Florida Salute Our Soldiers Program

The Florida Salute Our Soldiers Program, managed by the Florida Housing Finance Corporation, is specifically designed to honor military service members, veterans, and their families by offering affordable mortgage options and financial support for homeownership. This program aims to reduce financial barriers and provide a pathway to stable housing for those who have served the nation.

Benefits

Provides 30-year fixed-rate mortgages with competitive interest rates to ensure stable and predictable monthly payments.
Offers down payment and closing cost assistance to reduce the upfront expenses of purchasing a home.
Available to active-duty military personnel, veterans, National Guard members, and eligible surviving spouses.
Can be combined with other Florida Housing programs for additional financial support.

Eligibility Requirements

Applicants must be active-duty service members, veterans, or National Guard members, or meet eligibility criteria as surviving spouses of service members.
Income limits apply, varying by household size and property location to ensure assistance is directed to those with the greatest need.
The property must be located in Florida and used as the buyer’s primary residence.
A minimum credit score of 640 is typically required, along with adherence to lender-specific underwriting guidelines.
Completion of a homebuyer education course is mandatory to ensure preparedness for the responsibilities of homeownership.

Additional Information

The Florida Salute Our Soldiers Program is a meaningful initiative to support those who have served the nation by making homeownership more accessible and affordable. By reducing financial barriers and providing tailored mortgage solutions, this program ensures that military families in Florida can achieve stability and security through homeownership while recognizing their service and sacrifices.

Frequently Asked Questions About Our Program

What is the Florida Salute Our Soldiers (SOS) Military Loan Program?

The Florida Salute Our Soldiers (SOS) Military Loan Program offers veterans and active-duty military personnel 30-year, fixed-rate first mortgage loans at reduced interest rates. This initiative aims to facilitate homeownership by providing affordable financing options and various down payment assistance programs.

Who is eligible for the SOS Military Loan Program?

Eligibility extends to active-duty military members and veterans with an honorable discharge. Veterans are exempt from the first-time homebuyer requirement, while active-duty personnel must not have owned a primary residence in the past three years.

What types of down payment assistance are available through the SOS Program?

The program offers several down payment and closing cost assistance options, including: Florida Assist: up to $7,500 at 0% interest, deferred payment. Salute Our Soldiers PLUS: 3%, 4%, or 5% of the purchase price, forgivable over five years. Homeownership Loan Program (HLP): $10,000 at 3% interest over 15 years. :contentReference[oaicite:0]{index=0}

Is homebuyer education required for the SOS Program?

Yes, all participants must complete a homebuyer education course approved by Florida Housing. This ensures that borrowers are well-prepared for the responsibilities of homeownership.

Are there income and purchase price limits for the SOS Program?

Yes, income and purchase price limits vary by county and household size. These limits are established to ensure assistance reaches those most in need and are subject to periodic adjustments.

Can the SOS Program be combined with other assistance programs?

Yes, the SOS Program can be combined with Florida Housing's first mortgage programs, such as FHA, VA, USDA, and conventional loans, to provide comprehensive assistance to homebuyers.

What are the repayment terms for the Salute Our Soldiers PLUS assistance?

The Salute Our Soldiers PLUS assistance is forgivable at 20% per year over a five-year term. If the borrower sells, refinances, transfers the deed, pays off the first mortgage, or no longer occupies the property as their primary residence within the first five years, any unpaid principal balance becomes due. However, active-duty military personnel required to relocate will have any remaining balance forgiven upon the sale of the home.

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Is mortgage insurance required with the SOS Program?

Depending on the type of first mortgage loan and the loan-to-value ratio, mortgage insurance may be required. For example, conventional loans with less than a 20% down payment typically require private mortgage insurance (PMI).

Are there specific property eligibility requirements?

Eligible properties include single-family homes, townhomes, and condominiums that meet Florida Housing's guidelines. The property must be located in Florida and serve as the borrower's primary residence.

What happens if I refinance my home?

If you refinance your home, any associated down payment assistance loans may become due and payable. It's important to review the terms of your assistance programs and consult with your lender before refinancing.

Are there specific debt-to-income (DTI) ratio requirements?

While Florida Housing does not specify exact DTI ratio requirements for the SOS Program, individual lenders may have their own criteria. It's essential to consult with your lender to understand the specific DTI requirements applicable to your situation.

Is there a deadline to apply for the SOS Program?

There is no specific deadline to apply for the SOS Program. However, program availability is subject to funding, so it's advisable to begin the application process as soon as you are ready to purchase a home.

Are non-occupant co-borrowers allowed in the SOS Program?

No, all borrowers must occupy the property as their primary residence. Non-occupant co-borrowers and co-signers are not permitted under this program.

Can I use the SOS Program for a second home or investment property?

No, the SOS Program is intended for primary residences only. Applicants must occupy the purchased property as their primary residence.

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What credit score is required to qualify for the SOS Program?

While Florida Housing does not specify a minimum credit score for the SOS Program, individual lenders may have their own credit requirements. It's essential to consult with your lender to understand the specific criteria applicable to your situation.

How do I apply for the SOS Program?

To apply, you must work with a Florida Housing-approved lender who will guide you through the application process, including verifying eligibility, assisting with necessary documentation, and explaining program requirements.

What are the benefits of the SOS Program compared to other loan programs?

The SOS Program offers lower interest rates and various down payment assistance options tailored specifically for military personnel and veterans, making homeownership more affordable and accessible for those who have served.

Is the SOS Program available statewide?

Yes, the Salute Our Soldiers Military Loan Program is available in all 67 counties throughout the State of Florida, providing assistance to eligible military personnel and veterans across the state.

What happens if I need to relocate due to military orders?

Active-duty military members who receive official orders to relocate will have any remaining balance of the Salute Our Soldiers PLUS forgivable down payment assistance forgiven upon the sale of the home, providing flexibility for those serving our country.