The Florida Hometown Heroes Program

The new guidelines include; as of July 1st, 2023, you no longer have an occupational requirement. Meaning, any full-time Florida Based Company employee is potentially eligible, including Florida Based Real Estate Agents!

Qualified borrowers can receive up to 5% of the first mortgage loan amount (maximum of $35,000) in down payment and closing cost assistance.

Here’s a breakdown of the financial assistance you might qualify for!

Here Are Some of The Hometown Heroes Program Requirements and Limits

First Time Homebuyer Requirement– Borrowers must not have had an ownership interest in their primary residence within the last three years (Ownership interest is defined as having appeared on deed)

Veterans and active-duty military personnel are exempt from the First Time Homebuyer Requirement. (A Veteran is defined as “anyone who has served in the active military, naval, or air service and was dismissed or released under terms other than dishonorable.” This veteran’s exception applies to all of FL Housing’s programs)

• • First-time homebuyer counseling is required for all borrowers utilizing income from an approved occupation
  • Homebuyers who qualify for the Florida Hometown Heroes TBA First Mortgage loans are eligible to receive down payment and closing cost assistance in a 0%, non-amortizing, 30-year, repayable second mortgage. This second mortgage is to 5% of their total loan amount with a maximum of $35,000.
  • Please note that this second mortgage is non-forgivable and the borrower will be required to repay the outstanding mortgage balance in full if:

– Transfer of Deed/ Property is sold

– Full payment or satisfaction of the 1st mortgage

– Refinancing of the 1st mortgage

– No longer occupy the property as a primary residence

• There are certain limitations on the program, including income limits, and traditional loan type limits. These can vary based on your zip code. (Click here to see the limits per county.)

• The maximum down payment assistance/closing costs loan amount is $35,000 (or 5% of loan amount.)
• The money can be used for down payment AND closing costs.
• Work full-time 35 hours or more per week for a Florida Based Company.
• The money can NOT be used for appraisal gaps, or to pay off debt.
• This is a second loan, and it is not forgivable. It carries 0% interest.
• The minimum credit score is 640 (660 for manufactured homes). Even if your scores is below 640 or 660 for MFG. Homes, Leo Namiot can help you create a plan for getting your score to a 640 or higher and into the qualifying range.
• Conforming loan limits ONLY – no High-Balance.
• 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.
• The maximum cash back is $1,000.
• 30-year fixed Conventional, FHA, USDA, and VA loan types.
• Maximum debt-to-income (DTI) ratio of 50% with Approve/Eligible findings (45% for manufactured homes).
• Primary purchases ONLY: 1-unit single-family residences and PUDs, 2-4 units.
• Borrower must occupy 1 unit as their primary residence and the property must be at least 5 years old.
• Borrower(s) cannot own any other properties (excluding veterans or active military members)

If you are interested in learning more about the Florida Hometown Heroes Housing Program?  Contact Leo Namiot Today to learn more about The Hometown Heroes programs and to see if this program is a good fit for you. 

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