In March 2023, the "Live Local Act" was approved by Gov. Ron DeSantis. The Live Local Act expanded the program that helps first-time homebuyers in Florida. The program now offers up to $35,000 in down payment and closing cost assistance to full-time workers and active duty/veterans. The program has been expanded to include all full-time workers, so you don't need a specific occupation to qualify.
To see if you're eligible, request a free quote. There's no obligation, and you could be one step closer to owning your own home using one of the best down payment assistance programs in the country.
Effective November 3, 2023, the Florida Hometown Heroes Loan Program offers down payment and closing cost assistance to ALL BUYERS who have not owned a home as a primary residence in the last three years and/or veterans or active military service with up to $35,000 in assistance.
The Hometown Heroes Program is one of the best down payment assistance programs for first-time homebuyers, veterans, or active military in Florida. To learn more about the Florida Hometown Heroes Program and to find out if it’s a right option for you, contact our Clearwater, Florida office.
Hometown Heroes Program Highlights:
You can use our down payment assistance with any of our first mortgage loans: VA, FHA, USDA, or Conventional. Borrowers can receive 5% of the loan amount in down payment assistance up to the maximum limit of $35,000.
In today's housing market, it can be challenging to save up enough money for a down payment and closing costs on a home. That's why the Florida Hometown Heroes Housing Program is here to help.
If you are a first-time homebuyer, veteran or active miltiary who lives and works in Florida, you may be eligible to receive up to $35,000 in down payment and closing cost assistance.
Under this program, eligible buyers can receive 5% of their total mortgage loan amount, up to a maximum of $35,000, for down payment and/or closing costs. The assistance is provided as a deferred second mortgage with 0% interest. This second mortgage does not need to be repaid until you sell, refinance, pay off your primary mortgage, transfer the deed, or no longer live in the property as your primary residence.
This program can be used in conjunction with conventional, FHA, VA, or USDA loans. Contact us today to learn more about how we can assist you in achieving homeownership in Florida through the Florida Hometown Heroes Housing Program.
The down payment and closing cost assistance in the Florida Hometown Heroes Program is available in the form of a 0% interest, non-amortizing, 30-year repayable second mortgage and is repayable upon sale of the property, refinancing of the first mortgage, transfer of deed or if the homeowner no longer occupies the property as their primary residence, this second mortgage becomes due and payable in full. Furthermore, the Florida Hometown Heroes loan is not forgivable.
You may use the down payment and closing cost assistance for the following:
However, the assistance cannot be used to cover commission for real estate agents, the cost difference between the sales price and the appraised value or to pay off borrower debt.
To qualify for the Florida Hometown Heroes Housing Program, you must satisfy the requirements below:
Primary Residence – The property you purchase must be your new primary residence.
If you own an investment property but you did not live in it, you may still qualify. Additionally, if you were on the title of a home but you did not occupy it you may still qualify. If you owned a house you lived in more than three years ago but haven’t owned one since, you would be considered a first-time homebuyer.
Income Limits - There are also income limits for qualifying. The income limits depend on where you live and are determined by loan type (FHA, VA, USDA, Conventional). The gross income caps start at $128,250 and go up to $162,750 in high-cost counties. Listed below are the 2023-2024 HomeTown Heroes income limits for the most popular locations throughout FL:
Credit Qualifications - If your credit score is below 640, reach out to an American Home Lending USA, LLC Loan Officer anyway. Our loan officers can help create a plan for getting your score to a 640 or higher and into the qualifying range.
Effective July 1, 2023, the Florida Hometown Heroes Housing Program now includes ALL qualified full-time working residents, not just frontline workers.
Providing home loans to the entire state of Florida since 2013. Since January 2008, we have maintained an A+ rating with the Better Business Bureau and have helped thousands of borrowers. Call or text our office at 727-400-3293.