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Luxury Property Solutions, LLC. (LPS)

Real Estate Brokerage  – Luxury Assets Management & Acquisitions (LAMA)  Email: info@lpslama.com

It’s Back! Get Ahead with the 2025 Florida Hometown Heroes Down Payment Assistance Program

$50Million in New Funding Available
Hurry!

Florida Hometown Heroes — South Florida Guide
Florida Down Payment & Closing Cost Help

Hometown Heroes — Your South Florida Quick Guide

💸 Up to $35,000 toward down payment & closing costs 🏠 0% deferred second mortgage
📞 Call Carlyne Belot (866) 577‑5262 ✉️ carlyne.belot@lpslama.com

Presented by Luxury Property Solutions, LLC (South Florida)

Min Credit 640 Max DTI 50% (AUS) FHA • VA • USDA • HFA Advantage/HFA Preferred Primary Residence • First‑Time Buyer
Funding is limited and released in waves. When funds open, they go fast — get pre‑approved so you can reserve assistance as soon as you’re under contract.
💡

How the assistance works

  • Gets you a 0% interest, no‑payment second mortgage (deferred up to 30 years).
  • Amount is up to 5% of the first‑mortgage amount, capped at $35,000.
  • Usable for down payment, closing costs, prepaids, and MI. No cash back at closing.
  • Second mortgage is repaid when you sell, refinance, transfer title, or pay off the first mortgage.
✅

Who qualifies

  • First‑time buyer (no primary home in the past 3 years). Veterans may be excepted by loan type.
  • Work full‑time for a Florida‑based employer (≥ 35 hrs/week), primary residence purchase in FL.
  • Credit ≥ 640 and DTI ≤ 50% with automated approval (stricter for some scenarios).
  • Income at or below the county limit (see County cards below).
  • Complete an approved homebuyer education course (one borrower).
🧮

Loan types you can use

  • FHA, VA, USDA, Freddie Mac HFA Advantage, or Fannie Mae HFA Preferred.
  • Standard conforming and FHA loan limits apply by county.
💵

"How much of my own money?"

  • Many buyers close with $0–$2,500 out‑of‑pocket when assistance + seller credits cover costs.
  • Plan for earnest money, appraisal, and inspections; these can often be credited back at closing.
  • Exact cash‑to‑close depends on price, taxes/insurance, fees, and negotiated credits.

County Limits & Loan Caps

DTI (Debt‑to‑Income) — front vs. back end

Front‑end DTI is your total housing payment (PITI+HOA) divided by gross monthly income. Back‑end DTI adds all monthly debts (student loans, car, credit cards) to housing. Hometown Heroes follows the loan program’s underwriting — most loans allow up to 50% total DTI with automated approval; manual underwrites and manufactured homes are more conservative.

Tip: To be “offer‑ready,” many buyers target ≤35% front‑end and ≤45% back‑end. Lower balances on car/credit debt can meaningfully raise your approved price.

What price can I shop for?

We estimate the max price a typical buyer could target at various incomes assuming minimal other debts (for illustration only). Edit the assumptions to fit your scenario.

These are educational estimates — your final approval is set by the lender’s automated underwriting, exact debts, and program rules.

FAQs

🏠 What property types are safest for Hometown Heroes?
  • Fee-simple houses & townhomes (1-unit) typically meet program and agency rules.
  • 2–4 units are allowed when you occupy one unit; Bond execution may require properties to be older than 5 years.
  • Condos are allowed when the project meets FHA/Fannie/Freddie approval standards (FHA Single-Unit Approval may apply).
⚠️ Which property types are often ineligible or tricky?
  • Manufactured homes: Not permitted with Conventional HFA Advantage. Under Bond/other executions, MH may be allowed with FHA/VA/USDA/Fannie but typically with overlays such as double‑wide and minimum year (e.g., FHA/VA/FNMA ~1994+, USDA ~2000+). Modular is usually acceptable.
  • Condotels, transient/STR-heavy, or many non‑warrantable condos generally fail agency project standards.
  • Mixed‑use homes with too much commercial space (e.g., > ~15% of square footage) can be ineligible.
  • Construction‑to‑permanent single‑close loans are not supported; program is purchase only.
  • Second homes or investment properties are not eligible—primary residence only.
  • Vacant land / excessive acreage is not eligible; you need an eligible primary residence.
  • Condo projects with unresolved critical-repair assessments can be temporarily ineligible until remediated.
❓ Are co‑ops eligible?

Co‑ops are not listed among eligible types in most program term sheets. Treat them as not eligible unless a lender confirms a specific agency execution that allows them.

📏 Any tiny rules I should remember?
  • For 2–4 units, you must occupy one unit.
  • Condo projects must pass standard FHA/Fannie/Freddie reviews; hotel‑like features and heavy short‑term rental usage are red flags.
Questions? Call 866‑577‑5262 or email carlyne.belot@lpslama.com. © Luxury Property Solutions, LLC
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