Are you a frontline worker in Florida looking to buy a new home? The Florida Hometown Heroes program may be able to help. This third-party program is designed to honor the service of eligible frontline workers, including firefighters, nurses, teachers, police officers, and others, by offering special home buying benefits.
Through the Florida Hometown Heroes program, 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 full, upon sale of the property, refinancing of the first mortgage, transfer of deed or if the homeowner no longer occupies the property as his/her primary residence. The Florida Hometown Heroes loan is not forgivable.
These benefits can add up to thousands of dollars in savings, which can make a big difference for frontline workers who are ready to purchase a new home. In fact, some eligible homebuyers have been able to save up to $5,000 through the program.
So who qualifies for these benefits? Eligible frontline workers may include active or retired firefighters, nurses, teachers, or police officers, as well as military veterans or emergency medical technicians in some cases.
If you're interested in learning more about the Florida Hometown Heroes program, there are several resources available online. The program is offered through the Florida Housing Finance Corporation, which provides affordable housing opportunities for Floridians. You can visit their website at www.floridahousing.org to learn more about the program and find out if you're eligible.
In addition, there are several third-party sites that offer information on the Florida Hometown Heroes program, including Homes for Heroes and the National Council on Teacher Quality. These sites provide details on the program benefits, eligibility requirements, and how to apply.
At Best of Luxury Realty, we understand the importance of honoring our local heroes. While the Florida Hometown Heroes program is not something we offer directly, we're here to provide information and help connect eligible frontline workers with the resources they need. So if you're a frontline worker looking to buy a home in Florida, please don't hesitate to reach out to us for more information. You can contact us at Yzayas@bestofluxuryrealty.com or by phone at 305-342-1861. We're here to help!