Starting June 1, 2022, eligible Florida home buyers can start applying for the Florida Hometown Heroes Program. This new $100 Million Program, passed by the State Legislature, is designed to help Floridians in more than 50 critical professions purchase a first home by providing assistance with down payment and closing costs. The program will be run by The Florida Housing Finance Corporation. You can apply through qualified local lenders.

Why was this Program Created?

Since 2016, the median price of a home in Florida has climbed more than 58%. By December, it
was $373,990, up 21% from one year earlier. Yet household income isn’t rising at nearly the same pace.
The challenge of affording a home is even greater for many workers and educators, whose salaries often
fall well below the amount needed to buy a home.

To afford a median-priced home, Floridians would need to earn about $62,000 per year. But average salaries for many Hometown Heroes fall short, for example:

• Emergency Medical Technicians and Paramedics $33,660
• Licensed Practical Nurses $46,290
• Firefighters $49,870
• Elementary School Teachers $56,540
• Middle School Teachers $57,280

For a more thorough Income Data Analysis, you can click here.

What Occupations Qualify?

Occupations that qualify include: law enforcement officers, firefighters, educators, healthcare professionals, childcare employees, and active military or veterans. To see a complete list and determine if you may qualify, click here for a complete list.

What are the Benefits of the Program?

• 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 are the Income and Purchase Limits?

There are income and purchase limits determined by county. The current limits for Duval, Clay, and St. Johns County are:

• 2022 FL Hometown Heroes FHA & USDA Loan Limits: $432,400.00
• 2022 FL Hometown Heroes Conventional and VA Loan Limits: $647,200.00
• 2022 FL Hometown Heroes Income Limits: $118,950.00

You can click here for a complete list of all Florida Counties and their limits. For more information on the program and whether you qualify, you can reach out to a local lender. More information is also available online at: https://www.floridahousing.org/programs/homebuyer-overview-page/hometown-heroes

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