Salute Our Soldiers Military Loan Program

Salute Our Soldiers Military Loan Program

The Salute our Soldiers Military Loan Program offers our military service personnel and veterans 30-year, fixed-rate first mortgage loans at a lower rate and with several down payment assistance options.

This program is available in all 67 counties throughout the State of Florida to borrowers who are purchasing a primary residence, meet income and purchase price limits, can qualify for a first mortgage loan, and successfully complete a homebuyer education course.

▶️ Minimum 640 credit score

▶️ Maximum Sales Price and Income Limits vary by county

▶️ Veterans do not have to be considered 1st time homebuyers, but it does have to be an owner occupied purchase

▶️ Active duty military cannot have owned or been on title to a primary residence within the past 3 years

▶️ The income used towards the household income limits is the qualifying income used for the loan, not household income.

▶️ Debt to income ratio is 45% and file must receive an approval thru the automated underwriting system, no manual underwrites allowed

▶️ Sellers can contribute towards buyers closing costs to lessen the Veterans cash out of pocket, not to exceed actual cost

▶️ No cash back to buyer at closing, unless the funds received back were part of a “gift” from an acceptable source that is documented.

Buyers will still have upfront funds needed for items such as earnest money deposit, home inspections and appraisal along with any costs over that paid by either the assistance funds or Seller contribution. Gifts for the cash needed from an acceptable source is allowed

Types of Assistance Available

⭐$7,500 in Assistance⭐

These funds are recorded as a “silent” second mortgage. There is no interest or payments made on these funds while a buyer lives in the home. When they sell, refinance or the home is no longer their primary residence these funds are repaid to Florida Housing with 0% interest. They only repay what they were initially given.

⭐$10,000 in Assistance⭐

These funds are recorded as an actual 2nd mortgage which is repayable at $69.06 per month on top of the 1st mortgage payment. The terms are at 3% interest fixed for a 15 year period with no prepayment penalty

⭐3% / 4% / 5% GRANT⭐

This is a percentage of the loan amount. These funds are recorded as a “silent” second mortgage and are forgiven at 20% per year as long as the buyer is current on their 1st mortgage. So simply by living in the home for a 5 year period these assistance funds are 100% forgiven

How Do I Sign Up?

Call Sean to discuss your options!
407-476-1559