The state legislature established this program to help eligible applicants who wish to make Glades County their permanent home.
If you're currently living in Glades County, Florida, and looking to buy a home, then you need to learn about the Hometown Heroes Loan Program.
This article will walk you through everything you need about Hometown Heroes Loan Program, including how to qualify, the requirements, how much you can get, eligible areas in Glades County, the involved lenders, and what makes Glades a perfect place to live.
Read on to learn more.
Understand the Hometown Heroes program
Hometown Heroes is a loan program designed to give first-time, income-qualified homebuyers up to a $35,000 grant as home financing assistance.
Florida state commissioners created the program to help residents who have served our country with their dream of homeownership.
The grant funds can cover down payments, closing costs, or prepaid expenses like insurance or property taxes. The maximum amount that can be awarded is $35,000, and each applicant may only receive one award per household.
You can use it on any single-family home, including condos and townhomes, but it can't be used on land purchases.
How to Qualify
This is a first-time homebuyer program, so you must have had no present ownership Interest in a principal residence at any time during the three-year period prior to the date on which the Mortgage Loan is executed.
The home must be located in Glades County, and you can only buy one. Because of these restrictions, it's hard to imagine that many people will qualify.
If you live outside Glades County, have recently owned a home, or are looking to purchase more than one property, you may want to look elsewhere.
To qualify for Hometown Heroes Loan Program, you must meet all of these requirements.
- Must have been a legal resident of Glades county.
- Be at least 18 years old.
- Have income that doesn't exceed the maximum limit set for Glades County.
- Provide proof of income through bank statements.
- Provide employment history, including recommendations from your employer.
- Have good credit as per your lending institution.
To be eligible as a veteran, you must have served at least 90 days of active duty during wartime or 180 days of active duty during peacetime, have been honorably discharged from military service.
Active-duty personnel includes enlisted members of any branch of service and officer candidates enrolled in a residency program at one of the Armed Services' service academies (US Military Academy, US Naval Academy, US Air Force Academy, and US Coast Guard Academy).
If you were released from active duty earlier than planned, you might be able to qualify if you re-entered within certain time limits and met other requirements. A discharge under dishonorable conditions is not eligible.
To qualify as a spouse, you must meet these requirements - You are married and have lived with your spouse for more than a year; your military partner was honorably discharged from the service or was discharged due to disability or illness that occurred while in the line of duty.
You must also provide the Veterans Affairs (VA) certificate of eligibility.
If you meet these requirements, then you are eligible to apply for an assistance of up to $35,000 towards your home purchase.
Income and Loan Limit Requirements
There are income and loan limit requirements homeowners must meet to be eligible. These requirements are intended to ensure that applicants can afford the monthly payments on their mortgages without sacrificing other essential expenditures such as food or healthcare costs.
The income limit is based on Glades County, while the loan limit depends on the lender you're using, including FHA, USDA-RD, HFA Preferred, HFA Advantage, and VA.
The following guide explains the income and loan limits you can expect if you want to benefit from the Hometown Heroes grant program in Glades County, Florida.
To be eligible for assistance through Hometown Heroes, applicants must have an annual household income at or below these levels. The Hometown Heroes' income limit in Glades County, Florida is $128,250.
The limits are adjusted each year based on median incomes across Florida, so be sure to confirm the existing limits from your lender to determine if you're qualified.
There are several different types of loan programs involved in the Hometown Heroes program, including the Federal Housing Administration (FHA), US Department of Agriculture and Rural Development (USDA-RD), and Housing Finance Agency (HFA) Preferred HFA Advantage and Veterans Affairs (VA) lending institutions.
Each lender has its own rules and guidelines regarding how much you can borrow and the maximum loan amount that can be issued on each property type.
Generally, if you want to qualify for the Hometown Heroes grant program, your FHA mortgage loan limit must not exceed $472,030. On the other hand, HFA Preferred, HFA Advantage, and VA loans can't exceed $726,200. USDA-RD does not have a Cap on Loan Limit.
Eligible Borrowers
With the popularity of the Hometown Heroes grant program in Glades County, many people are asking themselves if they qualify and how they can apply.
The good news is that anyone who meets the eligibility requirements can get up to $35,000 in down payment and closing costs assistance.
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Borrower(s) must be employed full-time by a Florida-based employer and work 35 or more hours per week.
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The property the borrower(s) is purchasing will be their primary residence and they will be a Florida resident.
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The borrower(s) are first-time homebuyers which means, a borrower(s) must have had no present ownership Interest in a principal residence at any time during the three-year period prior to the date on which the Mortgage Loan is executed.
- All Borrowers must have a minimum FICO of 640 and maximum debt-to-income ratios of 50%. For manufactured housing, you need a FICO of 660 and maximum DTI of 45%.
However, the funds available through this program are limited, so prospective applicants must apply immediately upon becoming eligible and work with an experienced loan officer to prepare an application package that maximizes their chances of approval before other applicants obtain all funds.
Contact your lender today to find out if you're eligible and how much you can get from this fantastic grant program.
Florida Hometown Heroes Second Mortgage
5% of the TOTAL loan amount capped at $35,000, with a minimum of $10,000, in down payment and closing cost assistance offered as a 0%, non-amortizing, 30-year, repayable second mortgage.
However, if any of the following occur, the borrower(s) refinance, pay off the first mortgage, transfer deed or no longer occupy the property as their primary residence, any unpaid principal balance will be required to be repaid, in full.
Florida Tax Exemption Benefits
One of the top benefits of using the Hometown Heroes Program is tax exemption, saving you thousands of dollars.
Under Section 420.513(1) of the Florida Statutes, this program provides an exemption from documentary stamp tax and intangible tax for first and second mortgages and notes used to secure loans for housing financed through Florida Housing's Homebuyer Programs.
This means that when you purchase a home through these programs, you won't have to pay the documentary stamp tax and intangible tax on your mortgage, saving you a substantial amount of money.
The Florida documentary stamp tax is a real estate transfer tax levied at a rate of $0.70 per $100 paid for the property in most counties, except Miami Dade, where it is $0.60 per $100.
With the Hometown Heroes Program, you can exclude this tax when you meet the program's criteria. Additionally, the Florida intangible tax, which is calculated at 2 mills per dollar of the note's just value secured by the mortgage, is also exempted.
For each $100,000 of your home purchase price, this exemption can potentially save you approximately $2,000 in documentary stamp tax and intangible tax.
Top Intriguing Reasons to Live in Glades County, Florida
Glades County, Florida, offers the perfect combination of small-town life and big-city entertainment.
From its stunning natural wonders to world-class shopping, fun activities, and dining, Glades County has something to offer every family member (and even you, too, as a young professional!).
Living in Glades County, Florida, provides countless beautiful opportunities to find your place in the community and make lifelong friends with the other residents.
If you're wondering why you should make a move, here are top reasons why living in Glades County is one of the best decisions you could ever make.
The Affordable Cost of Living
It's no secret that Glades County is cheaper than most major cities in the United States.
Because of the county's low cost of living, people who move here often spare more money to save or spend on enjoying the county's spectacular attractions.
With a median home price of $184,723 and an average rent of $785 per month for a 2-bedroom apartment, it's easy to understand why so many are flocking to live in Glades County.
When you factor in groceries, utilities, and transportation costs – all lower than national averages – you'll realize how fortunate you are to call Glades County your new home.
Not only will you be saving money, but you'll also be able to live a higher quality of life without feeling restricted by your budget.
With Florida's affordable healthcare services and its many academic opportunities, moving and living in Glades County could be one of your best decisions.
With education being a key focal point for the quality of life, it's no wonder that kids who grow up and continue to live here for their entire lives.
Best Neighborhoods to Buy a Home
When thinking about where to buy a home, there are a lot of different factors that go into deciding which neighborhood to pick.
At first glance, you might think that newer neighborhoods are always better than older ones or that upscale neighborhoods might be more expensive to live in than working-class communities.
Fortunately, many beautiful neighborhoods throughout Glades County provide an ideal living environment for families, retirees, and professionals.
Some of the best areas to buy your home in Glades County include but aren't limited to Hall City, Benbow, Calusa MH Park, Cypress Ridge Estates MH Park, Fort Centre, and Goodno.
Each neighborhood contains a variety of homes for sale at a wide range of prices.
Best Public and Private Schools
Want to send your kids to private school? The area boasts some of America's best public schools—and student-to-teacher ratios. The county ranks high for private institutions, too. Parents and child experts highly rate even pre-schools.
Whether you're moving into a new home or an established neighborhood, you'll live close to one of the county's best private or public schools.
Some of the best public schools in Glades County include Moore Haven Elementary School, Moore Haven Middle High School, West Glades Elementary School, Pemayetv Emahakv Charter Middle School, and Pemayetv Emahakv Charter Our Way School.
Private schools include Agape Christian Academy, Okeechobee Christian Academy, and Moore Haven Junior-Senior High School.
Family Friendliness
Although living in a South Florida city may seem like it's far from ideal for young families, there are many reasons why Glades County and its surrounding cities are fantastic for raising children.
From access to unique outdoor activities, award-winning parks, and education institutions to proximity to entertainment, shopping, and dining destinations, living with your family in one of Glades County's most desirable communities has never been easier or more fun.
Whether you're raising a family or simply investing in a home for your retirement years, it's essential to know that people here have a strong sense of community. Residents are committed to each other, and their neighbors always have one another's backs.
This helps make a living here even more enjoyable. If you ever need help with anything—even if it's just a friendly hand with some heavy lifting—you can count on your neighbors.
The same goes for events like holiday parties, neighborhood picnics, and summer block parties; no matter what time of year, there will be something fun at your local park or church.
Benefits to Young Professionals
Whether you're a recent graduate or have been working for a few years, it might be time to make a move. Maybe you need better opportunities for your career, or your family has grown, and you're ready to settle down.
If you want to take your career in a new direction or build your own business, living in one of Glades County areas gives you more time and opportunity for self-development.
The city has also become a haven for young professionals looking for warmer weather, lower taxes, and plenty of recreational activities such as hiking and fishing. Regardless of your motivation, there are tons of benefits for young professionals in Glades County.
An active and social community provides opportunities to meet new people and allows young professionals to have a better work-life balance.
Cities Qualified for Hometown Heroes Loan Program in Glades County, Florida
If you're interested in the Hometown Heroes Loan Program in Glades County but don't know whether your city qualifies, check out this list of census-designated areas that are part of the program.
- Cypress Ridge Estates MH Park
- Moore Haven Trailer Park
- Holbrook Trailer Park
- Roberts Trailer Park
- Calusa MH Park
- Sarasota Colony
- Washington Park
- Liberty Point
- Monkey Box
- Fort Centre
- Harrisburg
- Hall City
- Lakeport
- Palmdale
- Shawnee
- Benbow
- Goodno
- Ortona
- Muse
Bottom Line
Hometown Heroes Loan Program helps residents of Glades County, to buy a home and assists with the down payment, closing costs, and other expenses associated with purchasing a home.
You can use the Hometown Heroes loan to buy almost any type of property in Glades County, Florida, including single-family homes, condos, townhomes, and duplexes—as long as you live in the property and make it your primary residence!
When you complete the Hometown Heroes application, you will get up to $35,000 in grant funds to purchase your home in Glades County, Florida.
