Update on Hometown Heroes Program
The Hometown Heroes program in Florida has seen significant updates and enhancements in 2023. Key changes include:
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.
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.
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.
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.
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.
Credit Score Requirements: Applicants need a minimum FICO score of 640 for FHA, VA, USDA-RD, Fannie Mae, or Freddie Mac loans.
Debt-to-Income (DTI) Requirements: These vary depending on the type of loan and underwriting process, with limits set for different circumstances.
Homebuyer Education Requirement: Applicants must complete a pre-purchase homebuyer education course that meets specific standards.
Tax Exemption Benefits: The program offers exemptions from documentary stamp tax and intangible tax on mortgages, which can lead to significant savings.
Property Requirements: The program is designed for purchasing primary homes and cannot be used for refinancing or other purposes.
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.