Florida State Housing Program

Are you a Florida resident with dreams of owning your own home? At CBM Mortgage, we believe that these dreams should be within reach for everyone. That’s why we’re thrilled to introduce you to the Florida Housing Program. With a range of solutions tailored to first-time homebuyers and access to down payment assistance, we’re here to help you make your homeownership dreams come true in the Sunshine State.

Hometown Heroes Bond Program

The Hometown Heroes Bond Program is a testament to our commitment to the people who make Florida a better place to live. This program covers FHA, VA, USDA, and Fannie Mae HFA Preferred loans. Here’s what you need to know:

• First-Time Homebuyer Requirement: To qualify, the borrower and spouse (if applicable) must not have owned a home in the past three years.
• Minimum Credit Scores: We accept credit scores as low as 640.
• Employment Requirement: Borrowers must be employed full-time by a Florida-based employer and work 35 or more hours per week. Veterans are exempt from this requirement when providing a valid DD214.
• Principal Residence: The property must be your principal residence.
• Income and Purchase Price Limits: These limits may vary by county.
• Assistance Details: Assistance is provided as a 30-year deferred second mortgage, which is never forgiven. The assistance amount is 5% of the total loan amount, up to $35,000.
• Eligible Area: The program covers the entire state of Florida.

Florida Housing – Hometown Heroes TBA

The Hometown Heroes TBA program expands the eligibility even further, including FHA, VA, USDA-RD, Fannie Mae HFA Preferred, and Freddie Mac HFA Advantage loans. Here are the key features:

• First-Time Buyer Requirement: The borrower must not have owned a home in the past three years.
• Employment Requirement: Borrowers must be employed full-time by a Florida-based employer and work 35 or more hours per week. Veterans are exempt from this requirement when providing a valid DD214.
• Principal Residence: The property must be your principal residence.
• Maximum Income Limits: Vary by county, with no purchase price limits (use agency loan limits).
• Assistance Details: Assistance is offered as a thirty-year deferred second mortgage, never to be forgiven. The assistance amount is 5% of the total loan amount, up to $35,000.
• Minimum Credit Score: We accept credit scores as low as 640.
• Eligible Area: The program covers the entire state of Florida.

The First Mortgage Programs

Florida Housing offers two first mortgage government loan programs and a conventional loan program, all tailored to help first-time homebuyers. To be eligible for down payment assistance, borrowers must qualify as First Time Homebuyers and meet specific requirements:

The Florida First (FL First) (GOVT): This program offers eligible borrowers a 30-year, fixed-rate mortgage. Qualifying for this mortgage program also qualifies you for down payment assistance through the FL Assist or HLP Second Mortgage Program.

The FL HFA Preferred (HFA Preferred) Conventional Loan Program: This program offers eligible borrowers a 30-year, fixed-rate mortgage. Borrowers with income at or below 80% of AMI enjoy a reduced Mortgage Insurance (MI) premium, while those with income above 80% AMI pay standard mortgage insurance. Qualifying for this mortgage program also qualifies you for down payment assistance through the FL Assist or FL HLP Second Mortgage Program.

Bond Eligible Second Mortgage Options

Florida Housing offers a second mortgage program designed to provide eligible borrower(s) with funds for down payment, closing costs, and more. Please note that these second mortgage programs are not offered as stand-alone down payment assistance. They also cannot be combined with any of FL Housing’s other down payment programs. You can explore these options with the following first mortgage programs:

• FHA
• USDA-RD
• VA
• Fannie Mae’s HFA Preferred
• The Florida Assist Second Mortgage (FL Assist)
  • Offers $10,000 for all loans
  • Comes with a 0% interest rate and no monthly payment
  • Repayment is deferred until specific events, such as the sale, transfer, or refinancing of the property
• The Florida Homeownership Loan Program Second Mortgage (FL HLP):
  • Offers $10,000
  • Carries a 3% interest rate and a 15-year term
  • Requires monthly payments
  • Repayment occurs under certain conditions, such as the sale or refinancing of the property

Forgivable Second Mortgage Option

The PLUS Second Mortgage option is available for the HFA Preferred PLUS and HFA Advantage loans, offering 3%, 4%, or 5% assistance of the total loan amount. Here are the specifics:

• Five-year, deferred loan
• 0% interest rate and no monthly payment
• Forgiveness occurs at a rate of 20% per year on the anniversary of loan closing, provided the borrower is not in default

Additional terms and conditions apply. All approvals subject to underwriting guidelines. Not all applicants will qualify.
This is an advertisement and not a commitment to lend.