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Through the Florida Housing Finance Corporation, the Florida Hometown Heroes Housing Program helps make homeownership more affordable for eligible Florida residents and workers.
The program provides down payment and closing cost assistance to first-time, income-qualified homebuyers to assist them in purchasing a primary residence.
WHAT IS IT?
Florida Hometown Heroes allows borrowers to receive up to 5% of the loan amount (capped at $35,000) in down payment and closing cost assistance.
Can be paired with additional assistance programs to maximize the amount of received assistance
Down payment and closing cost assistance is available in the form of a 0% interest, non-amortizing,
30-year repayable second mortgage. This second mortgage becomes due and payable in full upon the sale of the property, refinancing the first mortgage, transfer of the deed, or if the homeowner no longer occupies the property as their primary residence. The Florida Hometown Heroes loan is not forgivable.
The down payment and closing cost assistance can be used to satisfy the following:
Borrower’s down payment
Any down payment exceeding the minimum borrower requirement
Reasonable and customary closing costs
NOTE: The down payment and closing cost assistance cannot be used to cover commission for real estate agents, the cost difference between the sales price and the appraised value, or to pay off borrower debt.
ELIGIBILITY
Borrowers must not exceed the maximum income limit requirements for the county in which the property is being purchased (ask your mortgage broker to check limits)
At least one borrower must be a first-time homebuyer and full-time employed.
VVOE indicating full-time employment of 35 hours or more a week required
First-time homebuyer counseling is required to be completed by all borrowers utilizing income.
PARAMETERS
Florida ONLY
Conventional, FHA, USDA, and VA loan types
30-year fixed
Primary purchases ONLY
1-unit single-family residences and PUDs
Condos
Min FICO = 640
Min FICO = 660 (manufactured homes)
Max DTI = 50% with approved/Eligible findings.
Max DTI = 45% (manufactured homes)
Borrower(s) cannot own other properties – excluding veterans or active military members.
No non-occupying co-borrowers or co-signors
No escrow waivers
No co-ops, single-wide manufactured homes, or land trusts.
No temporary rate buydowns
No standalone or piggyback HELOCs
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