As of November 6th, $36 Million has been added to the Hometown Heroes down payment assisantance program.
How Does The Hometown Heroes Program Work?
The Hometown Heroes program provides downpayment assistance to Florida workers in order to buy their first home. Eligible applicants will receive a grant toward their down payment and closing costs. The funds can not be used to pay down debt or buy down your rate. The grant acts as a second lien on the property and does not have to be repaid until the homeowner sells the home, moves into another primary residence, or refinances.
2023 Hometown Heroes Program Updates
In July 2023, the state of Florida expanded the occupation requirement to quality from frontline workers to all Florida workers. They also raised the maximum grant amount from $25,000 to $35,000- Though the grant amount was raised, eligible applicants will still only be granted a maximum of 5% of the purchase price of their home.
In addition, the state also allocated another $100M towards the fund. When the fund runs out, it will remain empty until the next fiscal year. Though $100M may sound like a lot, there are a lot more homeowners who now qualify and the fund is draining quickly. If you are interested in seeing if you qualify, we will put you in touch with one of our Florida Housing participating loan officers!
Hometown Heroes Eligibility Requirements
To qualify for this down payment assistance program, applicants must:
- Be employed by a Florida-Based Employer
- Be a first-time home buyer
- Purchase a home in the community where work and serve
- Have a minimum 640 score
- Make less than 150% of the area median income (AMI)
This program is perfect for anyone ready to buy their first home but hasn’t had the time or ability to save up! However, the funds are not expected to last long. $36M may seem like a large sum, but this is a small fraction of the initial fund which was quickly depleted.
Contact us anytime to learn more!
If you are ready to get pre-approved, you can start the application online through our preferred lender, Ryan Jones with Movement Mortgage right now!
