Starting tomorrow, June 1st, Florida residents will have access to a statewide program in over 50 professions, including teachers and first responders, that will allow them to purchase their first home.
According to FloridaHousing.org, $100 million Hometown Heroes Housing Program will provide assistance with down payments, closing costs, and a lower mortgage rate to first-time, income-qualified homebuyers to purchase a home in the community where they work.
- Eligible frontline workers can receive lower than market 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 $25,000) 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.
Eligible occupations, housing limits and more can be found here