The FL Hometown Heroes Program makes housing affordable for eligible first-time homebuyers. The program was designed to offer eligible borrowers a greater opportunity to purchase a home and remain in the community in which they serve.
Hometown Heroes offers a lower mortgage rate AND additional special benefits to those who currently serve their communities and those who have served and continue to serve our country.
The program provides down payment and closing cost assistance to first-time, income-qualified homebuyers in an eligible occupation to assist them in the purchase of a primary residence.
What Is It?
- Florida Hometown Heroes allows borrowers to receive up to 5% of the loan amount in down payment and closing cost assistance (a minimum of $10,000 and maximum of $35,000) for the purchase of a primary residence.
- Can be paired with additional assistance programs to maximize amount of received assistance
- Down payment and closing cost assistance is available in the form of a 0% interest, non-amortizing, 30-year repayable second mortgage. This second mortgage becomes due and payable in full upon sale of the property, refinancing of the first mortgage, transfer of deed or if the homeowner no longer occupies the property as their primary residence. The Florida Hometown Heroes loan is not forgivable.
- The down payment and closing cost assistance can be used to satisfy the following:
- Borrower’s down payment
- Any down payment exceeding the minimum borrower requirement
- Reasonable and customary closing costs
Eligibility
- Borrower must be employed Full-time by a Florida-based employer and work 35 hours, or more, per week.
- Veterans are exempt from the employment requirement when providing a copy of their DD-214.
- Borrowers must not exceed the maximum income limit requirements for the county in which property is being purchased
- At least one borrower must be a first-time homebuyer, purchasing a primary residence. (A first-time homebuyer is anyone who hasn’t owned a home in the most recent 3 years.)
- Veterans, active-duty military and some FL National Guard members are exempt from all first-time homebuyer requirements.
Parameters
- Florida ONLY
- Conventional, FHA, USDA and VA loan types
- 30-year fixed
- Primary purchases ONLY
