Did you know that Florida Housing offers a program entitled "Military Heroes?"
Well they do, and guess what?
the rate is lower than the rest of their programs
Most Housing Authorities offer programs exclusively for first time home buyers, but when it comes to our Veterans, that condition is waived.
Veterans also have access to the Housing Authorities down payment, and closing cost assistance programs
The programs offer down payment and closing costs assistance, and there are two basic options;
First,
a $10,000 true second mortgage, at 0% interest, non amortizing (no payments), deferred.
deferred usually until the property is sold
this option is most commonly used with an FHA first mortgage.
Second,
a conventional loan, requiring a minimum 3% down payment, with reduced monthly MI, and a 3% grant
that's "grant" as in not repaid (free money)
While these programs have traditional income guidelines, which are actually fairly liberal, the conventional loan program has a very interesting provision.
The Veteran may apply by themselves, if the household income exceeds the guidelines, but the Veteran's individual income still qualifies for the loan.
So I know we all want to do what we can to help our Veterans achive home ownership so as they say in Nikeland (let's all)
Just do it!
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