The NVWM Down Payment Assistance Program is an initiative aimed at helping borrowers achieve homeownership in Florida. With an initial allocation of $25 million in funding, this program targets both households earning less than 120% of the Area Median Income (AMI) and the Workforce. Designed to assist first-time homebuyers, except for veterans who are exempt from this requirement, the NVWM program offers junior loans with a secondary lien on the property at rates significantly more favorable than conventional loans. Each eligible household can receive up to $75,000 in assistance, making homeownership more attainable. NVWM proudly supports veterans by offering this assistance without income limits and with a minimum credit score requirement of just 620, compared to the standard 680 for other borrowers. This commitment underscores NVWM's dedication to providing veterans with the resources they need to secure stable housing.
The Hometown Heroes Program is designed to support essential workers such as firefighters, police officers, teachers, and healthcare professionals in achieving homeownership. This program offers down payment and closing cost assistance to eligible borrowers, providing up to 5% of the total loan amount, with a maximum of $35,000. To qualify, borrowers must have a minimum credit score of 640, be employed full-time in an eligible occupation, and meet specific income limits based on household size and county. The program supports FHA, VA, USDA, and conventional (Freddie Mac) loans for primary residences, ensuring that these dedicated professionals can secure affordable and stable housing.
One of the key benefits of the Hometown Heroes Program is the flexibility it offers to first-time homebuyers and veterans. The program requires homebuyer education and imposes a debt-to-income (DTI) limit of 50%, promoting responsible borrowing and financial management. Additionally, this program provides reduced-cost mortgage insurance, making it an attractive option for eligible workers looking to buy a home. By offering substantial financial assistance and tailored support, the Hometown Heroes Program helps essential workers achieve their homeownership dreams, recognizing their invaluable contributions to the community.
The Chenoa Program is a down payment assistance initiative aimed at making homeownership more accessible for low-to-moderate income borrowers. It offers 100% financing for FHA loans, allowing qualified buyers to purchase a home with no out-of-pocket down payment. Borrowers can receive assistance equal to 3.5% of the total loan amount, which is repayable over a 10-year term at a fixed interest rate that is 2% higher than the first mortgage rate. The program is open to primary residences only, and borrowers must complete a homeownership course to qualify.
The Chenoa Program does not require borrowers to be first-time homebuyers, making it a versatile option for various housing needs. To qualify, borrowers need a minimum credit score of 600 and must meet the automated underwriting system (AUS) approval criteria. The program also allows for non-occupant co-borrowers, providing additional flexibility for families looking to support each other in the homebuying process. By offering robust financial assistance and flexible terms, the Chenoa Program plays a crucial role in bridging the gap to homeownership for many Americans, ensuring that more individuals can achieve the stability and benefits of owning a home.
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