Are you dreaming of owning a home in Florida? The Hometown Heroes Program might be your key to making that dream a reality. This incredible initiative offers substantial down payment and closing cost assistance, making homeownership more accessible for many Floridians. In this post, we’ll dive deep into the details of the Hometown Heroes Program, explaining who qualifies, the benefits, and how you can take advantage of it. Whether you’re a first-time homebuyer or a veteran, this program could be the financial boost you need.

What is the Hometown Heroes Program?

The Hometown Heroes Program, launched by Florida Housing, provides significant financial assistance to qualified homebuyers. Eligible participants can receive up to $35,000 to cover down payment and closing costs, making it easier to purchase a home. This program is especially beneficial given the high costs associated with buying property.

Who Qualifies for the Program?

To be eligible for the Hometown Heroes Program, applicants must meet several criteria:

• Residency: Must be a full-time resident of Florida.
• Employment: Must be employed full-time by an employer with a physical presence in Florida.
• First-Time Homebuyer: Must not have owned a property in the last three years. Exceptions are made for veterans, who are exempt from this requirement.
• Credit Score: A minimum credit score of 640 is required.

Income and Purchase Price Limits

The program has generous income limits and purchase price caps:

• Income Limit: In Sarasota and Manatee Counties, the income limit is $150,000 per year.
• Purchase Price Limits: For FHA loans, the limit is approximately $547,000, and for conventional or VA loans, it’s around $766,000.

Types of Properties Covered

The Hometown Heroes Program is versatile in terms of the properties it covers. Eligible properties include:

• Single-family homes
• Condos
• Townhouses
• Manufactured homes

Benefits of the Program

The Hometown Heroes Program offers several significant benefits:

• Financial Assistance: Up to $35,000 for down payment and closing costs.
• No Loan Origination Fee: Saving approximately $1,300.
• No Points: No additional charges for points.
• No Florida Transfer Taxes: Saving about $500 per $100,000 of the loan amount.
• Deferred Second Mortgage: The assistance is structured as a 30-year deferred second mortgage, with no payments or interest accruing during this period.

Repayment Terms

While the financial assistance is generous, it must be repaid under certain conditions:

• Selling the Property: If you sell the property, the assistance must be repaid.
• Change of Use: If you decide to rent out the property or use it as an investment, the assistance must be repaid.
• Refinancing: If you refinance the mortgage, repayment is required.

Act Fast: Limited Funds Available

The Hometown Heroes Program is funded with $100 million, available from July 1st. However, demand is high, and last year’s funds were depleted in just three months. To take advantage of this opportunity, act quickly. Secure a contract and apply as soon as possible.

Next Steps

If you’re interested in the Hometown Heroes Program, here’s what you need to do:

1. Get Under Contract: Ensure you have a purchase contract in place.
2. Contact Us: Reach out to discuss your eligibility and start the application process.
3. Act Now: With high demand and limited funds, the sooner you act, the better your chances of securing assistance.

For more information, to ask questions, or to begin your application, contact us today at 941-451-6612. We’re here to help you every step of the way in your journey to homeownership.

The Hometown Heroes Program is a fantastic opportunity for Florida residents to achieve their dream of homeownership with substantial financial assistance. Whether you’re a first-time homebuyer or a veteran, this program offers valuable support. Don’t miss out—act now to take advantage of this incredible opportunity!

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