Florida’s Hometown Heroes offers down payment and closing cost assistance to eligible, first time homebuyers.
Florida Hometown Heroes
The Florida Hometown Heroes Housing Program aims to make homeownership accessible for eligible members of the community workforce.
This initiative offers financial assistance for down payments and closing costs to first-time, income-qualified homebuyers. The goal is to enable them to purchase a primary residence in the community where they are employed and serve. The Florida Hometown Heroes Loan Program not only provides a competitive first mortgage interest rate but also extends additional special benefits to individuals who have served or are currently serving their country.
Key Program Features:
– Full-time workforce members employed by a Florida-based employer are eligible to receive below-market interest rates on FHA, VA, RD, Fannie Mae, or Freddie Mac first mortgages. They can also benefit from reduced upfront fees, with no origination points or discount points, in addition to down payment and closing cost assistance.
– Borrowers have the opportunity to receive up to 5% of the first mortgage loan amount (with a maximum of $35,000) in assistance for down payments and closing costs.
– The assistance is structured as a 0%, non-amortizing, 30-year deferred second mortgage. This second mortgage becomes due and payable in full when the property is sold, the first mortgage is refinanced, the deed is transferred, or if the homeowner no longer occupies the property as their primary residence. Importantly, the Florida Hometown Heroes loan is not forgivable.
Realtors
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