Florida Hometown Heroes Program

Florida Hometown Heroes Program

Guess what? Florida Hometown Heroes housing mortgage is helping more Floridians become homeowners. Governor DeSantis just launched the awesome Hometown Heroes Program. The program removes many barriers by allowing income-eligible borrowers to secure zero-interest loans to pay for their down payment and closing costs. The Florida hometown heroes housing program is expected to be funded with $100 million for the 2023–2024 fiscal year.

It's all about helping people who work in Florida buy their first home. And guess what? Starting from July 2023, ALL qualified working residents can benefit from this the Florida hometown heroes housing program, not just frontline florida hometown heroes police officers, active duty military members, or healthcare professionals.

You'll have to act quickly because the Florida Housing Finance Corporation site tells us 11 million is remaining with the hometown heroes program and it's going to go fast! Let's get into how to qualify for the program and then you can message us to walk you through the rest of the process.

How to Qualify for the Florida Hometown Heroes Housing Program?

Starting a mortgage application for the Florida Hometown Heroes Housing Program is a straightforward process. To begin, you'll need to gather some basic documents including proof of income, employment verification, and credit history. Now, you will be prepared to do a mortgage application with a Hometown Heroes program participating lender who will determine if you qualify for the program. Let's go over some of the hometown heroes program Florida qualifications so that you know what to expect;

Who is eligible for hometown heroes in Florida?

Anyone that is considered a first time home buyer whom has not had title ownership of a home in the past three years.

What credit score do you need for the Hometown Heroes Program in Florida?

A 640 minimum credit score is required to qualify for the Florida hometown heroes program.

What is the income limit for down payment assistance in Florida for the hometown heroes program?

Income qualified homebuyers limit- The qualified income varies based on the county residence or other other words what is known as the area median income. Don't shy away from this criteria as the Florida hometown heroes program can be quite flexible for many households. You can download the PDF document with income limits here.

How Do You Receive the Florida Hometown Heroes Program Assistance?

May be obtained as second mortgage zero interest loan at the day of closing. No actual money is transferred to your account and you do not have to make a different application for qualify as it is all done at the initial mortgage application.

How much assistance can I receive?

The dollar amount you may receive will be determined by the dollar amount you qualify for with a mortgage company. Up to $35,000 can be used but no less than $10,000.

Does the Florida hometown heroes loan have to be paid back?

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 his/her primary residence. The Florida Hometown Heroes loan is not forgivable.

What properties can be the Florida hometown heroes program be used for?

Any single family home up to four units, townhomes, villas, and eligible FHA condos will meet the requirements for the hometown heroes program. This will also apply to New Home Construction homes and can work along with some of the builder closing cost assistance incentives that are offered.

How can the Florida hometown heroes program funds be used?

The Florida hometown heroes program can provide buyers will a substantial amount of money that can strategically used for down payment assistance and closing cost assistance. This is on top of any closing cost assistance that is offered to you by a seller/builder in a successful negotiation.

What are the mortgage rates for the Florida Hometown Heroes Loan?

The first mortgage loan will have a mortgage rate that is different from the second mortgage loan which is a zero interest rate. That rate will vary based on what the markets are doing and what the Florida Housing Finance Corporation dictates it to be.

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In conclusion, the Florida Hometown Heroes Housing Program provides an incredible opportunity for Floridians to realize their dream of homeownership. From generous down payment assistance to flexible eligibility criteria, this program is a game-changer for many working residents.

Remember, the funds are limited and are expected to be exhausted swiftly. So don't wait!

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