The Florida Hometown Heroes Housing Program provides up to $25,000 in assistance to help homebuyers in eligible professions purchase a home.
The Florida Hometown Heroes Housing Program is an excellent option for first-time homebuyers. Eligible frontline workers in Florida who hope to become homeowners may qualify for up to $25,000 in down payment and closing cost assistance.
The Florida Hometown Heroes Program rewards those working and serving their local communities with a pathway towards homeownership, incentivizing them to put down roots and continue strengthening our communities here in the State of Florida.
What is the Florida Hometown Heroes Housing Program?
The Florida Hometown Heroes Housing Program provides up to$25,000 in down payment and closing cost assistance to eligible frontline workers such as educators, first responders, correctional officers, law enforcement officers, nurses, home health aides, active military personnel and veterans who live and work in Florida.
Eligible first-time buyers may receive 5% of their total mortgage loan amount, not to exceed $25,000, for down payment and/or closing costs. The assistance is provided as a 0% interest, non-amortizing, deferred second mortgage. The second mortgage does not have to be paid off until you sell, refinance, pay off the first mortgage, transfer the deed, or no longer occupy the property as a primary residence. That means that if you own the home but move out and turn it into a rental property, the second mortgage will become due.
The Florida Hometown Heroes Housing Program can be used with a conventional, FHA, VA, or USDA loan.
Who Is Considered a Frontline Worker for the Hometown Heroes Housing Program?
The beauty of the Florida Hometown Heroes Housing Program is that it applies to more than 50 professions serving our Florida communities! These include, but are not limited to:
● Law enforcement officers
● Childcare workers
● Certified nurse midwives
● Military personnel
● Dentists, dental hygienists, and dental assistants
● Pharmacists and pharmacy techs
● Physician assistants
● Anesthesiologists and certified nurse anesthetists
● And many others
Who Qualifies for the Florida Hometown Heroes Housing Program?
To qualify for the Florida Hometown Heroes Housing Program, you must satisfy the requirements below:
● Work full-time in an eligible profession
● Be licensed or certified in your profession by the State of Florida
● Bea first-time homebuyer*
● Purchase a primary residence
● Credit score of 640 or higher**
A couple of notes on the first-time homebuyer and credit score requirements. The term first-time homebuyer, for the Hometown Heroes Housing Program, is a buyer who is buying their first home or who has not owned a primary residence within the past three years.
If you own an investment property but you did not live in it, you can still qualify. Same goes if you were on the title of a home but you did not occupy it. And, if you owned a house you lived in more than three years ago but haven’t owned one since, you would be considered a first-time homebuyer.
Now for credit score. Even if your credit score is below640, reach out to a Fairway Mortgage Loan Officer anyway. Our loan officers will help create a plan for getting your score to a 640 or higher and into the qualifying range.
There are also income limits for qualifying. The income limits depend on where you live and are determined by loan type (FHA, VA, USDA, Conventional).
The Hometown Heroes Program is available throughout the State of FL, and you can look up your county’s income limit here. You can also learn more at.floridahousing.org, where there is a dedicated page for the Florida Hometown Heroes Housing Program.
Property Requirements for the Florida Hometown Heroes Housing Program
The home you’re purchasing must be your primary residence, not a vacation home or investment property.
The property can be a single-family residence, townhome, condo, or a two-to-four unit dwelling. It will also need to meet the appraisal standards of your mortgage loan program.
How to Get Started
If you think you may be eligible, reach out to a lender today. My team and I serve the entire State of Florida and we can help you determine your eligibility for the Hometown Heroes Housing Program as well as other homebuyer programs.
We also offer the Fairway Advantage Pre-Approval program*, as well as a cash guarantee to close your loan on time. Whatever loan program you use, we can help you make a competitive offer on your dream home.
*Pre-approval is based on a preliminary review of credit information provided to Fairway Independent Mortgage Corporation, which has not been reviewed by underwriting. If you have submitted verifying documentation, you have done so voluntarily. Final loan approval is subject to a full underwriting review of support documentation including, but not limited to, applicants’ creditworthiness, assets, income information, and a satisfactory appraisal.
Copyright©2022 Fairway Independent Mortgage Corporation. NMLS#2289. 4750 S. Biltmore Lane, Madison, WI53718, 1-866-912-4800. All rights reserved. Fairway is not affiliated with any government agencies. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Equal Housing Opportunity.