Hometown Heroes Program Helps First-Time Homebuyers in FL
Note: At this time, the Hometown Heroes Program has depleted funding through the end of 2023.
First-time home ownership may be closer than you think! We are excited to share that the Florida Hometown Heroes Housing Program, previously exclusive to first responders, is now open to a much wider pool of applicants. Read on to learn what the Hometown Heroes Program is, its benefits, and if you’re eligible to apply.
What is the Hometown Heroes Program?
Florida’s Hometown Heroes Housing Program serves to assist hardworking Florida residents in making a down payment on their first home. In an effort to lower the barriers to achieving the American Dream and say thank you to those who serve, Governor Ron DeSantis launched the program in June 2022. The initial phase of the program focused on empowering firefighters, law enforcement officers, educators, childcare employees, nurses, and other healthcare professionals through home ownership.
After the wild success of its first year, we are excited to share that the program is expanding. On July 1, 2023, the Hometown Heroes Program secured $100 million to continue lending a hand to Florida families purchasing their first home in the 2023-2024 fiscal year. This time, government assistance will be available to even more Florida citizens due to a broader occupation requirement.
Benefits of the Hometown Heroes Program
Just because interest rates are high in 2023, that doesn’t mean homebuying can’t be affordable. First-time homebuyers who qualify could receive up to $35,000 in assistance. To determine the level of assistance you could be eligible for, take 5% of your total loan amount. Eligible homebuyers benefit from reduced upfront costs, including down payments and closing costs. You can also use these savings towards mortgage insurance premiums or principal reduction.
For those who have served, this program is offering a 0% interest, non-amortizing, 30-year loan. Please note that you will need to repay this loan when you indicate that this home loan is no longer your sole mortgage. This could look like ceasing to occupy the home, selling the home, transferring the deed, satisfying the mortgage, or refinancing.
Get an idea of how you will benefit from these savings on a monthly basis by trying our mortgage calculator.
Who Qualifies for Government Assistance?
So now that we’ve shared the benefits of this homebuying option—how do you know if it applies to you?
If you meet all of the following eligibility requirements, you may be subject to receive government assistance:
- You are a first-time homebuyer
- You have a credit score of 640 or above
- You earn less than 150% of your county’s median income
- You work full-time (35+ hours per week) for a business located in Florida
If this doesn’t sound like you, don’t worry. We have plenty of home loan options to choose from. To find a loan type that fits your credit score and financial goals, browse our conventional loan, FHA loan, VA loan, USDA loan, and jumbo loan options.
Navigate First-Time Homebuying With Ease With Chris Doering Mortgage
Not all mortgage brokers offer this program, but at Chris Doering Mortgage, we are excited to extend to you this affordable home loan option! Our team at CDM has proudly served first-time homebuyers in Gainesville, Florida, for over 15 years. And now more than ever, we are excited to hear stories from clients who are able to experience the freedom of owning their first home due to this expanding assistance program.
If you would like to verify your eligibility and accept this extended offer of affordable homeownership, do so with a mortgage expert who’s on your side.
Get in touch with a mortgage professional today!