Making homeownership easier with the Florida Hometown Heroes program.
If you’re a first-time homebuyer in Florida, we have fantastic news for you! The Florida Hometown Heroes housing program is here to make homeownership a reality by providing up to $35,000 in assistance toward buying your very first home.
Originally designed for veterans and first responders, the Florida Hometown Heroes program has recently expanded its requirements. Now, any full-time employee working for a Florida-based company is eligible to apply. This expansion opens up new opportunities for many aspiring homeowners who dream of owning a place to call their own.
The program aims to reduce the upfront costs associated with buying a home. Eligible borrowers can benefit from a zero-interest loan that assists with the down payment and closing costs. This financial support comes in the form of a grant from the Florida Housing Authority, making it easier for you to achieve the American dream without waiting years to save up for a down payment.
“Any full-time employee working for a Florida-based company is eligible to apply.”
Qualified applicants can receive 5% of the total loan amount, not to exceed $35,000, with a minimum of $10,000. The loan is structured as a 0% non-amortizing, 30-year deferred second mortgage, which means you won’t make monthly payments. Instead, you’ll repay the loan when you sell or refinance your home.
While the program is incredibly beneficial, there are some key points to remember. The assistance cannot be used to cover the difference between the sales price and the appraised value of the home. Additionally, it cannot be used to pay off existing borrower debt. However, you can utilize the funds for a down payment, closing costs, mortgage insurance premiums, or principal reduction.
To take advantage of this incredible opportunity, we can connect you with one of Florida Housing’s participating loan officers. Keep in mind that you must have a minimum credit score of 640, be a first-time homebuyer, and earn less than 150% of the area’s median income.
If you have any questions about the program or want to speak with a Hometown-Hero-approved lender, don’t hesitate to reach out to us by phone call or email. We are dedicated to helping you navigate the path to homeownership and turning your dream of owning a home in Florida into a reality!
