2024 Florida Hometown Heroes Program Guide

Exciting news for prospective homebuyers in Florida! The Florida Hometown Heroes Down Payment Assistance Program started on July 1, 2024. This program has been a significant support for many, offering essential financial assistance for first-time homebuyers, veterans, and active-duty service members. Here’s all you need to know to seize this opportunity before the funds are exhausted.

What is the Florida Hometown Heroes Program?

The Florida Hometown Heroes Program aims to aid first-time homebuyers, veterans, and active-duty members in purchasing homes within Florida. Eligible applicants can receive between $10,000 and $35,000 to use toward down payments and closing costs.

With the 2024 launch, the program is funded with $100 million. However, it’s crucial to act quickly – last year, a similar amount was depleted within the first two months.

Why Act Fast?

Time is of the essence with the Hometown Heroes Program. This ensures your down payment assistance funds can be reserved with Florida Housing before they run out. Funds are allocated on a first-come, first-served basis, making early action essential.

How to Qualify

First-Time Buyers:

– Must not have owned a home in the past three years.
– Need personal savings, family support, or assistance from a motivated home seller.

Employment Requirements:

– At least one applicant must be employed full-time by a Florida-based business.
– Remote workers need written confirmation of a specific Florida location from their employer.
– Self-employed applicants require third-party confirmation of full-time work status.

Veterans and Active-Duty Service Members:

– Automatically eligible if total applicant income falls below maximum limits for their area.
– Can use assistance money with VA, Conventional, FHA, or USDA loans.
– No requirement to be a first-time homebuyer or employed by a Florida-based business.

Income Limits and Credit Scores:

– Must qualify for a traditional mortgage loan (Conventional, FHA, VA, or USDA).
– Income must be below maximum county limits (up to $132,900 in most areas).
– Middle credit score of at least 640 (660 for manufactured homes) is required for all applicants.

What to Expect

Eligible applicants can receive up to 5% of the new loan amount in down payment assistance, ranging from $10,000 to $35,000. In many cases, this covers the entire required down payment and provides additional funds for closing costs.

Steps to Prepare

1. Apply Early: Initiate your application process to ensure readiness for the program’s launch on July 1, 2024.

2. Preapproval: Obtain preapproval from an authorized participating lender.

3. Under Contract: Start house hunting and secure a contract promptly.

4. Reserve Your Funds: To secure down payment assistance, you must be preapproved for your new home loan with a participating lender and under contract. Remember, funds are limited, and once exhausted, the Hometown Heroes program closes until additional funding is available.

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