Retired and active duty members of the military have a new incentive to put down roots in Florida.
The state is offering them up to $8 million in down payment and closing cost assistance as well as low-interest rate mortgages. Some loan options are forgivable after five years.
Gov. Ron DeSantis announced the “Salute Our Soldiers” Military Loan Program program Wednesday alongside Trey Price, Executive Director of the Florida Housing Finance Corporation.
Price said those upfront costs are some of the biggest barriers to homeownership.
"This provides a good portion if not all of that for folks to get into their house so they're not having to save for months or years on end in order to get into a home," he said.
The program, which Florida Housing will run, is expected to help more than 1,000 veterans and service members.
Director of Homeownership Programs David Westcott says the state will also benefit from military families' investments.
"What they add to our communities and our cultures and just the overall neighborhoods in Florida is really a plus," he said.
The program will be available March 2. Income requirements and housing price caps vary across the state. The charts below list county-specific information:
Florida Housing Finance Corporation’s First Mortgage Program Options At-A-Glance
(TBA-The Bond Alternative First Mortgage Programs ONLY)
2020 Income & Purchase Price Limits (SOS Program) maximum
FL First for TBA (FHA, VA, USDA-RD), HFA Preferred for TB, HFA Advantage for TBA with Florida Assist Second Mortgage
2020 Income & Purchase Price Limits (SOS Program) maximum
FL First for TBA (FHA, VA, USDA-RD), HFA Preferred for TBA, HFA Advantage for TBA with Homeownership Loan Program (HLP) and HFA PLUS 3%, 4% & 5% Second Mortgage
