Hometown Heroes

Florida's Down Payment & Closing Cost Assistance Program

1) APPLY

2) QUALIFY

3) BUY

From Dream Home to Reality!

Buying your first home is a monumental step, & we're here to help you through that journey, simply. The Hometown Heroes program offers a substantial financial boost to first-time homebuyers like you. Say goodbye to the biggest hurdle in home buying - the down payment. With assistance ranging from $10,000 to $35,000, your dream home is now within reach!

This initiative aims to empower buyers like you to get the home you've been waiting for. By alleviating some of the financial burdens, we help ensure you can focus on the other important aspects of home buying, like choosing the right neighborhood or determining the best mortgage option. Remember, it's not just about purchasing property; it's about investing in your future. 

How Much Can You Receive?

Minimum Assistance:  Up to $10,000 towards down payment &/or closing costs.

Maximum Assistance: Up to $35,000 towards down payment &/or closing costs.

Easy Calculation: Simply, it's 5% of your loan amount.

For Example:

Who is Eligible?

Are You a Florida Worker? Great news! If you haven't owned a primary residence in the past 3 years & are a full-time employee (35+ hours/week) in Florida, you're eligible!

ACT FAST! Funds are expected to run out quickly based on the time from the previous round of funding.

Fast Funding

You are eligible to receive these funds quickly, as soon as closing, in the form of a second mortgage!

Simple Repayment

No interest or monthly payments! Repay only when you sell, refinance, pay off your loan in total, or vacate the property. 

Flexible Options

All traditional loan programs & property types anywhere in the State of Florida are eligible for this program!

Frequently Asked Questions:

What is Hometown Heroes?

Hometown Heroes is a down payment assistance program that provides $10,000-$35,000 in assistance to First Time Home Buyers (FTHB) in the form of a 2nd mortgage. The amount of the 2nd mortgage is 5% of the first loan amount (subject to the min & max as stated above)

How do they define "First Time Home Buyer"?

Any person who has not owned a primary residence in the previous 3 years.

Are there exceptions to the First-Time Home Buyers Rule?

Yes. Active duty military and veterans are exempt when the loan qualifies as HFA preferred. 

Are there payments? Is it forgiven?

There are no monthly payments, but it is not forgiven. Instead, it is due in full when the borrower sells their home, pays off their first mortgage (or refinances), or no longer occupies the home. There is no interest on this 2nd mortgage.

Don't you have to be in a certain profession?

Not anymore. Now eligibility is based on the borrower reporting to a location in FL, or working in FL for a company with a physical location in FL. Also, the borrower must be full-time working 35+ hours per week. If the borrower works remote, the employer’s Sunbiz profile must reflect a principal address in FL.

What about self-employed borrowers?

They can also be eligible. The company must be based in FL, and the borrower needs to be working 35+ hours per week as evidenced by a schedule or paystubs (4-6 weeks worth) from the borrower’s company. 

Are there any income limits?

Yes. It is 150% of the area median income based on the county. You can find the 2023 limits here.

What counts towards the limits?

Any income you are using to qualify. Unlike most down payment assistance programs, this only takes the qualifying income into consideration and not the full household income. You can pick and choose which income you need (i.e. you want to use base income and bonus, but not OT, that is fine).

Are there any special classes the borrower must take?

Yes. At least one borrower must take a HUD-approved homebuyer education course. Additionally, a borrower must take a landlord education course if the property is a 2-4 unit home.

What kind of properties are allowed? Can you do condos?

Yes, condos are allowed. They need to meet standard requirements. Single unit approvals are allowed for FHA as well. Most normal properties are allowed, with a few exceptions, such as:

What happens if my appraisal comes in low?

The process is fairly normal when this happens. If you still want to move forward you can either negotiate the price down to the appraised value, or you can bring in the difference. The 2nd mortgage cannot be used to cover the appraisal gap.

If the loan isn't forgiven, what good is this program?

There are still several advantages. For one, the savings from the transfer taxes is usually thousands of dollars. Additionally, this opens up paths to homeownership for those who don’t have enough for a traditional down payment, or those who aren’t comfortable giving up their savings for a down payment.

Do I need to reserve funds? When can I do that?

Funds do need to be reserved, and they can run out, so it is best to do it as early as possible. Funds can be reserved when the loan is locked, meaning a property must be picked and under contract, and a loan application must be submitted, then the lock/reservation can be requested.

Still Have Questions?

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