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Florida’s $100 Million Boost for Hometown Heroes' Homeownership
At SW Real Estate, we are dedicated to supporting those who serve our community and spreading the word on meaningful opportunities to the people. So let's talk about The Hometown Heroes Program, launched by Governor Ron DeSantis. As of July 1st, the program will receive an additional $100 million in down payment assistance to provide to Florida's hometown workers. This initiative aims to help our local heroes achieve the dream of homeownership and build stronger communities.
What is the Hometown Heroes Program?
The Hometown Heroes Program offers financial assistance to first-time homebuyers, so they can purchase a primary residence in the community in which they work and serve. The program provides up to $35,000 in down payment and closing cost assistance, making homeownership more accessible for those who dedicate their lives to serving others.
Eligibility and Benefits
To qualify, applicants must currently be full-time employees, employed by a Florida-based employer and first-time homebuyers (FTHB) making less than $131,700 in the Central FL area (Vary by County). Active duty military personnel and veterans are exempt from the FTHB requirement. Key benefits include:
Competitive Interest Rates: Lower than market rates on FHA, VA, RD, Fannie Mae, and Freddie Mac first mortgages.
Reduced Upfront Fees: No origination points or discount points.
Substantial Assistance: Up to 5% of the first mortgage loan amount (maximum of $35,000) in down payment and closing cost assistance.
Deferred Second Mortgage: Down payment assistance comes as a 0% interest, non-amortizing, 30-year deferred second mortgage, which becomes due upon the sale of the property, refinancing, transfer of deed, or if the property is no longer the primary residence.
Success Stories
The Hometown Heroes Program has already made a significant impact since its initial release two years ago.
“Florida’s hometown heroes work hard to support our communities, and I am proud that we have supported over 6,700 of them as they purchased their family homes,” said Governor Ron DeSantis.
For instance, a local nurse was able to purchase her first home with the 0% interest option, allowing her receive money back at closing, to live closer to work and to spend more time with her family. Stories like these highlight the program’s ability to facilitate healthier family environments and strengthen our communities.
Program Expansion
Following its initial success, the Florida Legislature allocated additional funding through the Live Local Act. Starting July 1, 2024, the program will receive $100 million to disburse to residents, while increasing the maximum down payment assistance from $25,000 to $35,000.
“Florida Housing is proud to have assisted thousands of hometown heroes in achieving the American Dream of homeownership,” said Mike DiNapoli, Executive Director of Florida Housing Finance Corporation. “By providing more hardworking Floridians with a place to call home, we are helping to facilitate healthier family environments, build stronger communities, and improve local economic impact. We appreciate the Governor’s continued support of this program and are honored to follow his lead in supporting Florida’s hardworking families.”
How to Apply
Applying for the Hometown Heroes Program is straightforward. Interested applicants should connect with one of Florida Housing’s participating loan officers, have a minimum credit score of 640, be a first-time homebuyer, and earn less than 150% of the area median income according to their local county data.
Nothing Lasts Forever
The Hometown Heroes Program is a testament to our community's commitment to supporting those who serve us. If you or someone you know is looking to buy their first home, this program could be a game-changer. At SW Real Estate, we are here to help you achieve your homeownership dreams, while keeping it 99% drama-free.
We don't expect these funds to last long, so if you're curious, give me a call today!
"99% Drama Free"
Corey Shirley, Realtor®
Southwestern Real Estate
#ShirleyCircle
By the way, if you have more questions about any of this, call me. 561.301.2692.
For more information on the program, visit the official announcements here, here, and here.
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FAQ
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Are there any first-time home buyer programs available?
Yes, indeed! There are a number of ever-changing programs designed to help first-time home buyers, such as the City of Orlando’s Down Payment Assistance Program and options available through Orange County, each offering varying levels of assistance. Due to the evolving nature of these programs, such as changes in eligibility criteria, funding availability, and benefits, it’s crucial to have the latest information. For the most current and detailed insights, and to discover which programs best fit your unique situation, I invite you to schedule a call with me today.
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