Florida Hometown Heroes became effective June 1st, 2022 The Hometown Heroes (HTH) Housing Program makes housing affordable for eligible “frontline” community workers, such as, educators, police officers, healthcare providers, childcare, firefighters, nurses, military personnel, and others, by providing down payment and closing cost assistance to income-qualified homebuyers so you can purchase a primary residence in the community in which you work and serve. Over 50 occupations are eligible to participate!
The Florida Hometown Heroes Loan Program offers a lower first mortgage rate AND additional special benefits to those who currently serve their communities and those who have served and continue to serve their country. Eligible borrowers can receive up to 5% of their total loan amount (maximum of $25,000) in the form of a 0%, non-amortizing, 30-year deferred second mortgage.
The state is making $100 million dollars available for this program.
Hometown Heroes Down Payment Assistance Details
- You need to be either a First Time Home Buyer (not owned in last 3 years).
- Veterans don’t have to be First Time Home Buyers to participate!
- Only certain occupations qualify (non veteran)
- Borrower must be working FULL time in the approved occupation and hold license/certification
- Only one of the borrowers is required to be in the occupation (if multiple borrowers)
- Can be used with FHA, VA or Conventional Loans
- Minimum credit score of 640 required (if you are not there, check with your lender on credit recovery programs)
- 5% Of the Total Loan Amount
- Capped at $25,000
- Use Any Excess to reduce Loan to Value (LTV)
- 30 Year Term, 0% Interest, Non-Amortizing, No Monthly Payments required.
- Buyer must get first mortgage with Florida Housing in order to obtain DPA. Interest rates on main loan may be reduced.
- Repayable: When borrower sells, refinances, transfers deed or vacates the property as their primary residence.
- Documentation required
- Fully executed HTH Loan Program Attestation -Draft (indicating you qualify)
- Copy of State of Florida License or Certification from Federal, State, or Local Agencies (for your occupation)
- Copy of Verification of Employment (VOE)
- Homebuyer Education is required. They will accept HUD Approved Homebuyer Education up to 2 years prior to closing.
- Income Limits Apply (Vary slightly by county)
- Only Florida Housing approved Loan Office is eligible for this program. Not all lenders participate in this program, so you will need to verify with your Lender or Mortgage Broker. You can also go to https://apps.floridahousing.org/StandAlone/FTHBWizard to find lenders that participate. If in need of a mortgage broker, call me for recommendations.
Occupations Eligible for Participation
Below are some of the occupations eligible for participation. For a complete and updated list of the more than 50 occupations, please visit: Florida Housing Authority Occupations
- Licensed nutrition counselor
- Athletic trainer
- Prosthetist-Orthotist
- Electrologist
- Massage therapist
- Clinical laboratory personnel
- Licensed medical physicist (X-Ray)
- Optometrist
- Optician
- Hearing Aid specialist
- Physical therapist
- Physical therapist assistant
- Psychologist
- Clinical social worker
- Marriage and family therapist
- Mental health counselor
- plus others …
Additional Resources for the Hometown Heroes Program
- Florida Housing Authority: https://www.floridahousing.org
- Florida Hometown Heroes Program: https://www.floridahousing.org/programs/homebuyer-overview-page/hometown-heroes
- Hometown Heroes Video: https://www.youtube.com/watch?v=4vsmv-0AK8Y
- FHFC Home Buyer Education: Home Buyer Education Options
Additional Down Payment Assistance (DPA) Programs
Each county typically provides additional down payment assistance programs. Some cities and localities have programs as well. Below are a few of the additional county programs in the Tampa Bay area.
Pinellas County provides Down Payment Assistance through the Pinellas County Housing Finance Authority.
- First Time Home Buyer Program
If you have never owned a home, have not owned a home in the past three years, or are a veteran, you may qualify. Down payment and closing cost assistance is available with the Home Key Plus 2nd Mortgage. This is a limited time offer. - Target Area Home Buyer Program
Special program for persons who are not necessarily first time home buyers to purchase homes in certain ‘target areas’. The program offers higher purchase price limits and higher income limits.
More info is at https://www.pinellascounty.org/hfa/
Pasco County Down Payment Assistance Programs
Information about the two homebuyer assistance programs can be found here:
If you have any questions about the homebuyer programs available through the County, please contact Pasco County Community Development at 727-834-3447.
Hillsborough County Down Payment Assistance Programs
The Down Payment Assistance program provides a second mortgage loan to eligible home buyers to help them with down payment and closing costs. The program is administered through the Hillsborough Finance Authority
The HFA currently offers three first mortgage options with rates as low as 5.00% (actual APR to be disclosed by the lender). Down payment and closing cost assistance is available in the form of a 0% second mortgage. Mortgage Credit Certificates are also available with most loans.
More information on the program is at https://myfirstfloridahome.com/hillsborough-county.html
All programs need to be coordinated with your lender. Make sure to check with your lender to ensure that they participate in the programs of interest and that you qualify.
