Here are answers to 10 questions about the Florida Hometown Heroes housing program
Gov. Ron DeSantis visited Cape Coral Monday and announced the launch of the Florida Hometown Heroes Housing Program, which will give first responders and teachers — among others — help to buy their first home.
“Our hometown heroes are the backbone of Florida communities and making sure that they can afford to be homeowners is a great way to give back to them and support the future of the American Dream,” DeSantis said during Monday's announcement.
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Here are answers to your questions about the Hometown Heroes program.
What is the Florida Hometown Heroes Housing Program?
The Florida Hometown Heroes Housing Program is intended to help residents in more than 50 critical professions purchase their first home, making homes affordable for eligible frontline community workers.
The program provides down payment and closing cost assistance to first-time, income-qualified homebuyers so they can purchase a primary residence in the community in which they work and serve.
The Florida Hometown Heroes Loan Program also offers a lower first mortgage rate and additional special benefits to those who have served and continue to serve their country.
Who is eligible for the housing program?
The Hometown Heroes Housing Program will be available to Floridians in such occupations as law-enforcement officers, firefighters, educators, healthcare professionals, childcare employees and active military or veterans.
Who administers the program?
The program is administered by the Florida Housing and Finance Corporation (Florida Housing).
When does the program begin?
Florida Housing received $100 million from the Legislature this year to establish and administer the Florida Hometown Heroes Housing Program.
Funds will be available starting June 1, which coincides with National Homeownership Month.
How do you qualify for the Florida Hometown Heroes housing program?
To qualify for this program, homebuyers must connect with 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.
What assistance is provided if you qualify?
Eligible frontline workers can receive lower than market rates on an FHA, VA, RD, Fannie Mae or Freddie Mac first mortgage, reduced upfront fees, no origination points or discount points, and down payment and closing cost assistance.
Borrowers can receive up to 5% of the first mortgage loan amount (maximum of $25,000) in down payment and closing cost assistance.
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 forgivable.
What occupations are eligible for the housing program?
Occupations range from law-enforcement officers and firefighters to teachers and nurses.
Here's a full list of eligible occupations:
Can't see the list? Go to floridahousing.org.
Are there limits on income or the price of the house?
Yes, and both are determined by county:
Can't see the list? Go to floridahousing.org.
What if this isn't your first home?
If you are not a first-time homebuyer, you may still be eligible to participate if you are purchasing a home in a federally designated targeted area or if you are a qualified veteran.
Where can you find more information about the Florida Hometown Heroes housing program?
Homebuyer loan programs wizard
Florida Hometown Heroes Housing Program
Florida Department of Veterans' Affairs
Florida Department of Education
This article originally appeared on Fort Myers News-Press: Florida Hometown Heroes housing program could help some homebuyers
