Need help making your down payment and affording your closing costs? The Hometown Heroes down payment assistance program is expanding as of July 1. There is a chance you might qualify going forward, even if you would not have in the past.
What is the Hometown Heroes Program?
The Hometown Heroes Program lets qualifying first-time homebuyers who fit within the income bracket take out a deferred second mortgage that provides up to 5% of the amount of the mortgage. You can use it to cover your down payment and closing costs up to a (new) maximum of $35,000. The program is only available to those who work full-time.
Note that you can only use this program if you are buying a primary residence that is located in the same community where you are working. That is why the program is called “Hometown Heroes.”
The Hometown Heroes Program Will Now Help More Homebuyers
Now let’s talk about the ways in which this program is expanding. ABC Action News WFTS Tampa Bay reports, “For a while, [the program] was only available to frontline heroes. Now, the Live Local Act put another $100 million into the program and extended it to all working Floridians.”
ABC adds, “The Florida Housing Authority said right now, borrowers can receive a maximum amount of $25,000 in down payment assistance. Once the change goes into effect, the maximum amount will be $35,000.”
Get Down Payment Assistance in Florida
At your consultation, we can answer any questions you might have about Hometown Heroes and whether you qualify for down payment assistance. If you are ready to begin, please call us today at 954-840-8811. We can help you buy a home affordably anywhere in the state of Florida.