida! There are some eligibility requirements as far as credit, income, etc go. Please contact us at 754-946-4292 for more info and to see if you qualify for this program!!
Great question! Here is the answer directly from Florida Housing: "We certainly couldn’t require that a buyer retain the same occupation post-closing. We simply require that buyers under HTH are employed, full-time, in one of the eligible occupations and hold the necessary license or certification at time of closing."
So esentially if you have fuck all cash in hand you can use the program to get that up front cost covered, in exchange for a slightly worse interest rate on the primary loan.... Ya that's a shit deal. If you can't afford the up front cost you have no business putting yourself into a situation like this. Get the cheaper interest payment, that is the only option.
It’s 0% interest and also you pay it back when you sell so it’s a win win - I don’t understand your cons … if you sell once your value is up you’ll pay AND still have money left over and way more than what you started with … bad judgement
Thank you for taking the time to explain this -grant vs loan- and also: WONDERFUL PENMANSHIP!
Thank you!!
Very good information to know. These types of loan information that we need to know.
Great job brother.
The school district has been promoting this program heavily. I'm spreading the word amongst my colleagues that this is not "free money." A loan that you will pay on the back end. What a rip for the public service workers. Thanks for clarifying.
You're welcome!
There’s no such thing as free money. I always tell my clients that.
Thank you for this info. I could see why lenders would support this program as it "traps" you into not being able to refinance easily. I was considering this but i definitely am not anymore as that is a pretty BIG con. Ty again.
Thanks for explaining that you’d think that since it’s for people who are essential workers they would’ve had a 580 or no score especially considering many of us are recovering from the pandemic
So... hypothetically speaking one could use HH program to help secure a home at $550k, sell it 2 years later at $850k but would forfeit 35k of the profits? Walking out with something north of $200k
Does frontline staff qualify even if they already purchased a property 5 years ago?
would you recommend using hometown heroes as 5% down, and then not doing anything else down? essentially 0% down aside from the grant? that way you can use the "grant" but then keep cash if you have any equity or re-finance issues later down the road.
Can you buy down the intrest rate ?
Can you stack this program with first time home owner program?
When do you pay the hometown heroes loan? Let’s suppose you don’t refinance, the home stays your primary residence, the home is not sold, and the deed is not transferred.
Can it be combined with the VA home loan?
Can you buy down the rate with HTH?
Can you elaborate a bit on that big con point? Why do you have to fully pay off the first mortgage in order to refinance? I don’t quite follow
When you refinance a mortgage, the existing loan is paid off using the new one. This program requires that any loans on the home are paid off when you refinance.
Is this program still available in Florida? Every time I go to the online wizard it doesn't show this program.
Hi, my name is Flo, I am a real estate agent in FL, yes, it is, we offer it all the time
If i am a massage therapist working in health care can i get this loan ?
The program has officially opened to any first-time homebuyer in the state of Florida! There are some eligibility requirements as far as credit, income, etc go. Please contact us at 754-946-4292 for more info and to see if you qualify for this program!!
What if you change career paths to a non qualified profession after getting the loan?
Great question! Here is the answer directly from Florida Housing: "We certainly couldn’t require that a buyer retain the same occupation post-closing. We simply require that buyers under HTH are employed, full-time, in one of the eligible occupations and hold the necessary license or certification at time of closing."
Ponemos yna tasa de interesa mal alta usando este programa
So esentially if you have fuck all cash in hand you can use the program to get that up front cost covered, in exchange for a slightly worse interest rate on the primary loan....
Ya that's a shit deal. If you can't afford the up front cost you have no business putting yourself into a situation like this. Get the cheaper interest payment, that is the only option.
It's actually been .5 percent less interest going this route instead of a traditional conventional. Probably because interest rates are so dang high.
It’s 0% interest and also you pay it back when you sell so it’s a win win - I don’t understand your cons … if you sell once your value is up you’ll pay AND still have money left over and way more than what you started with … bad judgement
The most idiotic attempts at explaining a program that I have ever seen or heard