A program under the Florida Housing Finance Corporation will offer down payment and closing cost assistance programs, coupled with low-interest-rate first mortgages.
PENSACOLA, Fla. – Florida Gov. Ron DeSantis announced a “Salute Our Soldiers” Military Loan Program (SOS) for veterans and active duty military personnel throughout the state following a roundtable to discuss ongoing issues and initiatives that involve Florida’s military and veteran population.
Administered by the Florida Housing Finance Corporation (Florida Housing), the program is offering up to $8 million in a variety of down payment and closing cost assistance programs, coupled with low-interest-rate first mortgages. There will be down payment and closing cost assistance options that are forgivable after five years. The program will be available starting March 2, 2020.
“Florida Housing will set aside funds to assist over 1,000 veterans and active duty military members by making the homebuying process easier and more affordable,” DeSantis said when he unveiled the program. “More veterans calling Florida home is a great thing for all involved, and we look forward to the positive impacts this program will have on the lives of our veterans and the communities in which they live.”
“Florida Housing is grateful to our veterans and active duty military members for their service and sacrifice to this country,” said Florida Housing Executive Director Trey Price. “To show our appreciation, we, along with Gov. DeSantis, wanted to provide them with an incentive to put down roots and call Florida home.”
“Salute Our Soldiers” Military Loan Program details
It will offer a variety of down payment and closing cost assistance products with little or no interest charged
Florida Assist down payment assistance – $7,500 at 0% interest with no payments for 30 years but due upon sale or refinance
Salute Our Soldiers PLUS forgivable down payment assistance – choice of 3%, 4% or 5% of the purchase price forgiven at 20% per year over five years. Active duty military members who receive official orders to relocate will have any remaining balance forgiven upon sale of the home
Homebuyer Loan Program (HLP) down payment assistance – $10,000 at 3% interest over 15 years
Reduced costs (no documentary stamp taxes or intangible taxes on the notes and mortgages) and fees to the military homebuyer
Veterans are exempt from the first-time homebuyer requirement. Active duty military members cannot have owned a primary residence in the last three years.
For more information, visit Florida Housing’s Homebuyer Loan Program Wizard.
© 2020 Florida Realtors®
Original article can be found here: https://www.floridarealtors.org/news-media/news-articles/2020/02/fla-will-offer-vets-housing-assistance-8m-program
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