Exciting news for aspiring homeowners in South Florida! Brace yourselves because the revamped Hometown Heroes down payment assistance program is making a grand return this July 2024! With the legislature passing the bill for an additional $100 million in funding on February 28th, 2024, the race for homeownership is on!
But here’s the kicker – last time funds were added, they disappeared faster than ice cream on a scorching summer day! Just 2-3 months and poof! Gone! So, if you’re even remotely considering buying a home, I urge you to jump on the bandwagon and prequalify now.
Now, let me tell you why you shouldn’t let this opportunity slip through your fingers. The Hometown Heroes program is a game-changer for first-time, income-qualified homebuyers. Picture this: lower interest rates than your run-of-the-mill conventional and FHA loans, plus down payment and closing costs assistance – sounds like a dream, right?
And guess what? ANY and ALL Floridians, regardless of occupation, can dive into this treasure trove of benefits. With loan limits up to $35,000 or 5% of the total loan amount, this is your golden ticket to homeownership heaven.
But wait, there’s more! The clock is ticking, folks. Florida Housing department insiders predict these funds will vanish within 3-6 months on a first-come, first-served basis. Don’t be left twiddling your thumbs while others snatch up this opportunity to secure their dream homes.
This funding can work wonders – whether it’s covering your closing costs, boosting your down payment, or even sprucing up your new abode. And here’s the cherry on top: down payment and closing cost assistance come in the form of a 0%, non-amortizing, 30-year deferred second mortgage**. So, what are you waiting for?
If you’re ready to seize this opportunity and make your homeownership dreams a reality, don’t hesitate to reach out to me. I’m here to guide you through the home search process and connect you with trusted lenders who can navigate the ins and outs of these incredible programs. Remember, not all lenders are approved to offer these perks, so let’s make sure you’re in the right hands!
Don’t let this chance slip away – your dream home awaits!
Program Highlights
- Up to $35,000 or 5% of the total loan amount at 0% interest
- Can be used for any home in the State of Florida
- Funds can be used towards down payment or closing costs
- Must be employed by a business located in Florida
- Self-employed or Full-time employee (35 hours or more per week consistently)
- Higher income and purchase price limits based by Florida County
- Conventional, FHA, USDA, and VA loan options
- First Time homebuyers or eligible veterans
- Must be primary resident
- Must have minimum 640 credit score
** Down payment and closing cost assistance is available in the form of a 0%, non-amortizing, 30-year deferred second mortgage. This second mortgage becomes due and payable, in full, upon sale of the property, refinancing of the first mortgage, transfer of deed or if the homeowner no longer occupies the property as his/her primary residence. The Florida Hometown Heroes loan is not a forgivable loan.
For further reading, visit the following websites:
https://www.floridahousing.org/live-local-act/hometown-heroes-program
(Note: The provided link directs readers to additional resources for comprehensive understanding)
BE AWARE: There is no cost to apply for Hometown Heroes Down Payment Assistance. Scammers often target homebuyers who are in need of assistance or trying to purchase a home. A common tactic scammers use is requiring you to pay an upfront fee before providing any services. They may also try to charge you to apply for the program. Avoid any company or individual that does this and report them to the Inspector General’s Office at the Florida Housing Finance Corporation 850-488-4197.