The program offers up to $25,000 for home financing assistance as a 2nd mortgage to eligible borrowers pursuing their dreams of homeownership in the Sunshine State. This financial assistance comes from low or no down payment loans, with flexible repayment terms and low fixed interest rates. However, you must also qualify under standard guidelines for income, debt-to-income ratio, and credit score to qualify for this program.
This article will explore everything you need to understand about the Hometown Heroes Loan Program, including income limit requirements in Alachua County, occupations that qualify, and other essential things about this beautiful county in Florida. Read on to learn more.
To qualify for a Hometown Heroes Grant in Alachua County, you must meet all the requirements. Understanding the program requirements can be confusing, but don't worry. If you're interested in applying for the Hometown Heroes Loan Program in Alachua, here's everything you need to know about eligibility requirements and how much money you can receive in grants and loans.
The income requirement for Hometown Heroes is that applicants must have an individual or household income of less than $122,850. The household income includes your spouse's (if you are married) and other working family members like children living with you. If you're filing taxes jointly with your spouse or a working family member, you may be eligible if your combined gross annual income is less than $122,850. If you're applying as an individual, your income must also be below the maximum requirement.
You must prove your income by providing copies of your most recent pay stubs or W-2 forms. Self-employed individuals must provide a copy of their business tax return, including their spouses or working children. When applying for a program with an income requirement, be honest and upfront about your total household income. Being dishonest could land you in hot water.
Maximum Loan Limits
If you're looking to buy your first home in Alachua County, you may want to start by determining what type of loan you qualify for. While each home loan program has its unique requirements and restrictions, knowing the maximum allowable loan amount can help you get a sense of what type of home might be within your reach.
The maximum loan amounts vary depending on the loan program you're looking to use. These include using a Federal Housing Administration (FHA), United States Department of Agriculture - Rural Development (USDA-RD), Veteran Affairs (VA), Housing Finance Agency (HFA) Preferred, or HFA Advantage loan to finance your home purchase or refinance. Read on to determine the maximum allowable amount you can borrow based on your loan type.
Hometown Heroes Loan Limits FHA & USDA-RD
First-time homebuyers who want to qualify for a loan using one of these options in Alachua County will see a new maximum loan limit of $420,680. This includes single-family homes, condos, and refinancing. To qualify for an FHA loan under these new rates, you need at least a 3.5% cash down payment and zero down payment for a USDA-RD loan.
If you're putting less than the required down payment on your home purchase, you'll need mortgage insurance through MIP or PMI. This additional cost will be paid out of pocket each month until your home equity reaches 20%. If your home purchase is over $726,525, you may not be eligible for a Hometown Heroes' FHA or USDA-RD loan.
Hometown Heroes Loan Limits HFA Preferred, HFA Advantage, and VA
The new maximum VA, HFA Preferred, and HFA Advantage loan limit allows homebuyers to purchase a home for up to $647,200 with no money down for VA loans and a 3% cash down payment for HFA Preferred and HFA Advantage. These are some of the most popular programs used by service members and veterans looking to buy a home. The loan limits are not subject to annual increases like most types of loans from Hometown Heroes.
The HFA Preferred, and HFA Advantage programs require that borrowers have good credit scores (620 or higher) to qualify for these low down payment options. These programs also require you to complete homeownership counseling before closing your mortgage. Before applying for any of these loans, speak with your lender about what you need to accomplish to qualify for the maximum loan amount! If you're interested in purchasing a property over $600,000, these lenders got your back.
Occupations that Qualify for Hometown Heroes Loan in Alachua
Not everyone will qualify for the Hometown Heroes Loan program, so it's essential to understand what occupations will make you eligible. To help you get started, here are some of the most common types of jobs that qualify. If you aren't sure whether your occupation is one of them, check with your loan officer at the Florida Homeowners Foundation. It'll ensure you have all the information you need to make an informed decision about your new home loan in Alachua County.
Certified Paramedic and Emergency Medical Technician (EMT) under the FL Department of Health
Juvenile Detention Officer and Juvenile Probation Officer under the FL Department of Juvenile Justice
Firefighter under the FL Division of State Fire Marshal within the Department of Financial Services
Acupuncturist under FL Board of Acupuncture
Sworn Law Enforcement Officer, Correctional Probation Officer, and Certified Correction Officer under the FL Department of Corrections
Licensed Childcare Operator (Owner of Childcare Facility) Childcare Instructor (employed by a LICENSED childcare facility, REGISTERED, or LICENSED home childcare provider) under FL Department of Children & Families
Certified Educator, Classroom Teacher, Career Specialist, Librarian/Media Specialist, School Counselor, Social Worker, and School Psychologist under the FL Department of Education
Registered Nurse (RN), Licensed Practical Nurse (LPN), and Certified Nursing Assistant (CNA) under the FL Board of Nursing
Home Health Aide (employed by a LICENSED home health agency) under FL Agency for Health Care Administration
Podiatric Physician under FL Board of Podiatric Medicine
Pharmacist and Pharmacy Technician under FL Board of Pharmacy
911 Public Safety Communicator under the FL Department of Health
Dentist and Dental Hygienist under FL Board of Dentistry
Certified Nurse and Midwife under FL Department of Health
Speech-Language Pathologist or Audiologist, Speech-Language Pathology Assistant, or Speech-Language Audiologist Assistant under FL Board of Speech-Language, Pathology & Audiology
Health Care practitioners, including Physicians, Physician Assistants, and Anesthesiologists under the FL Board of Medicine
Certified Medical Assistant under FL Board of Nursing with FL Board of Medicine approval of certification course
Osteopathic Physician under FL Board of Osteopathic Medicine
Osteopathic Physician under FL Board of Osteopathic Medicine under Osteopathic Physician under FL Board of Osteopathic Medicine
Nursing Home Administrator under FL Board of Nursing Home Administrators
Occupational Therapist and Occupational Therapist Assistant under FL Board of Occupational Therapy Practice
Respiratory Therapist under FL Board of Respiratory Care
Licensed Dietician or Nutritionist under FL Department of Health, Commission on Dietetic Registration
Licensed Nutrition Counselor under FL Department of Health, Commission on Dietetic Registration
Athletic Trainer FL Board of Athletic Training
Certified Basic X-Ray Machine, Operator, Radiologic Technologist, Radiology Assistant, General Radiographer, and Specialty Technologist under the FL Department of Health
Optician under the FL Department of Opticianry
Hearing Aid Specialist under the FL Board of Hearing Aid Specialists
Physical Therapist and Physical Therapist Assistant under the FL Board of Physical Therapy
Electrologist under the FL Department of Health
Massage Therapist under the FL Board of Massage Therapy
Psychologist under the FL Board of Psychology
Clinical Social Worker, Marriage & Family Therapist, and Mental Health Counselor under the FL Board of Clinical Social Work, Marriage & Family & Mental Health Counseling
Prosthetist Orthotist, Prosthetist, Orthotic Fitter, and Orthotic Fitter Assistant under FL Board of Orthotists & Prosthetists
Clinical Laboratory Personnel under the FL Board of Clinical Laboratory Personnel
Phlebotomist (employed as a full-time phlebotomist and has completed an accredited phlebotomy course) under the FL Board of Clinical Laboratory Personnel
Licensed Medical Physicist (X-Ray) under FL Department of Health
Veterinarian under the FL Board of Veterinary Medicine
Veterinarian Assistant or Technician (employed by a permanent or mobile veterinary practice) under the FL Board of Veterinary Medicine
Veterans - If you're a veteran with an honorable discharge, you'll be exempted from the first-time homebuyer requirement, but you must provide a valid DD-214 reflecting discharge
Active Military Personnel - If you're eligible personnel, you'll be exempt from the first-time homebuyer requirement, but you must provide a copy of your military ID
- Surviving Spouses - If you're a surviving spouse, you may partake in a Veterans Affair (VA) first mortgage but must provide a valid Certificate of Eligibility (COE)
Alachua County: The Most Important Things You Need to Know
Alachua County, Florida, is one of the most populous counties in Florida, comprising the entirety of Gainesville, FL, and other popular cities such as Archer, High Springs, Newberry, Micanopy, and Waldo. Alachua County was founded in 1824 and was initially named after the historic Native American tribe that once inhabited this area of Florida (Alachua). Today, it's one of the largest counties in Florida, with over 260,000 residents spread across hundreds of square miles.
This beautiful county may be small in size, but it's big on experiences and attractions, offering numerous opportunities to get out and encounter everything the county offers. Whether you're looking to spend time in the woods or at home with family, this county has something for everyone. Check out the following essential things you need to know about Alachua County, Florida.
The Cost of Living
Not only is Alachua County cheaper than most cities in Florida, but it's also a significantly more affordable place to live than almost anywhere else in the US. So if you're trying to cut costs but don't want to skimp on amenities or quality of life, consider making Alachua your home. It's one of America's best places for cost-effective living and offers a wide range of housing options, from spacious apartments and condos to charming bungalows and cozy cottages.
The average rent for an apartment in Alachua County is $1065 per month. You can expect a well-maintained property with modern appliances and updated fixtures for that price. To save even more money on rent (and get extra space), consider renting a house instead of an apartment; they tend to be larger and less expensive than comparable units.
Even though you're in one of Florida's most tourist-oriented counties, there is plenty to do in Alachua that won't break your budget. The area has dozens of affordable restaurants, many of which have received 4- and 5-star reviews from local diners and critics alike. Evenings are perfect for spending time with friends and family at one of the affordable destinations, most of which have hiking trails and picnic areas just a few steps away from natural springs.
Best Neighborhoods to Purchase a Home
Buying a home in Florida is one of the most exciting adventures you can embark on, especially if you are a new homeowner. If you're looking to buy or build a home in Alachua County, Florida, consider buying in one of these areas. They have been ranked as some of the best places to live in all of Florida! Micanopy Area, Archer/Leesburg Area, Gainesville Area, High Springs Area, Hawthorne Area, Waldo/Alachua Area, Newberry/Clermont Areas. The small-town feel and incredible natural beauty give these towns an excellent sense of community, but there are still plenty of fun things to do for young professionals.
Before looking for your dream home, ensure you have a firm grasp of your price range. This way, when browsing through homes in Alachua County, you can quickly weed out any listings that don't fit your budget. Before making a final decision, you may also want to look at school districts or a neighborhood's proximity to services and shops. You can get this information by visiting a local realtor, tax assessors' websites, and doing online research.
Public and Private schools
In terms of education, Alachua County ranks above average among Florida counties. There's a wide array of public, private, and charter schools in Alachua County. Some are better, but it can be hard to tell which ones are good.
However, some of the best public schools here include but aren't limited to Gainesville High School, Meadowbrook Elementary School, Micanopy Area Cooperative School Inc., Boulware Springs Charter, Healthy Learning Academy Charter School, and Santa Fe College. The best private schools in Alachua County are The Rock School, Cornerstone Academy, Christian Life Academy, and Bhaktivedanta Academy.
Alachua County is a family-friendly place to live. The community is known for its strong school and health system and host of family-friendly activities that residents can enjoy during their free time. Many unique neighborhoods have beautiful restaurants, shops, attractions, and outdoor spaces, making them attractive spots for all kinds of families. There are also plenty of opportunities for kids to participate in sports or take classes at some of Florida's best STEM education curriculum schools. If you're looking for a great place to raise your children, consider moving to Alachua County!
Benefits for Young Professionals
If you're looking for a place where young professionals are highly encouraged, look no further than Alachua County. With multiple major universities and a growing local economy, there are plenty of opportunities to advance your career while living in a beautiful community. And who knows, maybe your business will be one of the local enterprises that play a role in making the community even better.
Additionally, as a young professional, buying a home can seem daunting. However, there are great resources and programs available that have made it easier than ever before. If you're interested in homeownership but aren't sure where to start, living in Alachua County might be the beginning of achieving your homeownership dreams!
Towns Eligible for Hometown Heroes Loan Program in Alachua
The Alachua County/city municipality must be eligible for and approved for Hometown Heroes funding. Contact your city or county representative for more information about their program requirements, including HUD income limits, down payment requirements, and mortgage eligibility (if applicable). The following cities are eligible for Hometown Heroes funding:
- High Springs
- La Crosse
If you're interested in buying your first home or want to build or repair your existing home, you may be eligible for the Hometown Heroes Loan Program. The program is designed to provide grants and low-interest mortgages to military veterans, members of law enforcement and firefighters, and other public service providers who live or work in Alachua County, Florida.
Understanding the ins and outs of the Hometown Heroes Loan Program in Alachua County will help you make the right decisions when applying for a loan with one of the applicable lenders. The program offers up to $25,000 in grants and loans on new and existing homes that meet its requirements. This money can be used towards down payments, closing costs, and construction costs as long as it's toward a home or condo purchase!