(Jun 7, 2023)
Many first-time homebuyers don't think that they can qualify for a loan on their own because they don't have enough money saved up for a down payment or because they have bad credit from past mistakes in life like getting into debt or having a negative credit report due to late payments or even bankruptcy issues. But there are options available to first-time homebuyers with income less than 80% AMI that may not have been considered previously because they thought they would not be able to qualify for a loan on their own.
Hometown Heroes Loan Program
Do you know about the Hometown Heroes Loan Program, a program for people in the military and first responders, such as police and fire, medics, and even teachers? Great news! This loan program is now available in Central Florida.
The Hometown Heroes Loan program is for people in the military and first responders, such as police and fire, medics, and even teachers. The loans are intended to help these heroes purchase homes in Central Florida.
You don't have to pay any money back if your application is approved! And if it's not approved, there's no harm done — no credit score will be affected by applying.
But what if I'm not eligible?
Unfortunately, this isn't open to everyone: only those who are qualified under Title 38 can apply (and there are lots of qualifications).
For example:
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Active-duty military members on orders more than 30 days away from their permanent duty station
- Veterans discharged under honorable conditions
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Veteran reservists called to active duty
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National Guard members serving on Title 10 orders or Title 32 orders exceeding 30 days
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Activated individual ready reserve personnel serving on Title 32 orders exceeding 30 days
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Survivors applying within two years after the loss of a life partner or minor child due to death while performing military service obligations
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Retired service members receiving retirement pay at least 50% disability rating or equivalent percentage based upon the length of service rendered
- Doctors
- Nurses
- Teachers
$25,000 towards your home purchase
The Hometown Heroes Foundation will give first responders, veterans, and other hero professionals $25,000 to purchase their homes. In most cases, no down payment is required. There are also no monthly payments or interest payments required on loans. The only requirement is that you live in the home for at least seven years after closing.
The program works like this
You can select any house in Florida that costs less than the maximum amounts set as long as it meets HUD guidelines (see "Hometown Heroes Program Requirements" below).
The Hometown Heroes Foundation will give you a grant of up to $25k towards purchasing your new home. Suppose your loan comes out to less than what the Hometown Heroes Foundation expects (it should be based on comparable sales data from within 30 miles of where you're buying the property). In that case, they'll increase their offer accordingly until their maximum amount has been reached.
This means that even if there isn't enough equity left over after paying off any liens against the house after buying it (if there are any), they'll still give us enough money for us not having had anything come out yet!
Real rebates
The Hometown Heroes program is not a loan. It is a direct cash rebate and savings program that you can apply towards your home purchase or refinance settlement costs.
Hometown Heroes is a national service provider of real estate services that has partnered with thousands of local real estate professionals in almost every county and state across the U.S to provide valuable savings on real estate fees.
Realtors will rebate most of their commission back to you at closing if you buy a home or refinance. Hometown Heroes' rebates range from $500 to $2,500 depending on your purchase or refinance value.
Plus, Hometown Heroes will match my rebate. So, if you are buying with an FHA loan, your total Hometown Heroes cash back rebate is $3,000! If you use conventional financing to buy your home or refinance, your total Hometown Heroes cash back rebate is $6,000!
The Hometown Heroes Loan Program doesn't charge any origination fee or closing costs. You'll pay only $0 down when using this program, but keep in mind that this means you'll have debt until your loan is paid off—so be sure not to take on more debt than what's manageable!
The assessment
You first need to know that your lender will consider your financial situation when deciding how much money to give you. They will also look at how much of the purchase price you are willing to pay upfront.
If you have enough cash on hand or can come up with other financing options, then it's likely that they'll be happy for you and grant more money through the HHFHLP program. This means that even if someone who doesn't have a lot of assets asks for help, they could still get up to $25k from Hometown Heroes Loans in Orange County, Florida!
Hometown Heroes Orange County grant limits are $420,680.00 for FHA & USDA-RD loans
An FHA loan is a mortgage insured by the Federal Housing Administration (FHA). The buyer pays a down payment of at least 3.5%, and this type of loan has an upper limit of $636,150 in Florida.
An R.D. mortgage is an "expanded eligibility" or "streamlined" V.A. home loan program. These mortgages are available to military service members, veterans, surviving spouses/widows/widowers, and reservists who meet specific criteria (like having a V.A. home loan already).
Under this program, buyers can borrow up to their pre-established entitlement amount without paying any upfront funding fees or closing costs – meaning they can purchase a home without money out of pocket!
Hometown Heroes Orange County grant limits are $647,200.00 for HFA Preferred, HFA Advantage, and V.A
A HomeReady mortgage is now available for teachers and law enforcement officers through the HFA Preferred streamlined underwriting program. This type of mortgage includes grant assistance of 3% or 5% of the purchase price based on the income level of the buyer and a 1% down payment assistance grant. It is limited to a loan amount of up to $379,500 and is an FHA loan. HFA Preferred and HFA Advantage loans in Orange County have an upper limit of $647,200.00
Why Orange County is a good place for families and young professionals
Orange County is a great place to live for families and young professionals. The county has a proven track record of job growth, job diversity, property tax rates, business-friendly regulations, transportation infrastructure, great schools for your kids, outdoors and entertainment for the whole family, and nightlife for young professionals.
There's plenty to do if you're a sports fan. There are many colleges with great reputations. The public transportation system is excellent. The weather is fantastic all year round.
A proven track record of job growth
The economy in Orange County is booming right now. It's one of the fastest-growing regions in the country! The unemployment rate in Orange County is currently below 5%, which means plenty of jobs are available if you're looking for employment opportunities.
Job diversity
You'll find jobs in all industries throughout the county, including healthcare, finance, and technology. Many local businesses offer high-paying salaries and benefits packages to help their employees grow their careers within their company.
Property tax rates
Taxes are lower than in many other large cities, making it easier on your wallet and your home budget! The average annual property tax rate in Orange County is 0.75 percent — less than half the national average rate (1.38 percent). This makes housing more affordable for families.
Business-friendly regulations make it easy to start a company
According to Forbes magazine, Orange County is one of America's most entrepreneurial regions. Orange County has been ranked as one of the top five best places for small businesses. It's also one of only four counties nationwide where more businesses are being created.
Good infrastructure
The transportation infrastructure includes highways, interstates, and public transit systems that make it easy for residents to get around town or across town quickly and efficiently when needed. There's even an airport in downtown Orlando, so you don't have far to go when flying into town!
Great Schools for Your Kids
Orange County has some of the best schools in Florida. Like many private schools and charter schools, the public school system is excellent. Orange County is a great place to live if you want your child to attend one of these great schools!
Outdoors and Entertainment for the Whole Family
If you love being outdoors or want to enjoy some time together as a family without spending money at home on entertainment, Orange County has plenty of options. There are many parks and recreation areas around town where families can go hiking, biking, or have fun together.
There are also plenty of shopping malls like Florida Mall, where there are plenty of restaurants and entertainment options for everyone in your family. You're sure to find something that everyone will love!
If you're into sports, there are plenty of professional teams to root for
UCF is home to the UCF Knights football team and the UCF Knights men's basketball team if you prefer college sports. The Orlando Magic plays basketball at Amway Center, and the Orlando City Soccer Club plays soccer at Camping World Stadium. The Orlando Predators play Arena Football League games at Amway Center, and the Orlando Solar Bears play ice hockey at Amway Arena.
Colleges and universities with excellent reputations
Orlando is also home to many colleges and universities with excellent reputations, such as Rollins College, University of Central Florida (UCF), University of South Florida (USF), Florida Institute of Technology (FIT), and Valencia College and Seminole State College of Florida.
The best public schools in Orange County, Florida
Orange County, FL, is a great place to raise a family. It's a beautiful area with lots of activities for children and adults alike. The county has many excellent public schools that offer a variety of programs and services.
Ocoee Elementary School
The Ocoee Elementary School has received an "A" grade from the state of Florida since 2010. It is located in the city of Ocoee, which is part of Orange County. This school has been recognized as one of the best in Florida due to its high academic standards, excellent teachers, and modern facilities.
The Ocoee Elementary School offers a wide range of classes, including art, music, and physical education. It also has an excellent gifted program that allows students to work at their own pace if they have special needs.
Windy Ridge K-8 School
Windy Ridge K-8 School is a public school in Orlando, FL. It has 528 students in grades KG-8 with a student-teacher ratio of 13 to 1. According to state test scores, 19% of students are at least proficient in math and 20 % in reading.
Bay Meadows Elementary School
Bay Meadows Elementary School is a public school in Longwood, FL. It has 469 students in grades PK-5 with a student-teacher ratio of 12 to 1. The school provides after school tutoring program and A.P. courses (A.P.). According to state test scores, 21% of students are at least proficient in math and 21% in reading.
Meadow Woods Elementary School
Meadow Woods Elementary School is a public school in Orlando, Florida. It has 379 students in grades P.K., K-5 with a student-teacher ratio of 15 to 1. According to state standards, 100% of students at this school are considered proficient in math and reading.
Whispering Oak Elementary School
Whispering Oak Elementary School is a public school located in Orlando, Florida. It has 548 students in grades PK-5 with a student-teacher ratio of 17 to 1. According to state standards, 100% of students at this school are considered proficient in math and reading.
Lakeville Elementary School
Lakeville Elementary School is a public school located in Orlando, Florida. It has 646 students in grades PK-5 with a student-teacher ratio of 17 to 1. According to state standards, 100% of students at this school are considered proficient in math and reading.
Orange County cost of living
The cost of living in Orange County is high, but it's not the highest in the state. It costs more to live here than anywhere else in Florida — but it's still affordable if you're willing to make a few sacrifices.
Cost of Living Index
The cost of living index refers to how much money you need to maintain your lifestyle in a particular area. The higher the number, the more expensive it is. The lower the number, the less expensive it is.
The overall cost of living index in Orange County, Florida, is 93.8, slightly below the national average of 100.0. The cost of living in Orange County is a bit higher than the state average, which may be due to the cost of housing. However, the cost of groceries is much lower while transportation is more expensive.
Housing
Rent for an average one-bedroom apartment in Orange County costs $1,848 per month. This is an increase of 1% compared to last year but still lower than other parts of Florida like Miami ($2,010), Tampa ($1,856), and Orlando ($1,546). If you're looking for a two-bedroom apartment instead, expect to pay around $2,207 per month.
Groceries
The average price of a gallon of milk in Orange County is $3.77, while $3.72 nationally. The average cost of a dozen eggs is $2.99 (compared to $2.66 nationally), and an average pound of chicken breasts costs about $5 (versus only $4 nationwide).
If you're looking for ways to save on groceries, the following tips will help:
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Buy seasonal fruits and veggies in the season when they're cheaper—and freeze them for later use!
- Shop at warehouse stores like Costco or Sam's Club instead of traditional grocery stores; many products are less expensive because they're bought in bulk quantities from local growers or manufacturers.
The best towns and cities to live in are Orange County FL
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Eustis is one of the most affordable places in Orange County, with an average home price of $216,000 and an average household income of $43,000. The city has 15,000 people and offers excellent schools and parks for families with children.
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Tavares is located in Lake County and has over 8,000 residents. The average price for homes here is around $200,000, and the average household income is around $50,000 per year. This city offers many opportunities for recreation, such as golfing or boating on Lake Dora.
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Clermont is another affordable place to live in Florida, with an average home price of just over $200,000 and an average household income of just under $60,000 per year. Clermont has beautiful parks where residents can enjoy the outdoors during their free time, including the Clermont Gardens Park & Zoo, which features a variety of exotic animals, including zebras and giraffes!
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Mount Dora is a quaint little town with historic buildings and a vibrant arts community. It's also home to the Mount Dora Water Tower, a landmark that has become a city's icon. It's a great place to raise a family or retire.
- The town of Leesburg is considered one of the most desirable places to live in all of Florida by Money Magazine. The city has been named one of America's Best Small Towns by Rand McNally/USA Today, one of America's Top 100 Places to Live by Relocate America, and one of the top 10 best places to retire by CNNMoney magazine due to its low cost of living and high-quality health care services.
Grants are available for homes purchased anywhere in Orange County, Florida
In Orange County, Florida, you can receive a $25,000 grant to help put down a deposit on your home. The Hometown Heroes Loan Program is available for first responders, veterans, and other hero professionals who work in the county.
There are also limits on where you live. These grants are available for homes purchased anywhere in Orange County, Florida. Among other areas, the program is available in:
- Christmas
- Windermere
- Apopka
- Plymouth
- Oakland
- Clarcona
- Ocoee
- Winter Park
- Zellwood
- Winter Garden
- Maitland
- Killarney
- Tangerine
- Gotha
- Orlando
Conclusion
Hometown Heroes is an excellent opportunity for those who want to buy a home in Orange County, Florida. Homeownership is part of the American Dream, and the Hometown Heroes Loan Program helps make it possible for you.
(Jun 7, 2023)
