• HomeTown Heroes Program

    HomeTown Heroes Program

    The Florida Hometown Heroes Housing Program makes homeownership affordable for eligible community workforce.

    This program provides down payment and closing cost assistance to first-time, income-qualified home buyers so they can purchase a primary residence in the community in which they work and serve. The Florida Hometown Heroes Loan Program also offers a lower first mortgage interest rate and additional special benefits to those who have served and continue to serve their country.

    Program Details:

    • Eligible full-time workforce, employed by a Florida-based employer can receive lower than market interest 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 $35,000) 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 deed or if the homeowner no longer occupies the property as his/her primary residence.
    • The Florida Hometown Heroes loan is not forgivable.

    Eligibility Requirements

    To get started, homebuyers must connect with one of Florida Housing’s participating loan officers,

    • Have a minimum credit score of 640,
    • Be a first-time homebuyer


    Employment


    Borrower(s) must be employed full-time by a Florida-based employer and work 35 or more hours per week. Other than veterans, all borrowers must currently work 35 hours or more a week to qualify.

    Primary Residence

    The property the borrower(s) is purchasing will be their primary residence. Borrower(s) must have the ability to permanently and LAWFULLY reside in the State of Florida. Borrower’s must intent to occupy property as their primary residence within 60 days of closing.

    First Time Home Buyer

    Borrower(s) must have had no present ownership interest in a principal residence at any time during the three-year period prior to the date on which the Mortgage Loan is executed unless qualifying under the Veterans’ Exemption or as an active-duty military borrower.

    Income Limit

    Borrower(s) must not exceed the maximum Income & Loan Limit requirements, household size, for the county in which the property is being purchased. Borrower(s) earning must be below 150% of area median income (AMI). Income caps range from $128,250 to $162,750.


    Loan Terms

    Eligible full-time workforce, employed by a Florida-based employer can receive lower than market interest 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.

    Loan Purpose

    • Purchase only.
    • Refinances are not eligible.
    • Construction to permanent loans are not permitted.

    FICO Score

    • Minimum 640 for all loan types.
    • All Borrowers must have a minimum FICO of 640.
    • DU blended FICOs are not permitted.
    • MH and manual underwrites require a minimum 660.

    Debt-to-Income (DTI) Ratios

    • Maximum 50% DTI with AUS A/E.
    • Maximum 43% DTI with manual underwrites.
    • Maximum 45% DTI with manufactured housing.

    Property Type

    • Attached / Detached 1-Unit Dwelling (includes townhomes).
    • 2-4 Unit Properties – Borrower(s) must occupy one of the units as their primary residence.
    • Condos – Single Unit approval permitted for FHA.
    • Manufactured Housing (1994 or newer only) – Permitted with FHA, USDA-RD, VA and FNMA only.

    Note – Prepayments is permitted at any time without penalty.

    Call or text to 305-992-8276