Florida Hometown Heroes
The Florida Hometown Heroes Program is offered to first-time homeowners within the State of Florida offering up to $35,000 in down payment and closing cost assistance. There are some restrictions that apply. This article is meant to educate those thinking of using the program to some of the restrictions and qualifications to use the program.
First Time Homebuyer
The Florida Hometown Heroes Program is open to open to first time homebuyers. This term can be somewhat counterintuitive as you could have previously owned a home and still be considered a first-time homebuyer. The State of Florida follows the IRS guidelines in respect to who qualifies as a first-time homebuyer. Under this definition, you could not have had ownership interest in a residential mortgage for the previous three years. It is also worth noting that active-duty military and honorably discharged veterans are exempt from this requirement.
Full-Time Employee for Florida-based Company
Another requirement to qualify for the Florida Hometown Heroes Program is to be a full-time employee for a Florida-based company. To be considered a full-time employee, you must work a minimum of 35 hours per week. The company must have a brick and mortar existence within the state to qualify.
Income Restrictions
To qualify for the Florida Hometown Heroes Program your household income needs to be at or below 150% of the Area Median Income (AMI) for the county in which you are purchasing your home. As it differs from county to county, it is not feasible to publish the limits in this article. Contact us to discuss the AMI in the area that you are looking to purchase your home.
Loan Limits
The Florida Hometown Heroes Program has also outlined loan limits depending on the area that you live and the loan program that is being used. Contact us to get more information on the lona limit for your scenario.
Advantages to Florida Hometown Heroes Program
Here are some of the advantages to using Florida Hometown Heroes Program:
- Lower than market interest rates
- Reduced up-front fees
- No origination/discount points
Do I have to repay this money?
The Florida Hometown Heroes Program offers you 5% of the sales price of your home, up to $35,000 to be used as down payment or closing cost assistance. These funds are captured in a second mortgage on your home that is amortized and deferred for 30 years at 0%. This means that there is no payment or interest collected on the money that was given. It also means that you will be required to pay the money, in full, if you refinance, sell, pay off, or no longer use the home as your primary residence.
What if I do not qualify?
Even if you do not qualify for the Florida Hometown Heroes Program, we have many other products that you may qualify for, including other Down Payment Assistance (DPA) programs. Contact us, or apply now, to discover what programs are available to you and your unique scenario. We are here to assist you through the process and have many lenders with various products to aid in getting homebuyers qualified.