Today, Governor Ron DeSantis announced the unveiling of the “Salute Our Soldiers” Military Loan Program (SOS) that will be offered to veterans and active duty military personnel throughout the state. The announcement was made following a roundtable to discuss ongoing issues and initiatives that involve Florida’s military and veteran population. The Governor was joined by Florida Department of Veterans’ Affairs (FDVA) Executive Director Danny Burgess and Florida Housing Finance Corporation (Florida Housing) Executive Director Trey Price.
“I’m excited to announce my administration’s newest veteran-focused initiative: the “Salute Our Soldiers” Military Housing Loan Program for veterans and active duty military personnel throughout the state,” said Governor DeSantis. “To start, Florida Housing will set aside funds to assist over 1,000 veterans and active duty military members by making the homebuying process easier and more affordable. 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.”
Administered by Florida Housing this program is offering up to $8 million in a variety of down payment and closing cost assistance, coupled with low-interest rate first mortgages. Importantly, there will be down payment and closing cost assistance options that will be forgivable after five years. The program will be available starting March 2nd, 2020.
Some of the attributes of to the program include the following:
- A variety of down payment and closing cost assistance products with little or no interest charged;
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- 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 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; and
- Veterans are exempt from the first-time homebuyer requirement. Active duty military members cannot have owned a primary residence in the last three years.
