Hometown Heroes Program: Save Thousands When Buying a Home

Are you a community worker looking to buy a home in Florida? The Hometown Heroes Program might be your perfect solution! This initiative, launched by the Florida Housing Finance Corporation, aims to support the everyday heroes of our community by providing significant down payment assistance. With the rising cost of living and housing prices, this program offers a financial lifeline to those who serve our communities.

What is the Hometown Heroes Program?

The Hometown Heroes Program helps frontline workers in Florida purchase homes. It offers up to 5% of the first mortgage loan amount, with a maximum of $35,000 in assistance. This program, part of the Live Local Act, supports essential workers such as teachers, police officers, firefighters, and healthcare professionals. Governor Ron DeSantis announced that the program has already provided $100 million in down payment assistance to Florida’s hometown workers. You can find more details about the program on the Florida Housing website.

Who Qualifies for the Hometown Heroes Program?

The Hometown Heroes Program targets essential workers who tirelessly serve our communities. This includes professionals in education, law enforcement, firefighting, healthcare, and more. To qualify, applicants need a minimum credit score of 640 and must meet specific income limits, which vary by county. Additionally, they must be first-time homebuyers, though exceptions exist for veterans and active military personnel. For detailed guidelines and requirements, visit the Florida Hometown Heroes Loan Program.

Benefits and Requirements of the Hometown Heroes Program

The program reduces upfront costs for homebuyers by providing zero-interest loans to help with down payment and closing costs. Eligible participants can receive up to 5% of the total loan amount, capped at $35,000, with a minimum of $10,000 in assistance. For instance, borrowers with a loan amount of $200,000 or less receive an automatic $10,000. This assistance is provided as a 0%, non-amortizing, 30-year, repayable second mortgage. Repayment is deferred until the home is sold, refinanced, or no longer used as a primary residence.

Participation in the program is restricted to a one-time use of Florida Housing’s Homebuyer Loan Programs. The property must be the primary residence of the borrower, who must occupy it within 60 days of closing. Borrowers must be employed full-time by a Florida-based employer with a physical location in Florida. Veterans are exempt from this requirement. First-time homebuyer status is also required, except for those purchasing in a Federally Designated Targeted Area or qualifying under the Veteran’s Exemption. Furthermore, income limits are based on the county where the property is being purchased, and one borrower must complete a pre-purchase homebuyer education course approved by the program.

Common Questions About the Hometown Heroes Program

1. How much assistance can I receive?

You can receive up to 5% of the first mortgage loan amount, with a cap of $35,000. This assistance can significantly reduce the financial burden of purchasing a home.

2. Do I have to repay the assistance?

Yes, the assistance is provided as a second mortgage with 0% interest. Repayment is deferred until the home is sold, refinanced, or no longer used as a primary residence.

3. Can I use this program for any type of home?

The program applies to various property types, including single-family homes, townhomes, and condos, provided they meet the program’s guidelines.

4. What if I don’t meet the credit score requirement?

Work on improving your credit score to at least 640 to qualify. Consulting with a financial advisor or credit counselor can help you achieve this goal.

5. How do I apply for the Hometown Heroes Program?

Work with a participating lender to apply. They will guide you through the application process and ensure you meet all the necessary criteria.

To apply, you need to work with a participating lender. They will guide you through the application process and ensure you meet all the necessary criteria.

How Elizabeth Quintero Can Assist You

Navigating the home buying process can be overwhelming, but with the right guidance, it becomes manageable. As a seasoned real estate agent with Coldwell Banker Realty, I, Elizabeth Quintero, am here to help you every step of the way. I can connect you with professional lenders who specialize in the Hometown Heroes Program, ensuring you receive the assistance you need.

The Florida Housing Finance Corporation has already made a significant impact by providing substantial down payment assistance to our community workers. Expert opinions suggest that such programs are crucial in helping essential workers achieve homeownership. This stabilizes the housing market and supports community growth.

For more information on this and other relevant resources, feel free to reach out to me. I regularly share insights and updates on Miami’s real estate market on my Instagram page, Elizabeth Sells Miami.