We are excited to announce that the Hometown Heroes down payment assistance program has come back to Florida. The program went back into effect on July 1st, and is currently open to applicants throughout the state of Florida. If you need help with your down payment or closing costs, this program can help you overcome those hurdles to move into a new home.
What is Hometown Heroes?
Hometown Heroes is a down payment assistance program which is offered by the Florida Housing Finance Corporation. You can view the official page for the Hometown Heroes program here. You can apply for this program as a first-time homebuyer living in FL. It provides you with a down payment assistance loan of up to 5% of your mortgage amount, capped at $35,000. Below, we share additional details with you.
Hometown Heroes Program Features
Following are the features of the Hometown Heroes program.
- The program is available specifically to people who work for Florida-based businesses, and are classified as full-time employees.
- You must be a first-time homebuyer to use this down payment assistance program.
- The program can provide down payment assistance for a VA, FHA, RD, or Fannie Mae or Freddie Mac first mortgage.
- You must meet the income limits for the program.
- You can borrow up to a maximum of 5% of your total first mortgage amount, or $35,000, whichever is lower.
- The funds from the loan are available to use for your down payment, closing costs, or a combination of the two.
- The loan is a 30-year deferred second mortgage. It becomes due after that time period passes, or if you transfer your deed, refinance, sell your home, or it stops being your primary residence.
Many people wait to buy a home while they save up enough for their down payment and closing costs. But that can take years. With down payment and closing cost assistance from Hometown Heroes, you can buy a home right away.
You can then start building equity and enjoying all the benefits of being a homeowner. For some homebuyers, being able to purchase a home right away also means being able to buy their dream home, rather than losing the chance while another buyer snaps it up.
How to Apply for Hometown Heroes
If you are interested in learning more about Hometown Heroes, or you would like to apply for down payment assistance through this program, we can help.
We can assess your income and employment status to find out whether you are likely to qualify for the program. We can then help you fill out and submit your application.
In addition, we offer a variety of different types of mortgages, and can assist you with exploring which loan options will be ideal for your situation.
To schedule your consultation, please call 954-840-8811. We are based in Cooper City FL, and can help you apply for down payment assistance anywhere in Florida.
