****This is an UPDATE to the previous Article with changes to the program which will benefit Everyone****
Following the initial success of the Hometown Heroes program, the Florida Legislature allocated additional funding for the program through the Live Local Act. On July 1, the Hometown Heroes program will receive $100 million for the 2023–2024 fiscal year to continue assisting Florida families in purchasing their first home. The maximum down payment assistance amount will increase to $35,000, or up to 5% of the first mortgage loan amount. To get started, homebuyers must connect with one of Florida Housing’s participating loan officers, have a minimum credit score of 640, be a first-time homebuyer, and earn less than 150% of the area median income, according to their local county data.
The Florida Hometown Heroes Housing Program makes homeownership affordable for eligible community workforce.
This program provides down payment and closing cost assistance to first-time, income-qualified homebuyers so they can purchase a primary residence in the community in which they work and serve. The Florida Hometown Heroes Loan Program also offers a competitive first mortgage interest rate and additional special benefits to those who have served and continue to serve their country.
Program Details:
Eligible full-time workforce, employed by a Florida-based employer can receive lower than market interest 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 $35,000) in down payment and closing cost assistance.
Down payment and closing cost assistance is available in the form of a 0%, 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.
CLICK Here to Work on getting your dream home started before the funding ends.
There is NO cost to you for this. There is NO Special Occupation requirements.
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The June 1 2022 aunch of the Florida Hometown Heroes Housing Program to help Floridians in over 50 critical professions purchase their first home. The Hometown Heroes Housing Program is available to Floridians including law enforcement officers, firefighters, educators, healthcare professionals, childcare employees, and active military or veterans. Including this $100 million program, the Governor also announced his intent to support the total of nearly $363 million appropriated for affordable and workforce housing in the 2022-2023 budget, the highest total in 15 years.
The program is administered by the Florida Housing and Finance Corporation (Florida Housing) and has the highest and most inclusive eligibility of all Florida Housing down payment assistance programs. The program is geared to expanding on Florida’s existing housing programs to reach critical workers and those who have served our country.
QUALIFICATION:
To qualify for this program, homebuyers must connect with a participating loan officer, have a minimum credit score of 640, provide certification for one of the eligible occupations, and meet the income threshold for their county. Eligible borrowers will receive up to 5% of the first mortgage loan amount (up to a maximum of $25,000) in down payment and closing cost assistance in the form of a 0%, non-amortizing, 30-year deferred second mortgage.
Remember they money isn’t a gift, it’s a loan – but a loan that carries no interest and does not have to be paid back until the homeowners satisfies the mortgage, sells the house, vacates the house or refinances. Paid-off Hometown Hero loan money then gets rolled back into the program to help more potential Florida homeowners.
Florida housing prices may appear relatively cheaper than California or New York for some. If you move to Florida from places like Tennessee or Ohio, you may find the prices expensive. Either way, it's essential to know the median home price in the Sunshine State.
Floridians need an average yearly income of $62,000 to afford a median-priced home. The type of house you can afford in Florida will depend on your income. debts, down payment, and mortgage interest rate. Your annual income will be way below a median-priced home if you are among the hometown heroes.
Here's a breakdown of how much some hometown heroes in the Sunshine State earn:
Middle School Teachers - $57,280
Elementary School Teachers - $56,540
Firefighters - $49,870
Licensed Practical Nurses - $46,290
Emergency Medical Technicians and Paramedics - $33,660
As new people flock to Florida, they need homes to live in. The housing industry is thriving in planning, construction, and home sales as these demands keep rising. Population growth has heavily boosted the sale of single-family homes in Florida. Median home prices are also rising, having increased by 73 percent in the last 30 years ($155,824 back in 1990 to $269,400 as of 2020). The sad part is that frontline workers are yet to see their wages adjust to these price changes, making home affordability a big issue.
Amidst the pandemic, the term "home" had an entirely new meaning to many Floridians. Homes were no longer just a residence since they became a full-time, accessible sanctuary from the uncertainty and worries of the pandemic. People used their homes to advance their careers and education at a time when staying inside was a must.
Which Jobs Qualify:
Specifically, the loan program is available to educators and workers working full-time as:
Law Enforcement Officers
Certified Correction Officers
Correctional Probation Officers
Juvenile Probation Officers
Juvenile Detention Officers
Firefighters
Certified Emergency Medical Technicians
Certified Paramedics
Classroom Teachers
Career Specialists
Librarians
Social Workers
School Psychologists
School Counselors
Registered Nurses
Licensed Practical Nurses
Massage Therapists
Opticians
Psychologists
Veterinarians
Active Military personnel
Veterans
Dieticians/ Nutritionists
Dentists
Physicians and Physician Assistants
Pharmacists
Athletic Trainers
The Florida Housing Finance Corporation offers property tax relief for some Hometown Heroes under this financing program. Eligible heroes for the relief include:
Certified correctional officers
Law enforcement officers
Teachers
Firefighters
Members of the Florida National Guard
Active-duty US military members
Child welfare services professionals
There's more hope for heroes like nurses, teachers, firefighters, and police officers who are struggling to cope with the soaring housing prices in the Sunshine State. With this program, housing will be more affordable for these heroes since they get to enjoy down payment and closing cost assistance. Some of them even get to qualify for property tax exemption.
Contact us to see if you qualify as we assist in connecting you with a lender who can provide this program for you. We will then assist you in your search for your new home.
Let us guide you through the options available to you for the home of your dreams. Of course when you SEE IT, you will LIKE IT and you will OWN IT!
