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Understanding Mortgage Income Requirements in Florida

Brady Webb
May 17, 2024

For many people, buying a home is one of the biggest investments they will make in their lifetime. However, before you can buy a home, you need to understand the mortgage income requirements in Florida. In this article, we will discuss the different types of income requirements that lenders look for when you apply for a mortgage in Florida. Read on.

Mortgage Income Requirements

The Hometown Heroes Program provides down payment assistance of up to 5% of the mortgage amount, to a maximum of $35,000 (this is the new higher maximum). The funds can also cover closing costs.

More Florida Homebuyers Can Now Take Advantage

The Hometown Heroes Program provides down payment assistance of up to 5% of the mortgage amount, to a maximum of $35,000 (this is the new higher maximum). The funds can also cover closing costs.

What should you know about the changes in the Hometown Heroes program? ABC Action News WFTS Tampa Bay reports, “For a while, [the program] was only available to frontline heroes. Now, the Live Local Act put another $100 million into the program and extended it to all working Floridians.”

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ABC adds, “The Florida Housing Authority said right now, borrowers can receive a maximum amount of $25,000 in down payment assistance. Once the change goes into effect, the maximum amount will be $35,000.”

Find Out if You Qualify for Down Payment Assistance

Whether you are shopping for a home in Cape Coral or anywhere in Florida, American Mortgage Solutions can help. During your consultation, we can help you figure out if you qualify for Hometown Heroes under the new program rules, and explore other options to move into a home with an affordable down payment. If you need a mortgage loan in Cape Coral, FL, we’ve got you covered! Call us at (239) 766-8344 to explore your options!

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CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.

American Mortgage Solutions follows all Equal Housing laws. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.

These materials are not from HUD, FHA, the USDA, or the VA. These materials were not approved by any government agency. They are independent of any government agency. We are not in any way affiliated with any organization listed or referenced within this website, including HUD/FHA/USDA/VA. The inclusion of various education, information, web links, or materials are not an endorsement of the Sender or any of its employees or business partners. For information directly from HUD/FHA, visit https://www.hud.gov/guidance For information directly from the VA, visit http://www.benefits.va.gov/HOMELOANS/ For information directly from the USDA, visit http://www.usda.gov/wps/portal/usda/usdahome?navid=GRANTS_LOANS