The Hometown Heroes Program is Back

If you are shopping for a home in Florida, and require assistance making your down payment or paying your closing costs, you can apply for the Hometown Heroes program. This program returned to FL as of July 1^st this year, and is currently accepting applicants.

What is the Hometown Heroes Program?

Hometown Heroes is an income-based down payment assistance program offered to first-time homebuyers in FL by the Florida Housing Finance Corporation. It provides eligible homebuyers with a loan of up to 5% of the amount of the home loan. There is a $35,000 cap. You may apply these funds to your down payment, your closing costs, or both.

Features of Hometown Heroes

Here is what to know about the Hometown Heroes program:

• You must be working full-time for an employer based in Florida to qualify for Hometown Heroes down payment assistance.
• This program is for first-time homebuyers.
• You must meet the income limits for this program to qualify.
• Your mortgage must qualify as well; it needs to be a first mortgage, and can be an FHA loan, a VA loan, an RD loan, or a Fannie Mae or Freddie Mac loan.
• Those who are eligible for this program will receive a 30-year deferred second mortgage to use for down payment assistance and/or closing costs. It becomes due if you sell the house, transfer the deed, or refinance. It also becomes due if the house no longer serves as your primary residence.
• The amount of the down payment assistance is 5% of the amount of the mortgage, capped at 35,000.

With down payment assistance through Hometown Heroes, you may be able to buy a home now, instead of waiting to save up enough for your down payment and closing costs.

Since the assistance loan is deferred for 30 years, you do not need to worry about making repayments until you have likely paid off your first mortgage. This ensures that buying a home is affordable now, and remains so over the term of your home loan.

Apply for the Hometown Heroes Program

Not sure if you are eligible for the Hometown Heroes program? The easiest and fastest way to find out is to apply for a mortgage with Lending Bankers Mortgage. When you have your consultation with us, we can assess:

• Whether you are a first-time homebuyer.
• Your income and employment status.
• Your overall financial situation and borrower qualifications.

We can help you figure out which type of mortgage is suitable for you, and will help you qualify for the Hometown Heroes program.

If you do qualify for Hometown Heroes, we can help you apply. But even if you do not, we can help you look into other options for overcoming down payment barriers (such as applying for a mortgage with a low down payment requirement).

If you are ready to schedule your consultation, please give us a call at (786) 220-1100. We can help you buy a home in Miami or anywhere in Florida.