About Florida’s Hometown Heroes Housing Program
Florida Hometown Heroes Program
The Florida Hometown Heroes program helps make homeownership affordable for frontline community workers like teachers, healthcare professionals, childcare employees and law enforcement officers. This program offers down payment and closing cost assistance to first-time homebuyers who meet eligibility requirements.
To qualify for this program, a homebuyer must work with a participating loan officer and complete the application process. They must also have a minimum credit score of 640 and certification for one of the eligible occupations.
Occupational Requirements
The Florida hometown heroes program is designed to help first responders, educators, childcare employees, healthcare professionals and military members purchase a home. It is available through participating lenders, who will provide discounts on mortgage loan origination fees, closing costs, and interest rates to eligible participants.
Many frontline workers such as teachers, nurses, police officers, and childcare workers in Florida have had a difficult time affording a home in recent years. This is due to rising housing costs and stagnating incomes in the state. In response, Governor Ron DeSantis launched the hometown heroes program to assist these essential workers in purchasing a home.
In the past six years, Florida’s median house prices have increased by nearly 58 percent. This increase has made it difficult for most people to afford a home and make the mortgage payment on a conventional, FHA, VA or USDA loan.
This is why a number of mortgage companies offer the hometown heroes program to help income-qualified workers who are struggling with the rising cost of housing to buy a home. These home loans are typically backed by the Freddie Mac and provide lower than market first mortgage rates, reduced upfront fees, no origination points or discount points, and down payment and closing cost assistance.
While the hometown heroes program offers a variety of different types of home loans, it is important to note that this type of housing assistance is not for everyone. To qualify, borrowers must meet certain requirements and complete the application process.
For example, applicants must have a minimum credit score of 640 and provide certification for one of the approved occupations. They must also meet the income threshold for their county.
In addition, borrowers must work with an approved participating lender to obtain a Hometown Heroes mortgage. Participating lenders will offer a lower first mortgage rate and additional special benefits to eligible workers, educators and active duty military members who serve their communities or are veterans.
This program also includes a 0% interest, non-amortizing second mortgage. This mortgage does not have to be paid off until the borrower sells, refinances, pays off the first mortgage or transfers the deed of ownership to another party.
Non-Citizen Requirements
The hometown heroes program is a new initiative to make it easier for Florida’s frontline workers, including firefighters, teachers, and law enforcement officers, to own their own homes. Governor DeSantis says it’s a way to say “thank you” for the sacrifices these heroes make each day.
The program, which is administered by FL Housing, makes homes affordable for frontline workers and their families in more than 50 critical professions across Florida. This includes firefighters, educators, police officers, healthcare professionals, childcare workers and active military members and veterans.
Eligible participants can receive 5% of the loan amount in down payment and closing cost assistance (maximum $25K) for first-time, income-qualified homebuyers. The program also offers a lower first mortgage rate and additional special benefits to those who have served their communities or nation.
In order to qualify for the program, eligible borrowers must have an established income and FICO score. This helps to ensure that all participants are capable of repaying their mortgages on time.
To help borrowers understand the ins and outs of homeownership, FL Housing provides a pre-purchase homebuyer education course. This education meets the HUD-approved standards for homebuyer education and is provided by participating lenders. It is recommended that borrowers complete this course before applying for the hometown heroes mortgage.
This education is a requirement of the program and will provide a borrower with an understanding of their new home’s characteristics, features, and benefits. It will also help them avoid common homebuying pitfalls.
The hometown heroes program is available for a variety of home loan products, including 30-year fixed-rate FHA, VA, USDA-RD, and GSE first mortgage loans. The maximum purchase price of these types of loans varies by county and is subject to local restrictions.
In addition, a lender’s credit requirements may limit applicants to certain income levels. This is a common practice among home loan programs to ensure that borrowers are financially capable of paying their mortgages.
In addition to the down payment and closing costs, borrowers can enjoy property tax exemptions and a number of other benefits. This is a great opportunity to own their own homes and make a positive impact on their community.
Down Payment Assistance
The hometown heroes program makes homeownership more affordable for eligible front-line workers such as teachers, police officers, firefighters, nurses, childcare providers and military personnel. It provides down payment and closing cost assistance to qualified homebuyers in order to assist them in purchasing a primary residence.
In addition to offering a lower first mortgage rate, the program also offers special benefits to current and former employees who serve their community or country. For example, it provides a special loan to veterans who have been deployed for more than six months and their surviving spouses.
Eligible frontline workers can also receive below-market rates on an FHA, VA, Fannie Mae or Freddie Mac first mortgage, reduced upfront fees, no origination points or discount points and down payment and closing cost assistance. Borrowers receive up to 5% of the first mortgage loan amount (maximum $25,000) in down payment and closing cost assistance.
The down payment assistance programs available vary from state to state, but the majority are geared toward first-time homebuyers. These down payment assistance programs are offered by local governments, such as county and city governments, state housing finance agencies, and HUD-approved housing counselors.
These down payment assistance programs range from low-interest loans to forgivable grants that help reduce the amount of cash required for a down payment. They must be repaid over a set period, often 10 years or more.
For a variety of reasons, homebuyers may find it difficult to save money for a down payment on a new home. Down payment assistance programs can be a lifesaver for many.
In Texas, for example, the Homes for Texas Heroes program allows teachers, police and correctional officers, fire fighters and EMS personnel to receive down payment grants of up to 5 percent of their loan amount when they buy through participating lenders. These down payment grants are not subject to repayment or recapture periods and are forgiven after four years.
There are many down payment assistance programs available, so it’s important to do your research. For example, NerdWallet has a list of first-time homebuyer programs for each state, and you can check out HUD’s local homebuying programs page to see what’s available in your area. You can also check with your lender to see if they work with any down payment assistance programs.
Closing Costs
The Florida Hometown Heroes program aims to make homeownership more affordable for essential community workers, including law enforcement officers, firefighters, educators, childcare employees and healthcare professionals. The program provides down payment and closing cost assistance to first-time, income-qualified homebuyers in these professions to assist them in purchasing a primary residence in their community.
The Hometown Heroes program was established in June 2022 and has since helped hundreds of homebuyers in more than 50 occupations purchase their dream homes. The program is funded by $100 million awarded by the state Legislature and administered by Florida Housing.
This program allows frontline workers to qualify for cheaper rates on their first mortgage loan with the FHA, VA, RD, Freddie Mac or Fannie Mae. It also offers fewer upfront fees and no origination points, which can save eligible borrowers thousands of dollars over the life of their mortgage loan.
Eligible frontline workers can also receive up to 5% of the mortgage loan amount in down payment and closing cost assistance. This money can be used for down payment, closing costs and other qualifying expenses related to purchasing a home.
For many people, the biggest barrier to buying a home is not being able to afford to pay for the down payment and closing costs. This is especially true for police officers, who struggle to save a large down payment because of their low salaries.
The Hometown Heroes program allows eligible frontline workers to qualify for cheaper rates on your first mortgage loan with the FHA, VA, Rd, Freddie Mac or Fannie Mae. This can help lower your monthly payments and allow you to build equity over time.
This program allows frontline workers who have an income below the 150% of area median income limit for their county to qualify for a home loan. This income limit ranges from $118,950 to $146,250, depending on the location where you live.
The Florida Hometown Heroes program is a wonderful initiative that helps deserving individuals realize the American dream of owning a home. It is a recognition of the sacrifices that are made by individuals who serve our communities and our nation. It also offers unique benefits and special assistance to homebuyers in these important professions that make the world a better place.
