11/09/2023
Dear Friends,
The Clock is Ticking: Florida’s Hometown Heroes Program Revived with Limited Funding
In a remarkable yet fleeting victory for aspiring homeowners, the Hometown Heroes program has made a much-anticipated comeback.
Initially, when the floodgates were opened to the public, the resources were depleted in under two months, leaving numerous potential buyers in the lurch. However, due to its overwhelming popularity, the State of Florida has infused an additional $36 million into the program. But make no mistake – these funds are expected to dissipate swiftly. Now is the time to act, to secure your slice of the Hometown Heroes pie before it vanishes once more.
The Clock is Ticking: Florida’s Hometown Heroes Program Revived with Limited Funding
In a remarkable yet fleeting victory for aspiring homeowners, the Hometown Heroes program has made a much-anticipated comeback. Initially, when the floodgates were opened to the public, the resources were depleted in under two months, leaving numerous potential buyers in the lurch. However, due to its overwhelming popularity, the State of Florida has infused an additional $36 million into the program. But make no mistake – these funds are expected to dissipate swiftly. Now is the time to act, to secure your slice of the Hometown Heroes pie before it vanishes once more.
Understanding the Hometown Heroes Program
The Hometown Heroes program is designed as a lifeline for first-time, income-qualified homebuyers, offering vital financial assistance for down payments and closing costs. Its mission? To empower those who serve and have served our country and communities to own a home in the areas they enrich with their service. Qualifying full-time workforce members employed in Florida can avail themselves of several benefits, including:
Below-market interest rates on mortgages through various loan options.
A reprieve on upfront fees, origination points, and discount points.
Down payment and closing cost assistance up to 5% of the mortgage loan amount, capped at $35,000.
Assistance provided as a 0% second mortgage, due upon the sale or transfer of the property, or if it ceases to be the primary residence.
It’s a robust support system, but not a grant – the assistance provided must eventually be repaid, preserving the program's integrity and continuation.