The Florida Hometown Heroes Loan Program, as of July 2023, provides down payment and closing cost assistance to ALL BUYERS who have not owned a home as their primary residence in the last three years, including veterans or active military service. The program offers up to $35,000 in assistance.

The Hometown Heroes Program is highly regarded as one of the best down payment assistance programs for first-time homebuyers, veterans, or active military in Florida. Eligible homebuyers can enjoy benefits such as reduced upfront fees, no origination fee or discount points, and down payment and closing cost assistance.

Down payment assistance can be used with any of first mortgage loans, including VA, FHA, USDA, or Conventional. Borrowers can receive up to 5% of the loan amount in down payment assistance, with a minimum of $10,000 in assistance for loans under $200,000.

What is the Florida Hometown Heroes Program?

The Florida Hometown Heroes Housing Program is designed to help individuals who are first-time homebuyers, veterans, or active military personnel living and working in Florida. By meeting the program’s eligibility criteria, you may be eligible to receive up to $35,000 in down payment and closing cost assistance.

Under this program, eligible buyers can receive up to 5% of their total mortgage loan amount, with a maximum limit of $35,000, to cover their down payment and/or closing costs. The assistance is provided as a deferred second mortgage with 0% interest. Repayment of this second mortgage is required when you sell the property, refinance the first mortgage, transfer the deed, or no longer occupy the property as your primary residence.

This program is compatible with conventional, FHA, VA, or USDA loans. To learn more about how the Florida Hometown Heroes Housing Program can assist you in achieving homeownership in Florida, feel free to contact us.

How Do You Receive the Down Payment Assistance?

The down payment and closing cost assistance in the Florida Hometown Heroes Program comes in the form of a 0% interest, non-amortizing, 30-year repayable second mortgage. Repayment is due when the property is sold, the first mortgage is refinanced, the deed is transferred, or the property is no longer occupied as the primary residence. It’s important to note that the Florida Hometown Heroes loan is not forgivable.

The down payment and closing cost assistance can be utilized for the following purposes:

• Borrower’s down payment
• Additional down payment exceeding the minimum requirement
• Reasonable and customary closing costs
• However, it cannot be used to cover real estate agent commissions, the difference between the sales price and appraised value, or borrower debts.

What are the Florida Hometown Heroes Eligibility Requirements?

To qualify for the Florida Hometown Heroes Housing Program, you need to fulfill the following requirements:

• Primary Residence: The property you purchase must become your new primary residence.
• Home Ownership: You must not have owned a home as your primary residence in the past three years, with the exception of veterans (active duty is not exempt). If you own a mobile home, it must be on rented land to qualify as a first-time homebuyer. You may still qualify if you owned an investment property that you didn’t live in or if you were on the title of a home without occupying it. Owning a house more than three years ago, but not owning one since, also qualifies you as a first-time homebuyer.

Income Limits: Income limits vary based on your location and loan type (FHA, VA, USDA, Conventional). Click here to view the Hometown Heroes Program income limits.

Program Highlights:

• Minimum 640 credit score | Available in all Florida counties
• Eligible for  conventional, USDA, FHA, and VA loan types
• Must hold a full-time position (min. of 35 hours per week) with a business located in Florida
• Up to $35,000 available (5% of total loan amount)
• Funds can be used for minimum down payment, closing costs or to lower loan amount