If you are shopping for a home, you may have heard of the Hometown Heroes down payment assistance program.
Great news for all Floridians—this program is expanding as of July 1, and will be available to a much broader group of homebuyers than it was in the past.
What is the Hometown Heroes Program?
Hometown Heroes is a program that is offered by the Florida Housing Finance Corporation. The income-based program is aimed at assisting first-time homebuyers with paying for their down payment and closing costs.
The program provides up to 5% of the amount of the mortgage with a (new) $35,000 cap. It is a loan, not a grant, functioning as a deferred second mortgage with a 30-year term. You must be working full-time to qualify in the same community where you are buying the home.
How is the Program Expanding?
ABC Action News WFTS Tampa Bay reports, “For a while, [the program] was only available to frontline heroes. Now, the Live Local Act put another $100 million into the program and extended it to all working Floridians.”
ABC adds, “The Florida Housing Authority said right now, borrowers can receive a maximum amount of $25,000 in down payment assistance. Once the change goes into effect, the maximum amount will be $35,000.”
Get Help with Down Payment Assistance
We know you may have many questions about the Hometown Heroes down payment assistance program. During your consultation, we can give you detailed answers. We will explain how the program works and whether you are likely to qualify. We can then walk you through the details of how to apply for down payment assistance while we are helping you apply for a mortgage.
If you are ready to begin, please call us now at 786-220-1100 to schedule your consultation.