Launched in June 2022, the Florida Hometown Heroes Housing Program was designed to help eligible frontline workers purchase a primary residence in the communities in which they live and serve. Since its inception, the program has helped 6,753 “hometown heroes” buy their first home. Building off that success, Governor DeSantis expanded the program’s reach on July 1, 2023, with the “Live Local Act,” which saw three important updates:
- The bill lifted the specific occupation requirement and opened eligibility to all working Floridians with the other required qualifications.
- The maximum down payment assistance was increased from $25,000 to $35,000.
- The 2023 Florida Legislature funded the program with an additional $100 million for the 2023-2024 fiscal year.
Through this program, eligible borrowers 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. Specifically, the program now offers up to $35,000 in down payment and closing cost assistance on FHA, VA, USDA, and conventional loans, based on 5% of the first mortgage loan amount.
The down payment assistance is a 0% interest, non-amortizing, 30-year deferred second mortgage. While the loan is not forgivable, it does not require any payments until it 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 their primary residence.
The Florida Hometown Heroes Housing Program can be a valuable resource for eligible frontline workers needing assistance with down payments and closing costs.
Head Start to Homeownership Program (H2H)
The Head Start to Homeownership Program (H2H) is a down payment and closing cost assistance program offered to eligible individuals and families in Duval County. The program provides up to $50,000 in financial assistance to qualified borrowers who plan to reside in the home as their primary residence.
To be eligible for the program, applicants must meet the household income criteria established by the U.S. Department of Housing and Urban Development (HUD), must not currently own a home or have owned a home in the last three years, and must plan to reside in the home as their primary residence. As established by HUD, the total gross household income cannot exceed 120% of the area median income for Duval County.
Unlike Florida Housing, the program is subject to funding limitations and is available for any single-family housing unit, existing or newly built (including patio homes, townhomes, and condos) located within the "consolidated City of Jacksonville." However, mobile/modular homes are not eligible.
Financial assistance is provided in the form of a second or third mortgage at 0% interest for 15 years, with the principal balance reducing annually. Suppose the property is sold or the applicant ceases to occupy it as their principal residence before the City's mortgage term ends. In that case, the applicant must repay the City the original balance of the loan amount or the amount by which net sale proceeds are available after payment of the first mortgage and closing costs.
Applicants must meet the income criteria listed, have a minimum down payment of $500, and pay an inspection fee of $375. If approved, they must attend an eight-hour homeownership training class. To apply for the program, applicants should contact an approved lender to begin the process.
How to Kickstart Your Homebuying Process with Florida Housing
- Find an approved lender using the Homebuyer Loan Program Wizard to get pre-approved and learn more about the available programs. The lender will guide you through the credit process of buying a home and help you determine how much you can afford to spend.
- Take a homebuyer education course from one of the approved partners provided by your lender. The course will teach you about budgeting, credit, and other important topics related to homeownership.
- Find a certified real estate agent using the Homebuyer Loan Program Wizard or an agent of your choosing to help you find a home that meets your budget and expectations. Once you find the right home, your real estate agent will help you negotiate your offer and navigate the required paperwork and inspections.
- Finalize your mortgage application with your approved lender, providing any required documentation as soon as possible to expedite the approval process. The lender will order the appraisal and title search, and you can shop around for homeowners' insurance.
- Attend the closing with your attorney or realtor, where you will sign your note and mortgage to take ownership of your new home. Congratulations, you get your keys!
By following these steps, you can streamline your homebuying process and take advantage of the resources and assistance offered by Florida Housing to make your dream of homeownership a reality.
Why Choose Charles Stallions?
Since 1995, with Charles's experience and certifications like Certified Residential Specialist (CRS), Certified Buyer Expert (CBR), and Senior Real Estate Expert (SREE), Charles Stallions has helped thousands of families achieve their real estate dreams. Whether you are buying your first home or upgrading to your dream property, Charles is here to guide you.
Ready to Take the Next Step?
Whether you’re buying, selling, or exploring the local market, let Charles Stallions guide you every step of the way. Call or text today at 850-476-4494
for expert advice you can trust. We “R” The Realtors for That!
#CharlesStallionsRealEstate #WeAreTheRealtorsForThat #TheCNoteRealEstate #RealEstateGoals #DreamHomeJourney #MovingToFlorida #LocalMarketInsights #FirstTimeHomeBuyer #HomeInvestors #HomeSellers #RealEstateAdvice #HomeBuyingTips #RealEstateExpert #BuyersAgent #SellingYourHome #RealEstateBroker #PensacolaRealEstate #PaceFloridaHomes #GulfBreezeRealEstate #FloridaPanhandleHomes
Comments(2)