Have you heard about the forthcoming Hometown Heroes 2024 program “launching” on July 1? I use the term launching loosely as this is technically another round of funding for the popular down payment assistance program here in Florida. For those not familiar, please read on for details on the program along with guidelines and eligibility requirements.
What is Hometown Heroes?
Hometown Heroes is the Florida down payment mortgage assistance program available to first time home buyers. The program provides up to 5% ($35,000 max) of down payment and closing cost assistance for those who meet eligibility criteria. Depending on the program selected, requirements include income (driven by county income limits), credit (a 640 minimum score) and employment. The funding comes as a 0%, non-amortizing, 30-year second mortgage on the property.
No payments are required over the life of the loan. However, owners are welcome to make payments over the life of the loan should they want to pay it off early. Full payment is due if the property is sold, transferred, refinanced or no longer owner occupied. Florida Housing follows the IRS definition of First Time Home Buyer – meaning they can buy under the program as long as they never owned nor lived in owned property (as a primary residence) the past 3 years.
Who is Eligible?
There are two groups of eligible for the program. The first group includes veterans, active military, spouse of a deceased veteran or retired. The second group includes Florida based employees who work full-time, 35 hours a week for a Florida based business. The second group needs to work for an employer with a brick and mortar location in state. For example: a virtual employee working at home in St. Johns would qualify if their employer has an office location in Miami. A virtual employee based in Jacksonville, who works for a company in Washington, D.C. would not be eligible under this program. Self-employed are eligible as long as the 1099 or Schedule C show a Florida address. Businesses must be registered with www.Sunbiz.org.
How to Utilize Hometown Heroes?
- The subject property must serve as the primary residence and be occupied by a Florida resident .
- Property must be an attached or detached 1-unit dwelling, 2-4 unit property, condo or manufactured home (’94 or newer).
- There is a one-time participation in the program
- The first mortgage must be through Florida Housing
Hometown Heroes Program
Hometown Heroes remains a popular down payment assistance program for qualified borrowers here in FL. The program opens July 1st and prospective applicants should not to wait. 2023 saw funds distributed in approximately 5 weeks. If this is a program that interests you – look to pursue funding sooner rather than later.
Florida is going to great lengths to strengthen their commitment to first time buyers. Interested in the Hometown Heroes 2024 program? Please reach out to me and let’s get you in touch with a lender who can support you.