The program is administered by the Florida Housing and Finance Corporation (Florida Housing) and has the highest and most inclusive eligibility of all Florida Housing down payment assistance programs. The program is geared to expanding on Florida’s existing housing programs to reach critical workers and those who have served our country. To qualify for this program, homebuyers must connect with a participating loan officer, have a minimum credit score of 640, provide certification for one of the eligible occupations, and meet the income threshold for their county. Eligible borrowers will receive up to 5% of the first mortgage loan amount (up to a maximum of $25,000) in down payment and closing cost assistance in the form of a 0%, non-amortizing, 30-year deferred second mortgage.
To be eligible for the Hometown Heroes assistance program, you must meet the following criteria:
A FIRST-TIME HOMEBUYER1. Meet the IRS Definition of a First-time homebuyer.
-Have not owned a home in the past three years as your primary residence.
-As a veteran, you are exempt from this requirement. Active duty is NOT exempt.
-You can own a mobile home but it must be on a rented lot or land and still qualify as a first-time home buyer.
2. You must be actively licensed/certified in one of the approved occupations or an approved veteran/active duty status. Eligible occupations include: Law officers including police, correctional, detention or probation; Firefighters; Certified Paramedic, EMT, 911 Public Safety officers; Certified Educators including Teachers, Counselors, Librarian, Social, Childcare, and Healthcare workers. A complete list of eligible occupations is here.
3. The property you purchase must be your new primary residence.
4. You must not exceed the income and loan limits for the county you plan on buying in.
5. You must meet the credit requirements for the loan type you and your lender have chosen (VA, FHA, USDA, and CONVENTIONAL)
6. Homebuyer education is required. Your loan officer will assist you on how to complete this requirement.
7. You will receive 5% of the loan amount in down payment assistance, a maximum limit of $25K.