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Florida’s Hometown Heroes Program
Starting June 1, 2022, eligible Florida home buyers can start applying for the Florida Hometown Heroes Program. This new $100 Million Program, passed by the State Legislature, is designed to help Floridians in more than 50 critical professions purchase a first home by providing assistance with down payment and closing costs.
What Occupations Qualify?
Occupations that qualify include law enforcement officers, firefighters, educators, healthcare professionals, childcare employees, and active military or veterans.
Why was this Program Created?
Since 2016, the median price of a home in Florida has climbed more than 58%.
By December, it was $373,990, up 21% from one year earlier.
Yet household income isn’t rising at nearly the same pace.
The challenge of affording a home is even greater for many workers and educators, whose salaries often fall well below the amount needed to buy a home.
To afford a median-priced home, Floridians would need to earn about $62,000 per year. But average salaries for many Hometown Heroes fall short, for example:
Emergency Medical Technicians and Paramedics $33,660
Licensed Practical Nurses $46,290
Firefighters $49,870
Elementary School Teachers $56,540
Middle School Teachers $57,280
Income Limit Requirements
What are the Benefits of the Program?
Eligible frontline workers can receive lower than market rates on an FHA, VA, RD, Fannie Mae, or Freddie Mac first mortgage, reduced upfront fees, no origination points or discount points, and down payment and closing cost assistance.
Borrowers can receive up to 5% of the first mortgage loan amount
(maximum of $25,000) in down payment and closing cost assistance.
Down payment and closing cost assistance is available in the form of a 0%, non-amortizing, 30-year deferred second mortgage. This second mortgage becomes due and payable, in full, upon sale of the property, refinancing of the first mortgage, transfer of a deed, or if the homeowner no longer occupies the property as his/her primary residence. The Florida Hometown Heroes loan is not forgivable.
Apply for your mortgage now and start the
happy journey to your new property!
G Rodriguez Realtor & Account Executive My Mortgage inc.
Direct line 321-229-6998
7800 W. Sand Lake Rd Suite 206
Orlando Fl 32819
Feel free to reach out if you have any questions.
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