The New and Improved Florida Hometown Hero Program

As of July 1st, 2023, major changes have gone into effect to Florida’s very popular Hometown Heroes Program, thanks to a new bill passed by the Florida Legislature.

On March 29th, Governor Desantis signed Senate Bill 102, called the Live Local Act, which, among many other things, expanded the eligibility of the Florida Hometown Heroes down payment program.

Previously, the Florida Hometown Heroes Program was only available to people in certain professions, considered “front-line workers”. This included police officers, firefighters, certain medical professionals, among other professions. Now, it widens eligibility from career-based assistance to income-based assistance.

The program now offers down payment assistance in the form of a 0%, non-amortizing, 30-year deferred second mortgage. Which essentially means it is added to the back-end of a person’s mortgage. A person can receive up to 5% of the purchase price, capped at $35,000, to assist in the down payment and closing costs of the loan. Previously, the assistance was capped at $25,000. 

To qualify for the program, borrowers must meet certain criteria. Loans are made available to persons or families whose household incomes do not exceed 150 percent of the state median income or local median income, whichever is greater. Borrowers must also be seeking to purchase a home as their primary residence, be first-time homebuyers and Florida residents, and employed full-time by a Florida-based employer. Documentation of full-time employment, or full-time status for self-employed individuals, of 35 hours or more per week is required. However, the requirement to be a first-time homebuyer does not apply to active duty service members of a branch of the armed forces or the Florida National Guard.

Additionally, the Florida General Assembly appropriated another $100 million towards funding the program.

The new changes to the Florida Hometown Hero Program is a significant step towards making homeownership more accessible for working Floridians. By reducing the barriers of down payment and closing costs, this program empowers individuals and families to attain long-term housing and financial security.

If you are a working Floridian aspiring to own a home, the Florida Hometown Hero Program may be the right opportunity for you. Contact our team today to learn more and take the first step towards realizing your dream of homeownership.