WESLEY CHAPEL   HOMETOWN HEROES PROGRAM
HOMETOWN HEROES

WHAT IS IT?

The Florida Hometown Heroes Housing Program through the Florida Housing Finance Corporation helps make homeownership more affordable for eligible Florida-based employees working at least 35 hours per week.


The program provides down payment and closing cost assistance to first-time, income qualified homebuyers to assist them in the purchase of a primary residence.


HOMETOWN HEROES

WHAT ARE THE BENEFITS?


  • Florida Hometown Heroes allows borrowers to receive up to 5% of the loan amount (capped at $35,000) in down payment and closing cost assistance

  • Down payment and closing cost assistance is available in the form of a 0% interest, non-amortizing, 
  • 30-year repayable 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 their primary residence. The Florida Hometown Heroes loan is not forgivable.

  • The down payment and closing cost assistance can be used to satisfy the following:
  • Borrower’s down payment 
  • Any down payment exceeding the minimum borrower requirement 
  • Reasonable and customary closing costs 

NOTE: The down payment and closing cost assistance cannot be used to cover commission for real estate agents, the cost difference between the sales price and the appraised value or to pay off borrower debt. 


HOMETOWN HEROES

WHAT ARE THE OPTIONS?


  • Conventional
  • HFA Preferred Heroes (Fannie Mae) – Offers eligible borrowers a 30-year, fixed-rate mortgage. This mortgage also offers borrowers a reduced Private Mortgage Insurance premium for borrowers below 80% AMI. Standard PMI applies to borrowers above 80% AMI. 
  • HFA Advantage Heroes (Freddie Mac) – Offers eligible borrowers a 30-year, fixed-rate mortgage. This mortgage also offers borrowers a reduced Private Mortgage Insurance premium for borrowers below 80% AMI. Standard PMI applies to borrowers above 80% AMI. 

  • FHA, USDA and VA
  • AMI does not impact MI rate


HOMETOWN HEROES

ELIGIBILITY

  • Borrowers must not exceed the maximum income limit requirements for the county in which property is being purchased 
  • Hometown Heroes Loan Limit and Income Limit Lookup 

  • All borrowers must be considered a first-time homebuyer

  • The State of Florida has removed the occupational requirement for Hometown Heroes
  • V V O E indicating full time employment of 35 hours or more a week required 
  • First-time homebuyer counseling is required to be complete by all borrowers


GET STARTED
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