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Update on Hometown Heroes Program

The Hometown Heroes program in Florida has seen significant updates and enhancements in 2023. Key changes include:

  1. Increased Funding: An additional $36 million has been allocated to the program, aiming to expand its reach and support more local heroes in achieving homeownership​​​​.

  2. Expanded Eligibility: Initially targeting frontline workers, the program now extends to all Florida workers. This broadening of eligibility criteria is a substantial shift, making the program accessible to a wider range of applicants​​.

  3. Raised Maximum Grant Amount: The maximum grant amount has been increased from $25,000 to $35,000, although it’s still capped at a maximum of 5% of the home’s purchase price​​.

  4. Mortgage Options: The program offers various mortgage options like FHA loans, VA loans, USDA loans, and conventional loans. These options cater to different needs and circumstances of the applicants​​.

  5. Income and Loan Limits: These vary depending on the county, ensuring that the program supports low and medium-income earners. For example, in Miami-Dade County, the maximum income limit is $154,800, and the maximum loan limit is $557,750​​.

  6. Credit Score Requirements: Applicants need a minimum FICO score of 640 for FHA, VA, USDA-RD, Fannie Mae, or Freddie Mac loans​​.

  7. Debt-to-Income (DTI) Requirements: These vary depending on the type of loan and underwriting process, with limits set for different circumstances​​.

  8. Homebuyer Education Requirement: Applicants must complete a pre-purchase homebuyer education course that meets specific standards​​.

  9. Tax Exemption Benefits: The program offers exemptions from documentary stamp tax and intangible tax on mortgages, which can lead to significant savings​​.

  10. Property Requirements: The program is designed for purchasing primary homes and cannot be used for refinancing or other purposes​​.

  11. Program’s Impact: The Hometown Heroes program has already provided substantial assistance, having given out $100 million in down payment and closing cost support​​.

For more detailed information and guidance on how to apply, interested individuals can visit the Florida Housing Finance Corporation website or contact participating lenders in the Hometown Heroes Program.

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