Salute Our Soldiers 3%-5% Down Payment Assistance Forgivable Grant
Updated July 10, 2023Military Down Payment Assistance Grant of up to 5% of the price of the home!
Program Features:- Florida Housing Finance Corporation's TBA Conventional Grants version is either a 3%, 4% or 5% Forgivable Mortgage Grants over a 5 year period.
- This Active Military or Veteran Down Payment Assistance program is offered to all Fannie Mae or Freddie Mac Conventional Borrowers in the State of Florida who meet income, purchase price and other program guidelines, and can qualify for a conventional first mortgage loan.
- Active Military or veteran borrower must live at the property for 5 years for the entire grant to be forgiven. The grants forgiven at a rate of 20% per year. Any remaining balance if the Borrower leaves within 5 years must be repaid upon sale of property, refinance, payoff 1st mortgage, transfer deed or no longer occupy the property as their primary residence.
- Active Military or Veteran Borrowers who qualify for the Preferred Conventional First Mortgage loan automatically qualify for this second mortgage grant program.
- No prepayment penalty for early payoff.
- Borrower Does NOT have to be First Time Home Buyer, Spouse does NOT have to be a First Time Home Buyer if Spouse is NOT on the loan. This program is for Active Military or Veteran who was discharged as any status except dishonorable.
- FHA version (Debt to Income) back end ratio up to 49.99% or less for FICO version 5-4-2 scores at least 660 or higher or whatever Automated Underwriting will approve.
- No Lender Origination Fee can be charged in Closing Costs for this Military only down payment assistance mortgage program.
- Military Certificate of Eligibility not required for this program, only DD214 Discharge paperwork to prove discharge status.
- Very low fixed first mortgage interest rates for this Military only program.
- Can purchase new or resale homes
- Single Family Residences, Townhouses, Villas and Program APPROVED Condos, NO Manufactured homes.
- Buyers must occupy within 60 days of Closing.
- This program does not require entire family Household income if the Military personnel is the only one on the loan. It would be considered 1003 Qualifying Income from the Borrower only.
- Primary Residences only, no second homes or investment properties.
- No Prepayment Penalty Fee if either 1st or second mortgage loans are paid out early.
- No cash back at closing, any excess funds will be used to pay down first mortgage.
- Borrowers are permitted a reimbursement of prepaids and reimbursement of overage of earnest money deposit, to the extent any minimum contribution has been satisfied and is permitted by Conventional guidelines.
- Program is exempt from documentary stamp tax and intangible tax. Mortgage Deeds are not exempt.
- Conventional version, bankruptcies must be discharged over 4 years, and/or foreclosures, short sales or deed in lieu 7 years, minimum 2 trade lines with no late's in last 12 months, No NSF's in last 12 months.
- Borrowers must be employed full time with 2 years continuous (not necessarily with the same company). Income must be supported by: 3 years Federal Tax Returns, W- 2's, pay stubs and 2 year history of continuous employment. Gaps in employment can be considered.
- Refinances: Not permitted.
Other Florida First-Time Home Buyer & Down Payment Assistance Programs:
- 100% Community Advantage Special Conventional Financing
- First Time Homebuyer 100% Special Financing with No Mortgage Insurance
- First Time Home Buyer Special Financing matching Grant Loan by FHLB
- $10,000 Down Payment Assistance for First Time Home buyers!
- USDA - 100% Home Financing and lower Mortgage Insurance than FHA Loans!
- Down Payment Assistance Unlimited Income Grant for 100% Financing for Home Financing!
- 2023-Florida Hometown Heroes Housing Program for State of Florida.
- 1st Time Home Buyer 3%-5% Grant for Down Payment Assistance
- Salute Our Soldiers 100% VA Loan Program for Honorably Discharged Veterans
- Lease-to-Own and Rent-To-Buy-Home program. This is a great Home Buying program for All Florida Middle Income Home Buyers!
- First Time Home Buyer 105% Special Financing with No Income Limit
- Manatee $10,000 Key Ownership Down Payment Assistance Grant for First Time Home Buyers
- Bank Statement loans for the Self Employed up to $3M!
- OWN A HOME Down Payment Assistance Grant (Not required to be a 1st Time Home Buyer)
- Miami-Dade 1st Time Home Buyers Down Payment Assistance program
- Opportunity Advantage Loan Fund
- Home Sweet Home 1st Time Home Buyer program for Hillsborough, Clay, Brevard and Duval counties with up to $25,000 Down Payment Assistance.
- 1st Time Home Home Buyer, $10,000 Down Payment Assistance program
- First Time Home Buyer 3.5% Grant for FHA Down Payment Assistance
- First Time Home Buyer $10,000 deferred Down Payment Assistance loan
- Home Key Down Payment Assistance programs for Pinellas, Pasco and Polk County Florida
- Palm Beach County 1st Time Home Buyer Grant and Down Payment Assistance Program
- Investor Real Estate Loans for Rental Property purchase!