ORLANDO, Fla. – A popular program to help first time homebuyers just re-launched in Florida.
The Florida Hometown Heroes Program provides up to $35,000 in down payment and closing cost assistance for certain frontline workers.
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Workers must be employed full-time by a Florida-based employer in an eligible field, including:
- Healthcare
- K-12 school employees
- First responders
- Law enforcement/public safety
- Court employees
- Child care workers
- Active-duty military, National Guard, Reserve members, or veterans (veterans must also be employed full-time by a Florida-based employer)
The assistance is considered a loan, with a zero percent interest rate and is paid back once you sell the house or pay off the first mortgage.
The Florida legislature allocated $50 million this year, and the money is expected to go fast.
Deidre Graybill, the president-elect for the Orlando Regional Realtor Association, expects most of the funds to be gone in 30 days.
Graybill has seen firsthand the impact of the program on families buying a home.
“It’s delightful because there’s so much money needed just to move, just to pay for movers, just to pack,” said Graybill. “So now having that additional resource come in that you didn’t have to work, save for initially upfront, it makes the transition into your home a lot easier.”
Graybill recommends working with a realtor because the number one factor impacting your application is preparation.
“This is something you have to prepare for. So it helps if you’re working alongside a professional that’s used it before with other clients, who understand the guidelines.” Graybill explains.
Other eligibility requirements include:
- Must be buying a primary residence in Florida and intend to occupy it within 60 days of closing
- Must work at or report to a Florida brick-and-mortar location. Fully remote employees are not eligible. Hybrid employees must work on-site at least three days per week.
- Must generally be a first-time homebuyer (no ownership interest in a primary residence during the past three years), unless you qualify for a veteran or targeted-area exemption.
- Must meet county income limits.
- Must have a minimum 640 credit score.
- At least one borrower must complete an approved homebuyer education course before closing (some military/veteran exemptions apply).
For more information on the program and how to qualify, click here.