Home Town Heroes -

Downpayment Assistance  

Who qualifies

First Time Home Buyers

If you are a first time home buyer or if you have sold your home 3+ years ago and have not repurchased you may also qualify for this program. Must work 35+ hours in a FL based business.

First Responders

Licensed or certified front-line workers, first responders, and correctional officers defined by FL Housing.  Must be actively be employed Full-time in Florida in a position in which their license or certification is held. (Not eligible if they have owned a primary residence in the past 3 years)

Veterans & Active Service

Active Military, Veteran, or a Surviving Spouse of a Veteran. This group is exempt from the first-time homebuyer requirement.

5% towards down payment & closing costs

Receive up to 5% for down payment and closing costs with a max of 35K towards your home purchase. 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.

Additionally through this program receive a lower than market interest rate for the primary home mortgage.

Primary Residence

The borower must be purchasing as a primary residence and occupy in 60 days from closing.

Income requirements

Must be earning less than 150% of their community’s annual median income. Additionally there are county specific income limits ranging from $128,250 to $874,000. This varies county to county.

Credit Score

Buyer must have a minimum 640 FICO credit score to qualify.

Debt to Income Ratio

Borrowers must fall below the maximum debt-to-income ratio of 50% (Maximum 45% DTI with manufactured housing.)

Property Type

Single Family Homes + Townhomes

2-4 Unit Properties - Borrower(s) must occupy one of the units as their primary residence.

Condos & Manufactured homes- Restrictions apply

Loan Types

Conventional, FHA, VA, and USDA are permitted loan types for this program.

*OTHER RESTRICTIONS MAY APPLY!*

Contact

Contact

Based on the info above, if you feel this is a good fit for you or you want to see if you qualify, Contact us! We will connect you with a local lender who participates in this program.