Hey there! Navigating the home-buying process can be daunting, especially when you’re trying to find programs that make purchasing a home more affordable. If you’re a first-time homebuyer in Florida, the Hometown Heroes Housing Program might be just what you need. Let’s break it down together.

Program Overview

• Program Name: Hometown Heroes Housing Program
• Source of Funding: Florida Housing Finance Corporation, with support from the state legislature.

Eligibility Criteria

• Employment: You must be employed full-time (35+ hours per week) by a Florida-based employer. Eligible professions include law enforcement officers, firefighters, educators, healthcare professionals, childcare employees, and active military or veterans.
• First-Time Homebuyer: You must not have owned a primary residence in the past three years. Veterans and active-duty military members are exempt from this requirement.
• Income Limits: Your income must be below 150% of the area median income for the county where you’re purchasing the home.
• Credit Score: A minimum credit score of 640 is required.
• Homebuyer Education: Completion of an approved homebuyer education course is mandatory.

Benefits

• Down Payment and Closing Cost Assistance: Receive up to 5% of the first mortgage loan amount, capped at $35,000, to assist with down payment and closing costs.
• Favorable Loan Terms: Access lower-than-market interest rates on various loan types, including FHA, VA, USDA, and conventional loans.
• Deferred Repayment: The assistance comes as a 0%, non-amortizing, 30-year deferred second mortgage, meaning no monthly payments until the home is sold, refinanced, transferred, or no longer the primary residence.

Potential Drawbacks

• Repayment Requirement: The assistance is not forgivable and must be repaid upon selling, refinancing, or transferring the home.
• One-Time Participation: Borrowers can only use this program once.

Application Process

1. Verify Eligibility: Ensure you meet all the criteria.
2. Connect with a Participating Lender: Work with a loan officer approved by the Florida Housing Finance Corporation.
3. Complete Homebuyer Education: Enroll in and complete an approved homebuyer education course.
4. Submit Loan Application: Apply through a participating lender who will also assist in securing down payment and closing cost assistance.

Additional Information

• Geographic Availability: Florida only.
• Original Source: Florida Housing Finance Corporation
• Type of Assistance: Down payment and closing cost assistance (deferred second mortgage).
• Program Launch Date: June 1, 2022.

Final Thoughts

The Hometown Heroes Housing Program is a fantastic opportunity for Florida’s essential workers to achieve homeownership with financial assistance. If you’re eligible, take the next step and connect with a participating lender to start your home-buying journey today!

For more details, visit the official program page.