06/19/2024
✨🎉🏡Exciting news!!!! Starting July 1st The Florida Hometown Heroes Program will be rolling out so get the process started with your lender and Realtor NOW!!!! The program is designed to provide down payment assistance to working Floridians whose goal is to purchase a home with little start up funds. The program received an additional $100 million in funding for year of 2024.
👇🏾Here are some key points about the program
- The maximum down payment assistance has increased from $25,000 to $35,000 or
-up to $35,000, or 5% of the mortgage loan amount.
- The program is open to all gainfully employed Florida residents.
- To be eligible for this program, applicants must:
- Be a first-time homebuyer.
- Hold a minimum credit score of 640.
- Earn an income less than 150% of the area median income for their respective county.
- Be employed by a Florida-based employer.
- Commit to purchasing a home in the community where the applicant works and serves.
- Open to all working Floridian first-time homebuyers, not just front-line heroes
- Homebuyer must be employed full-time (at least 35 hours a week) by a Florida-based employer
- Homebuyer must purchase a primary residence in the community where they work
- Income limits apply based on area median income (AMI) for each county
- Homebuyers can use the program in conjunction with FHA, VA, USDA, Conventional loans
- No monthly payments are necessary for the down payment assistance, but it must be paid back in full when the home is sold, transferred, or refinanced.