‘Hometown Heroes’ Program

A new program called ‘Hometown Heroes’ started June 1st which allows 50-plus careers to qualify for home-buying help up to $25K – helping over 3M Floridians. Income limits start at $120K, home prices at $420K.

The Florida Hometown Heroes Housing program makes homeownership affordable for eligible frontline
community workers by providing down payment and closing cost assistance to income-qualified
homebuyers so you can purchase a primary residence in the community in which you work and serve.

Eligible borrowers can receive up to 5% of their total loan amount (maximum of $25,000) in the form of
a 0%, non-amortizing, 30-year deferred second mortgage.

The program applies to first-time homebuyers as defined by the IRS, which says “first-time” means “someone who has not owned a home in at least the past three years.” Homeowners must also actually live in a home to be disqualified. A renter who inherited a home in North Carolina, for example – one they never actually lived in – still qualifies. Renters who own an investment property also may qualify, providing they only own one.

In addition to Hometown Heroes, a program called “Salute our Soldiers” is for veterans. Rules are similar, but they don’t have to qualify as first-time buyers.

The money isn’t a gift, it’s a loan – but a loan that carries no interest and does not have to be paid back until the homeowners satisfies the mortgage, sells the house, vacates the house or refinances. Paid-off Hometown Hero loan money then gets rolled back into the program to help more potential Florida homeowners.

Only lenders approved by Florida Housing can participate – about 240 in the state. Lenders have some flexibility to remove one co-borrower from an application if it helps a couple qualify for the program. In most cases, a copy of the buyer’s license must be submitted. If an occupation does not require a license, however, they must submit a copy of the business’s license where they work. 

This is a great program for anyone eligible. Check out the attached flyer to see if this could be for you!

Hometown Heroes Program