The Florida Hometown Heroes Housing Program was announced on June 1, 2022, by Florida Governor Ron DeSantis. This program aims to make housing affordable for essential workers in Winter Park by providing up to $25K in down payment and closing costs assistance to eligible workers and educators. This announcement came on the first day of National Homeownership Month, which helps recognize and celebrate the value of owning a home and the positive impact homeownership can have on a community.
The program provides frontline workers with down payment and closing costs assistance and lower mortgage interest rates.
- 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 total, 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 loan is not forgivable.
To qualify for this program, some conditions must be met, including a minimum credit score of 640. In addition, the borrower must make less than 150% of their area’s median income and be a first-time homebuyer.
Frontline workers are essential to the overall success of our country, and over the past few years, dealing with the COVID-19 pandemic, they have shown they are the backbone of our communities. Unfortunately, as the cost-of-living increases, more of these essential workers cannot buy homes. The Hometown Hero Housing program is available to workers and educators in Winter Park employed full-time as:
- Law enforcement officers
- Certified correctional officers
- Probation officers
- 911 operators
- Firefighters
- Paramedics
- Emergency medical technicians
- Teachers
- Education administrators
- Health care professionals
For a complete list, visit floridahousing.org.
Florida State Legislature gave Florida Housing $100 million for this initiative to help combat the rising home prices. The median price of a home in Florida has risen 58% since 2016 and has drastically affected our communities’ heroes. The Florida Hometown Heroes program will help keep the heroes of Winter Park and all Florida communities in the areas they serve so they can continue to make a positive impact daily.
Contact one of our participating loan officers for more information about this program.
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