Almost all frontline workers earn less than $62,000 per year, the minimum wage required to afford a median-priced home in the state. EMTs and paramedics, for example, earn an average of $33,660, whereas firefighters and elementary school teachers earn $49,870 and $33,660, respectively.
The Hometown Heroes (HTH) Housing Program makes housing affordable for eligible “frontline” workers, educators, police officers, healthcare providers, childcare, firefighters, nurses, military personnel, and others by providing down payment and closing cost assistance to qualified homebuyers.
The Florida Hometown Heroes Loan Program offers a lower first mortgage rate AND additional special benefits to those who currently serve their communities and those who have served and continue to serve their country.
The program will reduce the upfront costs for homebuyers by providing zero-interest loans to help with down payment and closing costs
5% Of the Total Loan Amount Capped at $25,000, Use Any Excess to reduce LTV.
30 Year Term, 0%, Non-Amortizing, No Monthly Payments
Repayable when borrower sells, refinance's, transfers deed, or vacates as their primary residence
To qualify for the program, homebuyers will need to go through a participating loan officer, have a minimum credit score of 640, provide certification for one of the eligible occupations, and meet the income threshold for their county.
An applicant must be a first-time homebuyer to be considered for the FL Housing Hometown Heroes program. This implies they shouldn't have shown any ownership interest in a primary house in the three years leading up to the execution of the Mortgage Loan.
An applicants must meet the qualifying income requirements stipulated by FL Housing. The income limit puts a cap above which an individual cannot qualify for a mortgage. Only applicants with salaries below 150 % of the county's median income are considered.
A FICO rating of at least 640 is required for all applicants. The back-end debt-to-equity ratio for people with FICO scores in the 640-679 range must be less than 45 percent. People with scores above 680 may qualify with back-end DTI of up to 50 percent.
Workers in more than 50 professions deemed key to the state of Florida can now get help with the down payment for their first home
Note - Sworn law enforcement officers, veterans, active duty military and surviving spouses do not have to be first time home buyers to take part.
The borrowers must submit the following documentation to prove they qualify for the program.
Fully executed HTH Loan Program Attestation from borrower(s)-Pre-closing Form
Copy of State of Florida License or Certification
Copy of VOE (Validating Full-time Employment)
Although county-specific income limits apply, the program is available statewide. Low-end income limits start around $118,950. In many counties, home loan limits start around $420,680 but go as high as $710,700 in some counties.
We are dedicated to finding great rates and loan options for our customers while offering some of the fastest turn times in the industry. Our goal is to act as a trusted advisor, providing highly personalized service and helping you through every step of the loan process — from application to closing and beyond. It’s all designed to exceed expectations, provide satisfaction and earn trust.