Florida Hometown Heroes Housing Program

Making Homeownership Accessible for Community Heroes

Introduction

Owning a home is a dream for many, but for those who serve our communities and our country, it should be a reachable reality. The Florida Hometown Heroes Housing Program is designed to make homeownership affordable for eligible first-time buyers, offering unique benefits and support. Let’s explore how this program can help our heroes secure their own piece of the American dream.

Program Overview

The Florida Hometown Heroes Loan Program offers a competitive first mortgage rate and special benefits to those who currently serve their communities and those who have served and continue to serve their country. This program is facilitated through the BOND and TBA (The Bond Alternative) Programs, aimed at increasing and preserving affordable housing opportunities for Florida’s workers and military personnel, both active duty and veterans.

Understanding BOND and TBA Programs

TBA Program

• Eligibility: Only the income and first-time homebuyer status of the borrower(s) are considered.
• Exclusions: Household income and first-time homebuyer status of the spouse (if not on the loan) are not considered.

BOND Program

• Eligibility: Income of all occupants aged 18 and older is considered.
• Inclusions: First-time buyer status of all borrowers, non-purchasing spouse, and parties appearing on the deed are considered.

Financial Benefits

One of the standout features of the Florida Hometown Heroes Loan Program is the absence of an upfront 1% Origination Fee, saving borrowers thousands of dollars in upfront closing costs.

Down Payment Assistance

The program significantly reduces upfront costs for homebuyers by providing zero-interest loans for down payment and closing costs.

• Amount of Assistance: 5% of the total loan amount, capped at $35,000, with a minimum of $10,000 in down payment and closing cost assistance. For instance, borrowers with a loan amount of $200,000 or less would automatically receive $10,000.

Rate & Term

• Interest Rate: 0%, non-amortizing
• Term: 30-year, repayable second mortgage

Repayment Terms

The Hometown Heroes Loan is not forgivable. Repayment is deferred except in the event of:

• Sale or transfer of the property
• Satisfaction of the first mortgage
• Refinancing of the property
• The borrower ceases to occupy the property

In these cases, the Hometown Heroes Second Mortgage Loan will become payable in full.

Program Participation Restriction

All borrowers are limited to a one-time participation in Florida Housing’s Homebuyer Loan Programs, including all first and second mortgage programs. Note that Florida Housing’s Down Payment Assistance (DPA) cannot be combined with another FL Housing DPA program.

Conclusion

The Florida Hometown Heroes Housing Program is a valuable resource for those who serve our communities and country, making the path to homeownership more accessible and affordable. By offering competitive mortgage rates, down payment assistance, and favorable terms, this program helps our heroes achieve the stability and security of owning their own homes. If you or someone you know is a first-time homebuyer and a community hero, explore this program and take the first step toward homeownership today.