The Florida Hometown Heroes Housing Program

The Florida Hometown Heroes Housing Program has recently relaunched on July 1, 2024, with a fresh allocation of $100 million to assist eligible Floridians in achieving homeownership. This program continues to make homeownership more attainable for community workers and first-time homebuyers across the state.

Down Payment and Closing Cost Assistance

The program now offers up to 5% of the first mortgage loan amount, with an increased maximum of $35,000, to help cover down payment and closing costs. This assistance comes as a 0% interest, 30-year deferred second mortgage, which becomes due only when the property is sold, transferred, refinanced, or is no longer the primary residence.

Lower Interest Rates

Participants in the Hometown Heroes program can benefit from lower than market interest rates on various types of first mortgages, including FHA, VA, USDA/RD, Fannie Mae, and Freddie Mac.

Tax Benefits

One of the significant advantages of the program is the potential for tax savings. Homebuyers can save thousands of dollars through tax exemptions, with potential savings of approximately $2,000 in documentary stamp tax and intangible tax for every $100,000 of the home purchase price.

Expanded Eligibility

While initially designed for frontline workers such as law enforcement officers, firefighters, educators, and healthcare professionals, the program has expanded its eligibility. As of the July 1, 2024 relaunch, any income-eligible first-time homebuyer working full-time for a Florida-based business and meeting program requirements can apply.

Eligibility Criteria

To qualify for the Hometown Heroes program, applicants must meet several criteria:

• Be a first-time homebuyer (no ownership interest in a principal residence in the last three years, with some exceptions for veterans)
• Have a minimum credit score of 640
• Earn less than 150% of the area median income for their county
• Be employed full-time (35+ hours per week) by a Florida-based employer
• Intend to occupy the property as their primary residence within 60 days of closing

Funding and Availability

The Florida Legislature has allocated $100 million for the 2024-2025 fiscal year to continue assisting Florida families in purchasing their first home. However, it's important to note that funds are distributed on a first-come, first-served basis, and the program has been known to deplete its resources quickly.

How to Apply

To start the process, connect with local Real Estate Consultant Myrna Santiago-Mendoza, who is partnered with a Hometown Heroes participating loan officer. Myrna specializes in Port St. Lucie real estate and serves Palm Beach and Martin counties as well. Her expertise can be invaluable in helping you navigate the Hometown Heroes program and find the right home.

It's recommended to begin the application process immediately, as funds are distributed on a first-come, first-served basis. With Myrna's assistance, you can ensure that you're taking full advantage of this opportunity and maximizing your chances of securing funding through the program.

The Florida Hometown Heroes Housing Program offers a significant opportunity for eligible Floridians to achieve homeownership, providing substantial financial assistance and favorable loan terms. However, due to high demand and limited funding, interested individuals should act quickly to take advantage of this program.

For more information or to get started with your application, contact Myrna Santiago-Mendoza at www.MyrnaSantiago.com. Her local expertise and partnership with a participating loan officer can help streamline your homebuying process and potentially benefit from the Hometown Heroes program.