Are You a Hometown Hero?

Florida’s Hometown Heroes Program provided more than $100M in homeownership assistance last year alone. The program, now in its second year of funding, reached $11M on day one and surpassed $20M by the first week. Safe to say Hometown Heroes is making an impact!

Hometown Heroes helps frontline community workers (like firefighters, active military and veterans, nurses, law enforcement officers, and educators) with down payment and closing cost assistance when purchasing their first home within the community they serve. With over 6,700 heroes helped in the first year of funding, Hometown Heroes has become the most popular homeownership assistance program in Florida. Borrowers who qualify can receive up to $35,000 in assistance.

How do I qualify?

If you are a hometown hero, thank you. I appreciate your sacrifice and service. You are part of a profession that is the heartbeat of our communities. To qualify for Florida’s Hometown Heroes Program, there are certain requirements you must meet.

• Income and loan limit guidelines
• Minimum credit score of 640
• First-time homebuyer (if you haven’t owned a home in the past 3 years, you may still qualify)
• Complete a Homebuyer Education Class
• Work with a participating lender
• Be approved for a mortgage loan

The Fine Print

The Florida Hometown Heroes loan is not a forgivable loan. The assistance you receive is actually a deferred second mortgage. This means that the loan is due in full when the property is (1) sold, (2) refinanced, (3) the deed is transferred, or (4) the property is no longer occupied as the homeowner’s primary residence.

If you plan on occupying the home for the next 4-5 years minimum, this is still a great option for those with difficulty saving for a down payment and closing costs. Homeowners have built, on average, $100K in equity in the past 10 years; As equity grows, paying back the second loan upon sale becomes less cumbersome.

For information on Hometown Heroes and other Florida Housing homebuyer loan programs, check out this ebook: Opening the Door to Homeownership.