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Hometown Heroes Loan Program: Learn How to Get up to a $25,000 Grant in Volusia County, Florida

Homeownership is one of the most important and exciting steps in building your future and achieving your financial goals. However, achieving this goal can be challenging if you don't have enough money saved up for a down payment or sufficient credit to get approved for a loan.

Fortunately, the Hometown Heroes Loan Program allows veterans, active military members, law enforcers, and First Responders (i.e., firefighters, police officers, paramedics, etc.) to access grants of up to $25,000 to help make homeownership possible.

If you're looking to buy a home in Volusia County, Florida, but you can't afford the total cost, the Hometown Heroes Loan Program may be able to help. This program will provide you with the home financing assistance you need in grant funding through participating lenders. This article will walk you through everything you need to know about this program, including income limits for the county listed, what occupations qualify, and more. Read on to learn more.

Hometown Heroes Loan Program Requirements

Let's look at what you'll need to do to qualify for this loan program! The qualifications differ depending on how much money you want to borrow, your occupation, and other factors depending on the lender. Before applying, it's essential to be aware of these program requirements to help you meet them as closely as possible.

Income Limit Requirements

A household income limit of $118,950 is considered within a reasonable range to qualify for a Hometown Heroes Loan Program in Volusia County. If your family's income falls within that amount, you may qualify for a mortgage loan. Suppose you have additional debt and/or assets (such as retirement accounts). In that case, these amounts will be subtracted from your total household income before being compared against the program's maximum annual income limits. It's important to note that you must prove your income when applying for a home loan. If you don't have enough documentation or proof of your annual salary, you may be denied even if you meet other eligibility requirements.

If you want to qualify for a mortgage with the Hometown Heroes Loan Program in Volusia County, your income cannot exceed the maximum income limit requirements in the area. The income limits are based on Area Median Income (AMI) percentage. A Household is defined as all persons who occupy a housing unit and share living expenses such as food and utilities. Household income includes gross income from all sources plus any money received by other persons on behalf of your household members. Gross income includes all wages, salaries, tips, commissions, and taxable interest on your IRS Form 1040 or W-2.

Maximum Loan Limits

If you're looking to take out a home loan in Volusia County, Florida, you have many home loan options at your disposal. Each home loan comes with different benefits and requirements based on the loan program you choose, and the maximum amount you can borrow will depend on your down payment, credit score, your home's appraised value, and the involved lender.

A typical program participant can expect to receive a loan of up to 80% of their home's appraised value. However, some lenders may offer larger loans at higher interest rates. So it's essential to talk with a mortgage broker or a HUD-approved housing counselor to determine what options are available through different lenders and how they affect your monthly payment. However, below are the existing hometown heroes loan limits under the government-backed and non-government-backed lenders, including Veteran Affairs (VA), FHA, USDA-RD, HFA Preferred, and HFA Advantage.

Hometown Heroes Loan Limits for FHA & USDA-RD

The eligible loan amounts offered by the Federal Housing Administration (FHA) and the United States Department of Agriculture USDA-RD can range between $25,000 and $420,680 in Volusia County. To qualify for an FHA or USDA-RD loan, you must reside in an eligible area within Volusia County.

The minimum down payment is 3.5% of your purchase price. Your mortgage insurance premium will be based on your credit score and LTV ratio (loan to value). If you choose to make an upfront payment of more than 3.5% of your home's purchase price, you may qualify for an FHA case number that requires no monthly mortgage insurance premiums throughout its term.

Hometown Heroes Loan Limits for VA, HFA Preferred, and HFA Advantage

Hometown Heroes Loan Limits for Veteran Affairs (VA), Housing Finance Agency (HFA) Preferred, and HFA Advantage in Volusia County, Florida, are $647,200. Higher loan amounts mean you can purchase the home of your dreams even if it's located in a highly-priced area. One of the biggest perks of being a homebuyer with a VA, HFA Preferred, or HFA Advantage loan is that these loans have the most lenient eligibility requirements. These lenders also offer the most generous loan limits in the state, and your FICO score will be less critical than your household income when calculating how much you can borrow with this program.

The VA Hometown Heroes Program allows Veterans and Active Duty Military members to purchase a home with an affordable, no down payment mortgage loan 100% guaranteed by the US Government. The HFA Preferred and HFA Advantage programs from Fannie Mae provide similar mortgages that aren't government-guaranteed. However, they share many similarities with the Hometown Heroes Program regarding borrower eligibility requirements and loan limits across counties throughout the US.

Occupations That Qualify for Hometown Heroes Loan Program

The hometown heroes loan program provides a wide range of public service professionals with competitively low-interest rates on loans to help them buy a home or refinance an existing mortgage in Volusia County. This loan program was created to give back to those who serve our country and help keep us safe. Although the program was created for veterans, other professionals can also benefit from this loan opportunity. So what occupations qualify for this program? Keep reading to find out.

  • Sworn Law Enforcement Officer, Certified Correction Officer, and Correctional Probation Officer under FL Department of Corrections.

  • Juvenile Detention Officer and Juvenile Probation Officer under FL Department of Juvenile Justice.

  • Firefighter under FL Division of State Fire Marshal within the Department of Financial Services.

  • Certified Paramedic and Certified Emergency Medical Technician (EMT) under FL Department of Health.

  • 911 Public Safety Communicator under the FL Department of Health.

  • Certified Educator under FL Department of Education, including Classroom Teacher, Career Specialist, Librarian/Media Specialist, School Counselor, Social Worker, and School Psychologist.

  • 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.

  • 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.

  • 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.

  • Acupuncturist under FL Board of Acupuncture.
  • 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.

  • Podiatric Physician under FL Board of Podiatric Medicine.
  • Pharmacist and Pharmacy Technician under FL Board of Pharmacy.
  • 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.

  • 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.

  • Prosthetist Orthotist, Prosthetist, Orthotic Fitter, and Orthotic Fitter Assistant under FL Board of Orthotists & Prosthetists.

  • Electrologist under the FL Department of Health.
  • Massage Therapist under the FL Board of Massage Therapy.

  • 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.

  • Certified Basic X-Ray Machine, Operator, Certified Radiologic Technologist, Certified Radiology Assistant, Certified General Radiographer, 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • Surviving Spouses. If you're surviving spouse may participate in a VA first mortgage but must provide a valid Certificate of Eligibility (COE).

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Crucial Things You Need to Know About Volusia County

If you have recently moved to Volusia County, Florida, there are many things you need to know about the area before settling in and feeling at home. Everything from the weather, exciting attractions, shopping, history, and community organizations can impact your day-to-day life in Volusia County. So it's essential to research what will be best for you and your family. To help with that process, here are some of the top five things you need to know about Volusia County.

The Cost of Living

Volusia County has a lower cost of living than most areas in Florida, making affordability one of its most significant selling points. Many of the amenities in the county are reasonably priced and within reach of anyone with a decent-paying job. It's easy to rent an apartment in a lovely part of town, dine out at a good restaurant, and buy what you need without breaking your budget.

The average cost of a home in Volusia County is $196,369. That's lower than many other places on Florida's east coast but a little higher than some people can afford. Fortunately, as a resident, you have access to multiple home financing options and grants to help you afford the home of your dreams. With homeownership made more accessible, it's no wonder why more and more people are flocking to Volusia County every year.

Best Areas to Purchase a Home

If you're looking for an affordable area to purchase a home, many great options are available for a first-time home buyer in Volusia County. Some of the top picks include but aren't limited to Deltona, DeLand, Port Orange, DeBary, Ponce Inlet, Ormond Beach, South Daytona, Orange City, De Leon Springs, Holly Hill, and Lake Hellen.

These neighborhoods have seen considerable development over recent years and are now a perfect location for those looking for the best housing and proximity to Daytona Beach and other attractions. If that's still too expensive and you don't mind moving further inland, other areas offer plenty of great house choices at lower price points.

Best Public and Private schools

If you have children, then one of your top concerns regarding relocating will be selecting a great school for them. If you're moving to Volusia County, Florida, many options for schooling are available for your kids. Private schools are plenty in Ormond Beach and Port Orange. The best public elementary school is Ormond Beach Elementary School, where most students from kindergarten through eighth grade attend classes. Middle school students attend Roper Middle School, while high school students attend Spruce Creek High School.

Family Friendliness

The value of living in a community that cares about its children is priceless. The county boasts everything from community events and opportunities for kids to explore STEM programs. If you're looking to raise a family, Volusia County is also an excellent choice because of its low crime rate, affordability, great healthcare system, and sound school system.

An hour away from Orlando's theme parks, Daytona Beach is a great family vacation spot with some of Florida's best beaches. The city is home to more than 140 miles of shoreline, making it easy for kids and adults to find their perfect stretch of sand. Other family-friendly activities include visiting Seabreeze Amusement Park or playing mini-golf at Wild Adventures Golf.

Benefits for Young Professionals

As a young professional, one of your biggest concerns is probably money: getting enough of it and keeping track of it. Fortunately, there are a lot of resources available in Volusia to help with that. The county has a variety of programs aimed at helping young professionals and entrepreneurs. If you're a low-income resident in Volusia, you might qualify for some benefits. This could include discounted or free health care coverage through Healthy Families Florida or Florida food stamps through SNAP—that can go a long way toward helping keep your finances on track.

Volusia County is a beautiful place for young professionals. It may be a little challenging to land your first professional job, but it will be easier to advance up career ladders in a less competitive market once you get one. In addition, there are plenty of opportunities for young people who want to start their own business and gain experience running their own company. Whatever you choose to do, as long as you have passion and dedication, it's possible to succeed in any field.

Towns/Cities Eligible for Hometown Heroes Loan Program

Check out the following towns/cities in Volusia County eligible for the popular Hometown Heroes Loan Program.

  • New Smyrna Beach
  • De Leon Springs
  • Ormond Beach
  • Daytona Beach
  • Port Orange
  • Orange City
  • Cassadaga
  • Lake Helen
  • Barberville
  • Edgewater
  • Glenwood
  • Debary
  • Deland
  • Deltona
  • Oak Hill
  • Osteen
  • Pierson
  • Seville

Bottom Line

Are you in the process of purchasing or building your dream home? And are you having trouble coming up with enough cash to make it happen? Hometown Heroes' loan program may be able to help. The Hometown Heroes loan program in Volusia County was created to help military veterans, first responders, teachers, public safety officers, and other professionals buy homes in the area by offering them up to $25,000 grants. Don't miss out on this excellent opportunity to buy your dream home if you're eligible.

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