Florida Housing has just announced the Military Heroes home loan program. Whether you are active duty or an honorably discharged veteran, this program could work for you even if you are not a first time home buyer. There is an initial allocation of $5 million for this fixed rate of 5%. And with rates trending upward with other programs, this is a good deal indeed.
There are county income limits and veterans and active duty personnel must still credit qualify. Many lenders have a FICO score requirement of 620. Those interested in the program will need to take an educational class which is good for 12 months. Taxes and insurance [including sinkhole coverage] will be escrowed with the mortgage payment. Using this benefit with the VA guaranty eliminates monthly mortgage insurance payments, too.
Other states may have their own programs, which may have similarities to this one. But in the age of the disappearing 100% financing mortgage loan, this hard earned benefit is well-deserved.