Suncoast Community Heroes Mortgages

¹ The subject property must be the member's primary residence. Gift funds may be used subject to program requirements. Members must contribute at least 3% of the sales price from their own funds, unless the LTV is 80% or less. For LTVs over 97%, the member must contribute at least $1,000 of their own funds. For LTVs between 81% and 97%, the member must contribute at least 1% of the sales price. For LTVs of 80% or less, the down payment, closing costs, and reserves may be fully gifted. Minimum contribution requirements exclude fees paid outside of closing.

² The Community Heroes loan product allows members to pay off the first mortgage  and any trade lines up to 80% LTV. There are special seasoning requirements to payoff secondary or junior liens with proceeds of the new refinance. Secondary liens not meeting this seasoning test must be subordinated with the CLTV/HCLTV not to exceed 95%.  Rate Term Refinances allow a max cash back of $1,000 at closing

³ Florida primary residence only; end loans only; not available for construction financing nor to payoff construction financing. Member must provide a fully executed sales contract signed by all parties. What is an End Loan? This is NOT a construction loan; typically, a smaller custom builder will require a construction loan and a large commercial builder (Lennar, Toll Brothers, D.R. Horton, Pulte, Taylor Morrison, M/I Homes, KB Homes, GL Homes to name a few) will allow end loans. Construction loans are closed before construction begins, and end loans close when you move into your home. Beyond the earnest money deposit at the signing of the contract, the builder does not typically collect any funds from the buyer until the completion of the home.

⁴ Loans are subject to credit approval and other underwriting criteria, and not everybody will qualify.