Hometown Heroes Housing Program

Dated: May 31 2022

Views: 381

Down Payment And Closing Cost Assistance
For Homebuyers

I've been a Florida Housing approved Realtor since the summer of 2020, and I'm a huge advocate for down payment and closing cost assistance programs. We've had some great programs like the Florida Assist and Salute Our Soldiers that have helped many first time homebuyers and military folks to buy a home. Starting on June 1st, 2022, Florida Housing is offering a great new program called the Hometown Heroes Housing Program. If you're shopping now, you can take full advantage right away!

If you're looking for information on the Salute Our Soliders Military Loan Program, as of June 1, 2022 it will no longer be offered. It's being rolled into the Hometown Heroes program, which offers a higher level of assistance. Military Veterans using this program do not have to be first time homebuyers.

Hometown Heroes offers 5% of the mortgage loan amount up to $25,000 in down payment and closing cost assistance for eligible "frontline" community workers. If you work in any facet of law enforcement, firefighting, education, healthcare, childcare, active military, or you're a military veteran, you are likely eligible for the program.

Here's the highlights of Hometown Heroes:

➡️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% interest-free, 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.

➡️Florida Housing programs waive the intangible tax and doc stamp fees, which average around $1,000 to $2,000 of your closing costs.

➡️Loan limits vary depending on the type of loan and what county you're purchasing in, but $420,680 to 647,200 is the range.

➡️Income limits range from $118,950 to $146,250, depending on which county. The limit for Orange, Osceola, and Seminole is $124,350.

➡️Florida Housing programs do NOT take longer than traditional financing and will close in a typical 30-day period.

➡️Unlike many local county and city programs, Florida Housing is always funded. No waiting for when they have money so you can buy anytime.

If you're interested in Hometown Heroes, don't hesitate to reach out! I work with approved lenders for all of the Florida Housing programs. If you're not a "frontline community worker" you may be able to qualify as a first time homebuyer and have other programs available to you! Check them out at the link below.

Florida Housing Programs

Curious what the loan and income limits are for Hometown Heroes?

Here they are for Central Florida:

County2022 Hometown Heroes FHA & USDA Loan Limits2022 Hometown Heroes Conventional & VA Loan Limits2022 Hometown Heroes Income Limits

Full Loan & Income Limits For All Florida Counties

What occupations qualify for Hometown Heroes?

Full Occupation List For Hometown Heroes Housing Program (Last Update 6/15/22)
*Florida Housing has updated the occupations several times and changes links. If link is inactive, visit Florida Housing for the latest info.

These programs are a huge boost if you need a little help for your closing costs. They can also provide a little more buying power if you have the closing costs covered since it frees up money to make a stronger offer. With program money applied to the down payment, it can even help with lowering the monthly mortgage. In the current challenging market, it's a nice option to have.

If I can assist in any way, give me a call. I'm available to help!

Sean Rooney, Realtor
Brokered By EXP Realty LLC


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Sean Rooney

Focused on Results for You! Your veteran real estate agent serving Orlando and all of Central Florida. First time home buyers, military & veterans, retirees, investors, and home sellers - I'm here fo....

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