Florida Hometown Heroes Housing Program Overview

Program Expansion: Effective July 1, 2023

The Florida Hometown Heroes Housing Program has recently expanded to include all first-time homebuyers, with increased benefits aimed at making homeownership more affordable. As of July 1, 2023, the grant amount for down payment and closing cost assistance has risen from $25,000 to $35,000.

Purpose and Benefits

The Florida Hometown Heroes Housing Program is designed to support eligible community workers in purchasing their first homes. The program provides significant assistance in the form of down payment and closing cost support, along with favorable mortgage terms. Specifically, it targets frontline workers such as law enforcement officers, firefighters, and healthcare professionals, offering them financial relief and lower mortgage rates.

Key Program Details

1. Eligibility Requirements:

1.Full-time employees of Florida-based organizations are eligible.

2.Eligible workers include law enforcement officers, firefighters, medical professionals, and more.

3.Applicants must have a minimum credit score of 640 (660 for manufactured homes).

4.The program is open to first-time homebuyers or those without ownership interests in a primary residence for the past three years (excluding active military personnel and veterans).

2. Financial Assistance:

1.Borrowers can receive up to 5% of the first mortgage loan amount, with a maximum assistance limit of $35,000.

2.Assistance is provided through a 0% interest, non-amortizing, 30-year deferred second mortgage. This means no regular payments are required, but the full amount is due if the property is sold, the first mortgage is refinanced, the deed is transferred, or the homeowner no longer lives in the property as their primary residence.

3. Mortgage Products:

1.The program offers access to various mortgage types including FHA, VA, USDA-RD, Fannie Mae, and Freddie Mac loans.

2.The mortgage products available include:

1.Florida First Heroes: FHA, VA, and USDA-RD loans with down payment support.

2.FL HFA Preferred Heroes – Fannie Mae: 30-year fixed-rate mortgage with down payment and closing cost assistance.

3.FL HFA Advantage Heroes – Freddie Mac: 30-year fixed-rate mortgage with similar benefits.

4. Income and Loan Limits:

1.Income limits vary by location but generally range from $118,950 to $153,750.

2.Loan limits for FHA & USDA loans range from $420,680 to $710,700, while Conventional and VA loan limits are set at $647,200, with a higher limit of $710,700 in Monroe County.

5. Property Types:

1.Loans can be used to purchase primary residences including condos, detached homes, townhouses, and 2-4 unit properties.

2.The program does not cover properties intended for commercial use or refinancing existing properties.

Application Process

To apply, prospective buyers must provide proof of their occupation, homebuyer status, and income. Required documents may include:

  • Fully executed Hometown Heroes Housing Loan Program Attestation
  • State of Florida license or certification
  • Proof of full-time employment
  • Additional documents as specified by the mortgage provider

Importance of the Program

The Florida Hometown Heroes Program addresses the growing gap between housing costs and the wages of frontline workers. With rising home prices and increasing mortgage rates, this program provides essential financial support to help these dedicated professionals achieve homeownership. By offering lower-than-market mortgage rates and substantial financial assistance, the program aims to make the dream of homeownership more attainable for those who serve their communities.

For more information and to apply, interested individuals can visit the program’s official website or contact participating lenders.