Are you in need of down payment assistance or help with closing costs? You will be delighted to learn that the Hometown Heroes down payment assistance program is returning as of July 1st. Homebuyers in Florida who believe they may be eligible for this program are welcome to apply.
What is the Hometown Heroes Program?
The Hometown Heroes program is a down payment assistance program provided by the Florida Housing Finance Corporation. It is available to first-time homebuyers throughout Florida.
If you qualify for the Hometown Heroes program, you can receive a loan of up to 5% of the amount of your mortgage, maxing out at $35,000. These funds may be used for your down payment and/or closing costs. This program is income-based.
Program Features
How do you know if you qualify, and what are the benefits? Here are the basic features of the Hometown Heroes program.
- You must be a full-time worker to qualify for the program. Your employer must be based in Florida. You also must be classified as a first-time homebuyer.
- You can use the program for a VA, FHA, USDA, or Fannie Mae or Freddie Mac first mortgage.
- If you qualify, you may borrow up to 5% of the amount of your first mortgage, up to a maximum of $35,000. You may use this amount to make your down payment, pay your closing costs, or both.
- The down payment assistance takes the form of a 30-year deferred second mortgage. If you refinance, transfer the deed, sell the house, or it ceases to be your primary residence, then it becomes due.
- There are income limits for the Hometown Heroes program, which you can view here.
For many hardworking Floridians, saving up for a down payment can be one of the biggest obstacles to buying a home. The Hometown Heroes program can help you purchase a home right away, rather than waiting for months or years until you can afford the down payment and closing costs.
Apply for Down Payment Assistance in Florida
If you believe you may qualify for the Hometown Heroes down payment assistance program, we can help you find out. During your consultation, you can tell us about your income, your employment status, and needs. We will be able to tell you if you are likely eligible for down payment assistance through Hometown Heroes, and guide you through the application process.
We also can help you compare the different types of home loans available to you. Based on your scenario and goals, we can recommend the types of mortgages that are most suited to your requirements.
To schedule your consultation, please give us a call at 239-214-7011. We are based in Cape Coral, and can help you buy a home anywhere in FL. We look forward to helping you move past any barriers so you can achieve the dream of homeownership.
