Thinking outside the box when it comes to buying homes in Florida!!!

Florida’s  HOP program

What is it?

The Florida Home Ownership Pool Program, a program of the Florida Housing Finance Corporation, provides matching funds and down payment assistance to Eligible Homebuyers for the purchase of new construction or substantially rehabilitated units.

Are you eligible as a homebuyer?

If your income does not exceed 80% of the Area Median Income (AMI), then, yes, you are potentially eligible for this program (contact the Florida Housing Finance Corporation for more information on eligibility).  

What do you get?

Eligible homebuyers in the HOP program receive up to $80,000 towards the purchase of their home in a 0% deferred second mortgage loan!!!

http://www.floridahousing.org/Home/Developers/HomeownershipPrograms/HOP

I'm a builder, how do I get involved with the program?

Builders interested in the HOP program are required to build healthy, energy-efficient homes that meet the specific criteria as well as to obtain a certification in one or more of the following recognized programs (for more information or to obtain a certification please contact a green consulting and certification company):

• LEED
• ENERGY STAR
• Florida Green Building Coalition (FGBC)

Sounds great, but I am a for profit company, am I eligible?

The HOP Program is available to both non-profit and for-profit organizations, Community Housing Development Organizations (CHDOs), counties and eligible municipalities that are recipients of SHIP funding and the United States Department of Agriculture - Rural Development (USDA-RD). HOP funds are primarily available for the construction of new homes; however, they may also be used for Substantial Rehabilitation by eligible Members who are recipients of SHIP funding.

Awesome! …so how does it work?

An eligible organization becomes a “Member” of the HOP Pool by simply completing a membership application. Once members, they can then reserve financing for qualified homebuyers. To do so, simply submit a HOP reservation and, once the home is under construction, an Environmental Checklist (Go here for more information).

As a home nears completion, a borrower analysis package must be completed and sent in for each eligible homebuyer that you have signed up. Once approved, Florida Housing then provides the necessary funds to reduce the purchase price to an affordable amount, as well as providing closing costs assistance  at the closing. Simple as that!!!

You sold me on the program, but now I need the nitty-gritty details!? Great! To find out more information on the program, whether a potential homebuyer or builder, please see the following:

Introduction to HOP Program:

Requirements for Building Eligibility:

Additional Building Requirements:

Eligible Homebuyer Requirements:

Homebuyer Loan Process:

Become a HOP Builder: