If you are a first-time home buyer, the Hometown Heroes program is for you. This program can help you realize your dream of buying a home for your family. If you don't have enough cash for a down payment or closing costs, now is your chance. Take advantage of this program.
What can you get out of the Hometown Heroes program?
Down payment and settlement cost assistance, which can be 5% of the first mortgage amount up to a maximum of $35,000 in assistance; Lower interest rates on FHA, VA, RD, Fannie Mae, or Freddie Mac first mortgages; Reduced upfront fees and costs.
The down payment and closing cost assistance will be a 0% interest deferred second mortgage that will be repaid when the property is sold or refinanced, or when the property is no longer your primary residence.
Then, all you have to do is check your eligibility for Florida’s Hometown Heroes Program.
What are the requirements for the Hometown Hero Program?
You are a first-time home buyer. You live in the home you purchase. It will be your primary residence. Your employer or company is based in Florida. You work a minimum of 35 hours per week. If you're self-employed, you must register your company through Sunbiz.org or provide a current 1099 form. Your income must be within the program's maximum income limits. See limits below.
What are the Hometown Heroes income limits for 2023?
The maximum income limits for the Tampa Bay area (Hillsborough, Pasco, Pinellas and Hernando counties) are as follows:
FHA, VA, HFA Preferred and HFA Advantage: $130,500
USDA-RD (1-4 person household): $103,500
USDA-RD (five or more people): $136,600
*Updated May 26, 2023
What is the maximum mortgage amount?
For the Tampa Bay area:
FHA: $472,030
VA, HFA Preferred and HFA Advantage: $726,200
*Updated May 26, 2023
How do I apply for the Hometown Heroes Program?
Contact Eileen San Diego, she works with lenders who specialize in the Hometown Heroes Program.
Eileen will help you find the perfect home and also assist you in negotiating with Hometown Heroes lenders.
You can also send a message to Eileen here, just mention Hometown Heroes.
Want to learn more about Irene's real estate business and reviews? Click here: About Irene San Diego
Reference: Florida Housing Finance Agency Hometown Heroes Program