Attention, Florida real estate professionals and prospective homebuyers! We're thrilled to announce that the Florida Hometown Heroes Down Payment Assistance Program is set to make its triumphant return in July 2024. This program has been a game-changer for many, providing crucial financial support for first-time homebuyers, veterans, and active-duty service members looking to purchase homes in the Sunshine State. Here's everything you need to know to take advantage of this opportunity before the funds run out.

What is the Florida Hometown Heroes Program?

The Florida Hometown Heroes Program aims to assist first-time homebuyers, veterans, and active-duty members in purchasing homes across Florida. Eligible applicants can receive between $10,000 and $35,000 to use towards down payment and closing costs.

With a substantial funding of $100 million allocated for 2024, it's important to act swiftly. Similar funding in previous years has been exhausted within the first two months of the program's launch.

Why You Need to Act Fast

Time is of the essence with the Hometown Heroes Program. To secure your funds, prospective buyers must be preapproved by June 2024 and under contract by July. This ensures your down payment assistance funds are reserved with Florida Housing before they're depleted. Funds are distributed on a first-come, first-served basis, underscoring the urgency of early action.

How to Qualify:

For First-Time Buyers:

• Must not have owned a home in the past three years.
• Require some personal funds, family support, or assistance from motivated home sellers.

Employment Requirements:

• At least one applicant must be employed full-time by a Florida-based business.
• Remote workers must have a confirmed Florida location by their employer.
• Self-employed individuals need confirmation of full-time status from a CPA, bookkeeper, or tax preparer.

For Veterans and Active-Duty Service Members:

• Automatically eligible if total applicant income meets maximum income limits.
• Assistance can be used with VA, Conventional, FHA, or USDA loans.
• No requirement to be a first-time buyer or employed by a Florida-based business.

Income Limits and Credit Scores:

• Must qualify for traditional mortgage loans.
• Income must be below maximum limits for your county.
• Minimum credit score requirements apply.

Income Limits and Credit Scores:

Eligible applicants can receive up to 5% of the new loan amount in down payment assistance, ranging from $10,000 to $35,000. This often covers the entire down payment and provides additional funds for closing costs.

Income Limits and Credit Scores:

1. Apply Early: Begin your application process in June 2024 to ensure readiness for the program's relaunch on July 1.
   
   
2. Preapproval: Get preapproved with an authorized participating lender.
   
   
3. Get Under Contract: Start your house hunting and secure a contract as soon as possible.
   
   
4. Reserve Your Funds: Secure preapproval for your new home loan with a participating Hometown Heroes lender and get under contract promptly. Remember, funds are limited and once exhausted, the program pauses until additional funding is available.

Take Action Now

 The Florida Hometown Heroes Down Payment Assistance Program presents an outstanding opportunity for achieving homeownership dreams. With funds depleting rapidly, early action is crucial! If you envision settling into your new home by mid-2024, don't delay—secure your future today!

Florida realtors and future homebuyers. Funds are limited, so act fast!

   

 

 

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