Florida Hometown Heroes Housing Program Is Back!

Dreaming of owning a home in the Sunshine State, but feeling like you're stuck in a rental rut? Is the down payment a seemingly insurmountable hurdle? Do rising interest rates have you believing homeownership is just out of reach? You're not alone! Many Floridians, especially our hardworking community heroes, face these challenges. But there's good news - a program designed to help you achieve your homeownership goals is back and ready to make a difference: the Florida Hometown Heroes Housing Program!

The 2024 Florida Hometown Heroes Program is officially open, and funds are expected to go fast! Florida Housing has allocated $50 million to support Florida's workforce heroes through this powerful homeownership assistance program. As a lender dedicated to serving our community, Treasure Coast Home Loans is excited to help you bring this incredible opportunity to more buyers across the state.

The Hometown Heroes program provides up to $35,000 in down payment and closing cost assistance for first-time, income-qualified homebuyers employed full-time by a Florida-based employer. And now, eligibility goes beyond frontline workers! Your clients in education, healthcare, retail, hospitality, and many other industries may now qualify. This expansion makes homeownership a reality for a broader range of individuals who contribute to our communities every day.

This program offers significant advantages to eligible homebuyers. Here's a closer look at the key highlights and benefits:

• Substantial Assistance: Receive up to 5% of the total loan amount in assistance, with a minimum of $10,000 and a maximum of $35,000.
• Favorable Loan Terms: The assistance is provided as a 0% interest, 30-year deferred second mortgage. This means you won't have to make payments on the second mortgage until you sell, refinance, or no longer occupy the home as your primary residence.
• Reasonable Credit Score Requirements: A minimum FICO score of 640 is required (660 for manufactured homes or manual underwriting).
• Versatile Property Options: The program is eligible for a variety of property types, including single-family residences (SFRs), condos, townhomes, manufactured homes, and even 2-4 unit properties.
• Flexible Debt-to-Income Ratio: The program allows for a debt-to-income (DTI) ratio of up to 50% with DU Approve/Eligible findings.
• Primary Residence Requirement: You must intend to occupy the property as your primary residence within 60 days of closing.
• First-Time Homebuyer Definition: The first-time homebuyer status applies to all borrowers, non-purchasing spouses (NPS), and deed holders.
• Processing Fee Allowance: The program allows for up to a $600 third-party processing fee.
• Multiple Loan Options: Loan options include Standard Bond and Standard TBA (To Be Announced).

The Florida Housing Finance Corporation (Florida Housing) plays a vital role in making homeownership more accessible throughout the state.

The Florida Housing Finance Corporation (Florida Housing) was created by the state Legislature over 40 years ago. Their mission is to assist in providing a range of affordable housing opportunities for residents, ultimately making Florida communities great places to live, work, and conduct business. Florida Housing envisions itself as a recognized leader in providing innovative, measurable, data-driven, and fiscally sustainable solutions that address the affordable housing challenges within our state.

Today, Florida Housing continues its mission by increasing affordable housing opportunities and ensuring that its programs are well-matched to the needs of those it serves. They understand that collaboration is essential to success and actively work with local governments, non-profits, elected officials, and other stakeholders to promote the importance of affordable housing in Florida's communities. You can also reference our mortgage resources page to learn more about Florida Housing and other resources.

The Florida Hometown Heroes Program is a fantastic opportunity to achieve your dream of owning a home. But navigating the complexities of mortgage programs and eligibility requirements can be overwhelming. That's where Treasure Coast Home Loans comes in!

Our experienced team can help you determine your eligibility, guide you through the application process, and answer any questions you may have. We are committed to providing personalized service and finding the best mortgage solution for your unique needs. We'll walk you through the entire process, from pre-approval to closing. Our mortgage timeline will allow you to see the steps in detail so you know what to expect.

With $50 million allocated for the program, funds are expected to be claimed quickly. Don't miss out on this incredible opportunity to receive up to $35,000 in down payment and closing cost assistance.

Not sure if the Florida Hometown Heroes program is the best fit for your situation? We understand that there are many different mortgage options available, and it can be challenging to determine which one is right for you. The buyer checklist can help you get organized!

That's why we created the Loan Fit Finder! This easy-to-use tool can help you compare different loan programs and find the one that best meets your individual needs and financial goals. Simply answer a few quick questions, and our Loan Fit Finder will provide you with personalized recommendations. It's a great way to get started and explore your options.

Reach out to Treasure Coast Home Loans today to learn more about the Florida Hometown Heroes Program and other available mortgage options. Let us help you make your dream of homeownership a reality!

Contact us today to explore your options and start your journey toward homeownership!