Our Local Heroes Can Dream of Homeownership Now

For more than 79 years, Veterans Affairs (VA) home loans have helped millions of veterans buy their own homes. In November, we celebrated Veterans, as we do every year in honor of Veterans Day. But, at Butler Mortgage, we celebrate and honor Veterans and their families all year long. That's why we wanted to share how VA loans and the Florida Hometown Heroes Program can help make homeownership dreams come true. If you or someone you care about has served in the military, it's essential to learn about these programs and their advantages.

Here are some important things to know about VA loans before you buy a home.

The Many Advantages of VA Home Loans

VA home loans provide a pathway to homeownership for those who have served our nation. They're a great benefit for buyers who qualify. According to the Department of Veteran Affairs:

• Options for No Down Payment: Qualified borrowers can often purchase a home with no down payment. That's a huge weight lifted when you're trying to save for a home.
• Limited Closing Costs: There are limits on the types of closing costs you pay when you qualify for a VA home loan. So, more money stays in your pocket when it's time to seal the deal.
• Don't Require Private Mortgage Insurance (PMI): Many other loans with down payments under 20% require PMI. VA loans do not, which means veterans can save on their monthly housing costs.

A recent article from Veterans United sums up just how impactful this loan option can be:

œFor the vast majority of military borrowers, VA loans represent the most powerful lending program on the market. These flexible, $0-down payment mortgages have helped more than 24 million service members become homeowners since 1944.

How the Florida Hometown Heroes Program Can Add to Your Home Buying Savings

This program provides down payment and closing cost assistance to first-time, income-qualified home buyers. Meaning, they can purchase a primary residence in the community in which they work and serve. The Florida Hometown Heroes Loan Program also offers a competitive first mortgage interest rate and additional special benefits to those who have served and continue to serve their country.

Some things to note about this program:

• Eligible full-time workforce, employed by a Florida-based employer can receive lower than market interest rates on an FHA, VA, RD, Fannie Mae or Freddie Mac first mortgage, reduced upfront fees, no origination points or discount points and down payment and closing cost assistance.
• Borrowers can receive up to 5% of the first mortgage loan amount (maximum of $35,000) in down payment and closing cost assistance.
• Down payment and closing cost assistance is available in the form of a 0%, non-amortizing, 30-year deferred second mortgage. This second mortgage becomes due and payable, in full, due to various reasons. First, upon sale of the property. Next, if refinancing of the first mortgage occurs. Finally, when transfer of deed occurs or if the homeowner no longer occupies the property as his/her primary residence. The Florida Hometown Heroes loan is not forgivable.

Owning a home is the American Dream, and Veterans sacrifice a lot to protect our country. Our commitment to honoring our Veterans and their families goes beyond Veterans Day. VA home loans stand as a powerful avenue to help those who've served achieve this dream, and the Florida Hometown Heroes Program extends a helping hand to our community's first-time home buying Veterans.