Florida's downpayment assistance program makes dreams of home ownership a reality
MIAMI - Brandis Seward got her American Dream.
"I walk upstairs and I'm like, thank God like I can't even still believe it…" said Seward, who has been a teacher in South Florida for nearly 18 years.
After two decades she and her husband finally bought a place they call home. They did it through the Hometown Heroes Program.
"I always was told you need about $20,000, we were saving for a long time and this program came out and it was like… is this real?" said Seward.
Loan officer Mike Molina says it is. "You can get pretty much 5% downpayment assistance, up to $35,000," said Molina, who says the Hometown Heroes Program gives homeowners that extra help they need, a loan with zero interest.
"Let's say your purchase price is $400,000, you'd get $20,000 for a downpayment. If you are doing an FHA (Federal Housing Administration) loan, the minimum downpayment is 3.5%. So, if you're getting 5%, you're getting your full downpayment covered and even some of your closing costs," said Mike Molina.
He says those interested, should register (click here) and contact one of the lenders listed.
There are some prerequisites to qualify, besides being a first-time homeowner.
"… Being a full-time employee in the state of Florida, which is minimum of 35 hours a week, and you have to have a minimum FICO of 640."
FICO – (Fair Issac Corporation) is a credit score used to predict how likely you are to pay back a loan on time.
Scores range from 300 – 850.
Seward bought a townhouse in Pembroke Pines. She has been living there since January. It's four bedrooms and two and ½ baths. Each of her two kids now has a room. Grandma also lives with them, and she has a room of her own.
When do you pay this loan back? Asked CBS News Miami's Ivan Taylor.
"It can be in five years, ten years whenever they decide," responded Molina.
Seward keeps saying, "It's a dream come true. When Hometown Heroes came about and they said we have your back it was like, really? And yeah, they had our back."
One hundred million dollars is available for the Hometown Heroes Program. It kicks in July 1st, but people are encouraged to apply now because funds can run out quickly.