The FL Hometown Heroes Program makes housing affordable for eligible front-line workers such as law enforcement officers, firefighters, healthcare professionals, educators and military personnel by providing down payment and closing cost assistance to qualified first-time homebuyers.
Hometown Heroes offers a lower mortgage rate AND additional special benefits to those who currently serve their communities and those who have served and continue to serve our country.
The program provides down payment and closing cost assistance to first time, income qualified homebuyers in an eligible occupation to assist them in the purchase of a primary residence.
What Is It?
- Florida Hometown Heroes allows borrowers to receive up to 5% of the loan amount (capped at $25,000) in down payment and closing cost assistance
- Can be paired with additional assistance programs to maximize amount of received assistance
- Down payment and closing cost assistance is available in the form of a 0% interest, non-amortizing,
- 30-year repayable second mortgage. This second mortgage becomes due and payable in full upon sale of the property, refinancing of the first mortgage, transfer of deed or if the homeowner no longer occupies the property as their primary residence. The Florida Hometown Heroes loan is not forgivable.
- The down payment and closing cost assistance can be used to satisfy the following:
- Borrower’s down payment
- Any down payment exceeding the minimum borrower requirement
- Reasonable and customary closing costs
Options
- Conventional
- HFA Preferred Heroes (Fannie Mae) – Offers eligible borrowers a 30-year, fixed-rate mortgage. This mortgage also offers borrowers a reduced Private Mortgage Insurance premium for borrowers below 80% AMI. Standard PMI applies to borrowers above 80% AMI.
- HFA Advantage Heroes (Freddie Mac) – Offers eligible borrowers a 30-year, fixed-rate mortgage. This mortgage also offers borrowers a reduced Private Mortgage Insurance premium for borrowers below 80% AMI. Standard PMI applies to borrowers above 80% AMI.
- FHA, USDA and VA
- AMI does not impact MI rate
Eligibility
- Borrowers must not exceed the maximum income limit requirements for the county in which property is being purchased
- At least one borrower must be a first-time homebuyer and employed in an approved occupation
- VVOE indicating full time employment of 35 hours or more a week required
- Borrower Attestation Form indicating eligible occupation is required
- First-time homebuyer counseling is required to be complete by all borrowers utilizing income from an approved occupation
- Veterans and active-duty military members are exempt from all first-time homebuyer requirements unless participating in HFA Preferred Heroes program
Parameters
- Florida ONLY
- Conventional, FHA, USDA and VA loan types
- 30-year fixed
- Primary purchases ONLY
