Gov. Ron DeSantis announced a new $8 million initiative to provide veterans with down payment and closing costs assistance to purchase new homes in Florida.
On February 19, he unveiled the “Salute Our Soldiers” Military Loan Program (SOS) throughout the state.
The announcement was made following a roundtable to discuss ongoing issues and initiatives that involve Florida’s military and veteran population.
Gov. DeSantis said Florida Housing would set aside funds to assist over 1,000 veterans and active-duty military members.
“More veterans calling Florida home is a great thing for all involved, and we look forward to the positive impacts this program will have on the lives of our veterans and the communities in which they live,” said DeSantis.
Administered by Florida Housing, the program is offering up to $8 million in a variety of down payment and closing cost assistance, coupled with low-interest rate first mortgages. There will also be down payment and closing cost assistance options that will be forgivable after five years.
“As an Army Reserve Captain and former state legislator, I’m honored to have the opportunity to serve those who served us,” said FDVA Director Danny Burgess. “Following on the heels of our Forward March statewide veteran outreach initiative, I’m proud to join Governor DeSantis today for this announcement to encourage veterans to set roots in Florida and call our state home.”
Some of the attributes of the program:
A variety of down payment and closing cost assistance products with little or no interest charged; Florida Assist down payment assistance – $7,500 at 0 percent interest with no payments for 30 years but due upon sale or refinance.
Salute Our Soldiers PLUS forgivable down payment assistance – choice of 3 percent, 4 percent or 5 percent of the purchase price that is forgiven at 20 percent per year over five years. Active duty military members who receive official orders to relocate will have any remaining balance forgiven upon the sale of the home.
Homebuyer Loan Program (HLP) down payment assistance – $10,000 at 3 percent interest over 15 years.
Reduced costs (no documentary stamp taxes or intangible taxes on the notes and mortgages) and fees to the military homebuyer.
Veterans are exempt from the first-time homebuyer requirement. Active duty military members cannot have owned a primary residence in the last three years.
The program will be available starting March 2, 2020. Coral Springs residents who would like more information, visit Florida Housing’s Homebuyer Loan Program Wizard at www.floridahousing.org.