2023-Florida Hometown Heroes Housing Program for State of Florida.

Updated August 4, 2023

Expanded 1st Responder and Hometown Heroes occupations qualify for up to $25,000 in First Time Home Buyer down payment assistance!

Program Features:

2023 - Florida Hometown Heroes Housing Program Repayable Second Mortgage for the entire State of Florida.

The Hometown Heroes second mortgage down payment assistance program is compatible with FHA, USDA, VA, FNMA and FHLMC First Mortgage Loans with individual Automated Underwriting guidelines and occupational programs from each Agency.
Down payment and closing cost assistance is available in the form of a 0%, non-amortizing, 30-year deferred second mortgage.
FHA, VA, HFA Preferred, and HFA Advantage income limits are effective with new loan reservations (05-26-23).
USDA-RD does not have a Cap on Loan Limit.
Borrowers can receive up to 5% of the first mortgage loan amount (maximum of $35,000) in down payment and closing cost assistance.
The Florida Hometown Heroes loan is not forgivable.
This Down Payment Assistance is repaid if the following conditions occur: The property is sold; the first mortgage is refinanced, pays off the first mortgage, transfers deed or no longer occupies the property as their full-time residence. Any unpaid principal balance will be required to be paid in full.
Eligible full-time workers 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.
Validation required the employer is a Florida based business or has a branch location in Florida.
This special financing Down Payment Assistance program is offered to all FHA, Fannie Mae, or Freddie Mac Conventional Borrowers in the State of Florida who meet income, purchase price, occupation, and other program guidelines, and can qualify for an FHA or Conventional First mortgage loan.
This program provides down payment and closing cost assistance to first-time, income-qualified home buyers 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 lower first mortgage interest rate and additional special benefits to those who have served and continue to serve their country.
Pertaining to Military ONLY: Does NOT have to be First Time Home Buyer, Spouse does NOT have to be a First Time Home Buyer if Spouse is NOT on the loan. For Active Military or Veteran who were discharged with any status except dishonorably.
All other Hometown Heroes are required to be First Time Homebuyers or not have owned or been on Title for at least 3 years.
FHA version (Debt to Income) back-end ratio 49.99% for FICO 5-4-2 middle score 640 and above or Automated Underwriting approval.
No Lender Origination Fee can be charged in Closing Costs for this special Hometown Heroes mortgage loan program.
For Veterans and Active Military, Military Certificate of Eligibility not required for this program, only DD214 Discharge paperwork to prove discharge status.
Very low fixed first mortgage interest rates for this special financing State of Florida sponsored mortgage loan program.
Can purchase new or resale homes.
Single Family Residences, Townhouses, Villas, and Program APPROVED Condos, Manufactured homes (680 Min FICO required for Manufactured homes).
Co-Signers permitted with FHA and Fannie Mae Only.
Buyers must occupy within 60 days of Closing.
HTH TBA does not require the entire family's household income if the Hometown Hero or Military personnel is the only one on the loan. It would be considered 1003 Qualifying Income only.
HTH Bond requires entire family Household income on the loan.
Primary Residences only, no second homes or investment properties.
No Prepayment Penalty Fee if either first or second mortgage loans are paid out early.
No cash back at closing, any excess funds will be used to pay down first mortgage.
Borrowers are permitted a reimbursement of prepaids and reimbursement of overage of earnest money deposit to the extent any minimum contribution has been satisfied and permitted by FNMA guidelines up to $1000.
First & Second mortgages are exempt from documentary stamp tax and intangible tax. Mortgage Deeds are not exempt.
FHA version: Bankruptcies must be discharged over 2 years. No Foreclosures, short sales, or deed in lieu, 3 years. Minimum 2 trade lines with no late's in last 12 months. No NSF's in the last 12 months.
Conventional version: Bankruptcies must be discharged over 4 years. No foreclosures, short sales, or deed in lieu 7 years. Minimum 2 trade lines with no late's in last 12 months, No NSF's in last 12 months.
Either FHA or Conventional Versions of program, borrowers must be employed full time 35 hours per week min with 2 years continuous (not necessarily with the same company).
Income must be supported with: 3 years Federal Tax Returns, W-2's, pay stubs and 2-year history of continuous employment. Gaps in employment can be considered.

2023-Florida Hometown Heroes Housing Program for State of Florida.

2023 - Florida Hometown Heroes Housing Program Repayable Second Mortgage for the entire State of Florida.

Other Florida First-Time Home Buyer & Down Payment Assistance Programs:

Recent News for First Time Home Buyers:

TOP 5 First Time Home Buyer & Down Payment Assistance Programs

TOP 10 First Time Home Buyer Questions

FREE First Time Home Buyer Videos / Seminars

Resources for First Time Home Buyers

Home Buyer Terminology