Florida Hometown Heros Program
Down Payment Assistance
Starting July 1, 2024, the Florida Hometown Heroes Housing Program is getting a significant boost that local workers in Florida won’t want to miss. The additional $100 million in funding this program is set to receive will allow aspiring Florida first-time homebuyers to apply for down payment assistance. With rising housing prices, the down payment amount required to purchase a new home is also increasing. Due to this increase, many Floridians are getting priced out of the market. The Florida Hometown Heroes Down Payment Assistance program will make the dream of homeownership for Florida workers more accessible, with up to $35,000 to use towards down payment and closing costs.
Program Highlights:
Eligibility for lower-than-market rates on FHA, VA, USDA/RD, Fannie Mae, or Freddie Mac First Mortgages.
Down payment and closing cost assistance up to 5% of your first mortgage loan amount, maxing out at $35,000.
Assistance is provided as a 0%, non-amortizing, 30-year deferred second mortgage, which is repayable upon selling the property, refinancing the first mortgage, transferring the deed, or if the property is no longer your primary residence.
Note that this loan is not forgivable.
To be eligible for Florida Hometown Heroes DPA:
You must be a first-time homebuyer, which means no homeownership in the previous three years.
Your income must not exceed 150% of your county’s Area Median Income (AMI), and your loan must meet your county’s loan limit requirements.
Refinance transactions are not eligible for the FL Hometown Heroes Program.
Borrowers must take an approved HUD homebuyer education course.
Single-family residences, townhomes, and FHA-approved condo purchase transactions are eligible.
Lot and land loans are not eligible for this program.
These funds are available on a first-come, first-served basis—once they’re gone, they’re gone!
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