Florida offers up to $35K in homebuying assistance for eligible frontline workers
Key Points(5)
- Florida has reopened its Hometown Heroes Housing Program, providing $50 million in assistance to help eligible frontline workers purchase their first homes.
- The program, relaunched Monday, offers qualified first-time homebuyers up to $35,000 in down payment and closing cost assistance, along with access to a competitive 30-year fixed mortgage rate and other loan benefits.
- Eligible borrowers must be employed full-time by a Florida-based employer and meet the program’s occupational requirements.
- Veterans must also be employed full-time by a Florida-based employer to qualify.
- Through the program, eligible buyers can receive assistance equal to up to 5% of their first mortgage loan amount, with a maximum of $35,000 and a minimum of $10,000.
Florida has reopened its Hometown Heroes Housing Program, providing $50 million in assistance to help eligible frontline workers purchase their first homes.
The program, relaunched Monday, offers qualified first-time homebuyers up to $35,000 in down payment and closing cost assistance, along with access to a competitive 30-year fixed mortgage rate and other loan benefits.
The initiative is aimed at helping essential workers who live and serve in the communities where they work, including healthcare professionals, K-12 school employees, first responders, law enforcement officers, court employees, childcare workers, active-duty military members, veterans, and members of military reserve forces.
Eligible borrowers must be employed full-time by a Florida-based employer and meet the program’s occupational requirements. Veterans must also be employed full-time by a Florida-based employer to qualify.
Through the program, eligible buyers can receive assistance equal to up to 5% of their first mortgage loan amount, with a maximum of $35,000 and a minimum of $10,000. The funds can be used toward a home’s down payment and eligible closing costs.
The assistance is provided through a 0% interest, deferred second mortgage. Borrowers are not required to make monthly payments, and repayment is generally due when the property is sold, refinanced, transferred, or when the homeowner no longer occupies the property as a primary residence. The loan is not forgivable.
The program also provides additional mortgage benefits, including reduced upfront fees, no origination points or discount points, and a waiver of the standard 1% origination fee.
Florida Housing Finance Corporation, which administers the program, said the initiative is designed to make homeownership more affordable for members of the state’s workforce who may face challenges saving for upfront housing costs.
Because funding is limited and has previously been exhausted quickly, prospective buyers are encouraged to contact participating Florida Housing lenders as soon as possible to determine eligibility and begin the application process.
More information about the program and participating lenders is available through the Florida Housing Finance Corporation’s Hometown Heroes Housing Program.
You've
