A New Way To Serve The Ones Who Serve(d) Us!
“Salute Our Soldiers” Military Loan Program
Effective today, we are excited to announce the “Salute our Soldiers” Military Loan Program powered by Florida Housing Finance Corporation is now available.
Although Florida Housing has offered a first mortgage program for our military personnel and veterans (the Military Heroes), the Salute our Soldiers Loan Program provides a lower first mortgage rate and additional special benefits to those who currently serve and those who have served. It also offers a variety of down payment and closing cost assistance products.
The Salute our Soldiers is also offered through the TBA (The Bond Alternative) Program, which means it offers our military servicemen and women greater opportunities to achieve homeownership. With the TBA Program, the income and the first-time home buyer status of the borrower(s) only is considered. This Program does not consider household income or the first-time buyer status of the spouse, if the spouse is not the loan. Veterans are exempt from the first- time buyer status when using this program (active duty must be a first-time buyer). Homebuyer education is also required.
The Salute our Soldiers Program also offers our veterans and eligible military personnel a greater opportunity to utilize their VA benefit. It also offers greater opportunity for our veterans to utilize their VA-guaranteed loan benefit and the below
DOWN PAYMENT AND CLOSING COST ASSISTANCE PROGRAMS:
- FL Assist – up to $7,500 in down payment and closing cost assistance offered as a 0%, non-amortizing, 30-year, second mortgage.*
- FL Homeownership Loan Program (HLP) – up to $10,000 in down payment and closing cost assistance offered as a 3%, amortizing, 15-year, second mortgage with a monthly payment.*
- Salute our Soldiers (3%, 4% or 5%) - 3%, 4% or 5% of the sales price in down payment and closing cost assistance offered as a 0%, non-amortizing, 5-year, forgivable second mortgage which is forgiven at the rate of 20% a year over its 5-year term.*
Florida Housing offers a government first mortgage loan program which offers FHA, USDA or a VA financing option as well as two conventional loan financing options to be paired with our down payment and closing cost assistance programs listed above. Below are the first mortgage programs:
- The Florida First (FL First) (GOVT) for TBA offers eligible borrowers a 30-year, fixed-rate mortgage. Household income restrictions apply.
- The HFA Preferred for TBA (CONV) offers eligible borrowers a 30-year, fixed-rate mortgage. Income restrictions apply. Reduced PMI is available with income restrictions.
- The FL HFA Advantage for TBA (CONV) offers eligible borrowers a 30-year, fixed-rate mortgage. Income restrictions apply. Reduced PMI is available with income restrictions
*If the borrower sells, refinances, pays off the first mortgage, transfers the deed, or no longer occupies the property as their primary residence, payment will be due and payable, in full. Any unpaid principal balance will be forgiven for those active duty military personnel which are required to relocate and sell their property as a result.
