Florida Hometown Heroes Program: Affordable Homeownership for Eligible Borrowers
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Introduction to the Florida Hometown Heroes Program
The Florida Hometown Heroes Housing Program, offered by the Florida Housing Finance Corporation, aims to make homeownership more accessible and affordable for eligible borrowers. This program provides crucial down payment and closing cost assistance to first-time, income-qualified homebuyers, helping them purchase their primary residence.
What is the Florida Hometown Heroes Program?
The Florida Hometown Heroes program allows eligible borrowers to receive up to 5% of the loan amount (capped at $35,000) in down payment and closing cost assistance. This assistance can be combined with other programs to maximize the total amount received. For loans of $200,000 or less, there is a minimum grant of $10,000.
Key Features
- Assistance Amount: Up to 5% of the loan amount, capped at $35,000.
- Minimum Grant: $10,000 for loans of $200,000 or less.
- Repayment Terms: 0% interest, non-amortizing, 30-year repayable second mortgage. The second mortgage becomes due in full upon sale, refinancing of the first mortgage, deed transfer, or if the homeowner no longer occupies the property as their primary residence.
- Usage: Funds can be used for the borrower’s down payment, any down payment exceeding the minimum requirement, and reasonable and customary closing costs.
Loan Options
- Conventional (Freddie Mac only): Offers eligible borrowers a 30-year, fixed-rate mortgage.
- FHA: Federal Housing Administration loans.
- USDA: United States Department of Agriculture loans.
- VA: Veterans Affairs loans.
Program Parameters
- Location: Available only in Florida.
- Property Type: Primary residences only, including:
- 1-unit single-family residences and PUD (Townhomes)
- 2-4 units (borrower must occupy one unit as their primary residence)
- Condos
- 640 for most properties
- 660 for manufactured homes
- 50% with Approve/Eligible findings
- 45% for manufactured homes
- Borrower(s) cannot own any other properties (excluding veterans or active military members)
- No non-occupying co-borrowers or co-signors
- No co-ops, single-wide manufactured homes, or land trusts
Why Choose the Florida Hometown Heroes Program?
The Florida Hometown Heroes Program is an excellent opportunity for first-time homebuyers who are essential workers. With substantial financial assistance for down payments and closing costs, competitive mortgage rates, and flexible loan options, this program makes homeownership more attainable for those who serve our communities.
Take the Next Step with Southeast Funding Group
Call Lazaro Sosa directly at 305.281.2245 for a free consultation or apply online. Let’s discuss how the Florida Hometown Heroes Program can help you achieve your homeownership dreams with tailored loan solutions and expert guidance.