Unlock Your Dream Home with Florida’s Hometown Heroes Program!

Couple sitting on couch of new home

Save up to $35,000 in down payment and closing cost assistance with the Florida Hometown Heroes Loan Program!

Florida’s Hometown Heroes Down Payment Assistance Loan Program is here to make homeownership a reality for more Floridians than ever before. With a substantial $100 million in funding available starting July 1st, 2024 now is the perfect time to explore this opportunity. But don’t wait—funds can run out quickly, so applying now is crucial.

What is the Hometown Heroes Program?

The Hometown Heroes Loan program is designed to provide support to first time homebuyers who want to buy a home in the community where they are employed. This program helps with the down payment and closing costs by offering a 30-year deferred second mortgage with 0% interest. This means that borrowers receive upfront financial assistance without accruing interest over time.

However, it is important to note that the loan must be repaid if you sell the property, refinance the mortgage, transfer ownership, or no longer use the property as your primary residence. While this is not a grant, the program provides substantial support to those looking to own a home in Florida.

Program Details

  • Financial Assistance: Borrowers can receive up to 5% of the first mortgage loan amount (up to $35,000) in down payment and closing cost assistance.
  • Second Mortgage: The assistance is provided as a 0%, non-amortizing, 30-year deferred second mortgage. This second mortgage becomes due and payable in full upon the 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. It is important to note that the Florida Hometown Heroes loan is not forgivable.

Who is Eligible?

This program provides down payment and closing cost assistance to first-time, income-qualified homebuyers so they can purchase a primary residence in the community in which they work and serve. The Florida Hometown Heroes Loan Program also offers a lower first mortgage interest rate and additional special benefits to those who have served and continue to serve their country.

Hometown Heroes graphic

Qualifications and Requirements

To take advantage of the Hometown Heroes Program, applicants must meet specific qualifications and requirements:

  1. Credit Score: Applicants must have a minimum credit score of 640.
  2. Homebuyer Education: All applicants, except active military and veterans using VA loans, must complete a HUD-approved homebuyer education course. This course can often be completed online and is valid for two years.
  3. First-Time Homebuyer: The program is intended for first-time homebuyers or those who have not owned a home in the past three years.
  4. Primary Residence: The purchased property must be the buyer’s primary residence. Investment properties and second homes do not qualify.
  5. Income Limits: Applicants’ income must be within 150% of the area median income (AMI) for their county. 

Don't Miss Out on Your Dream Home!

Take advantage of this amazing opportunity to purchase a home in the community you love. Start the application process now to see how much you qualify for and secure your spot. With the Hometown Heroes Program, you can transition from renting to owning while staying in the area you support every day. Begin your homeownership journey today!

Ready to speak to a local Florida Loan Officer? Click here to get started!

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