The Florida Hometown Heroes Housing Program, administered by the Florida Housing Finance Corporation, offers valuable assistance to eligible first-time homebuyers and essential front-line workers, including law enforcement officers, firefighters, educators, healthcare professionals, childcare employees, and active military or veterans. This initiative aims to enhance affordability and accessibility to homeownership in Florida.
Florida Hometown Heroes allows borrowers to receive up to 5% of the loan amount (capped at $35,000) in down payment and closing cost assistance.
It can be paired with additional assistance programs to maximize amount of received assistance Down payment and closing cost assistance is available in the form of a 0% interest, non-amortizing, 30-year repayable second mortgage.
This second mortgage becomes due and payable in full upon sale of the property, refinancing of the first mortgage, transfer of deed or if the homeowner no longer occupies the property as their primary residence. The Florida Hometown Heroes loan is not forgivable.
The down payment and closing cost assistance can be used to satisfy the following:
NOTE: The down payment and closing cost assistance cannot be used to cover commission for real estate agents, the cost difference between the sales price
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The Hometown Heroes Housing Program makes it possible for eligible frontline community workers in the state of Florida to achieve affordable homeownership. This includes firefighters, educators, nurses, and other healthcare professionals, law enforcement officers, child care employees, as well as first-time home buyers.
Conventional
FHA, USDA and VA
What types of loans are available for the Florida Hometown Heroes Housing program?
What properties are eligible for the program?
Are condos eligible for the program?
Can manufactured homes be included in the program?
Are mixed-use properties allowed?
What are the minimum credit score and maximum debt-to-income ratio (DTI) for the program?
Can borrowers own other properties?
Are there any loan limits?
If you have any further questions regarding your eligibility based on your individual circumstances, we encourage you to get in touch with us. Our dedicated team of Loan Officers is here to assist you and provide personalized guidance. Please don't hesitate to reach out, and we'll be more than happy to walk you through any qualifying questions you may have.
Do not apply for a new credit card, auto loan, or other types of credit.
Do not co-sign a loan with someone.
Try to avoid changing jobs, become self-employed, or quit your job.
Do not skip payments on existing credit accounts, utility bills, or loans.
Delay charging up your existing credit on big-ticket items, like furnishings for your upcoming new house.
If you think any of these don’ts are musts, talk to your loan officer before you take action. They can help you figure out what to do so that your mortgage loan is the least negatively affected.
*Avoiding these actions before and during the financing process and this can prevent any unnecessary confusion.
Income ratio: Your total monthly housing expense divided by your pre-tax monthly income.
Debt ratio: Your total monthly housing expense plus any recurring debts, i.e., car payments, monthly minimum credit card payments, and other loan payments, divided by your monthly income.
Standard loan underwriting guidelines suggest a max 28 percent income ratio and 36 percent debt ratio, which may vary based on personal finances, loan program, and down payment.While not taking on any debt and paying for everything with cash seems like a logical choice if you feel you can’t afford your lifestyle, no credit also means bad credit in the eyes of a lender.
There’s bound to be a time when you can’t buy something with cash, like buying a house (in most cases). So, we recommend opening different types of credits such as car note or multiple credit cards and making an occasional purchase now and again on them.
To manage your debta keep credit card balances to less than 30 percent of your credit limit. Also, don’t close long-term credit lines, even if they’re not being used. Your longest-standing credit card account might be a huge contributor to your credit score health — and the mortgage rate you qualify for.
