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New Funding for Hometown Heroes Housing Program

hometown heroes florida down payment

As of July 1st, 2024, there is now $100 million in funding up for grabs in the popular Hometown Heroes Housing Program. This Florida buying assistance program is designed to make homeownership more affordable for hard working Floridians. Under the HHHP, both down payment and closing cost assistance is provided to first-time, income-qualified homebuyers to help with the purchase of a primary residence. There is also the possibility of lower interest rates and other special benefits for those who have served, or continue to serve their country.

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Here are some of the details:

Who Qualifies? Borrowers who are full-time employees of a Florida-based employer

How much do you receive? Those approved can receive up to 5% of the mortgage loan amount (maximum $35,000 total) in down payment and closing cost assistance

What’s the catch? The down payment and closing cost assistance is awarded in the form of a 0%, non-amortizing, 30-year deferred second mortgage. This money thus becomes due and payable in full upon sale of the home, refinancing, or deed transfer. So to clarify, the HHHP money is not a gift, but is a loan that will have to be paid back at some point in the future.

There are also income and loan limits for those hoping to use this benefit. If you would like to learn more, and find out if you are eligible, please contact us. But hurry, as the last time Florida offered this program, the funding was allocated and depleted very quickly!

 

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