Hometown Heroes Program has expanded to offer more assistance to first-time homebuyers | Real Estate

Florida’s Hometown Heroes Program, introduced a year ago to help first-time home buyers live in or near the community they serve, expanded on July 1 to offer even more assistance.

The program has received an additional $100 million for the 2023-24 fiscal year through the Live Local Act.

The Hometown Heroes Program initially helped veterans, teachers, nurses, and those in law enforcement purchase homes. Now, the program includes more full-time workers with a Florida-based employer.

Before July 1, the program offered eligible borrowers a maximum of $25,000 in down payment and closing cost assistance. The maximum is $35,000, or 5% of the first loan amount, whichever is less.

Also included is a lower first mortgage interest rate, reduced upfront fees, and no origination points.

How it works:

* Eligible full-time workforce employed by a Florida-based employer can get help on any FHA, VA, RD, Fannie Mae, or Freddie Mac first mortgage.

* Down payment and closing cost assistance are available in the form of a 0%, non-amortizing, 30-year deferred second mortgage, which would become due and payable upon sale of the property, refinancing, transfer of deed, or is no longer the applicant’s primary residence.

* To qualify, applicants must connect with one of Florida Housing’s participating loan officers; have a minimum credit score of 640; be a first-time home buyer; and earn less than 150% of the area median income ($74,700 in Miami-Dade County; $47,860 in Miami; $167,990 on Key Biscayne).

* Specifically, the program now includes: law enforcement officers; certified correctional officers; probation officers; 911 operators; firefighters; paramedics; emergency medical technicians; teachers; education administrators; health care professionals; childcare employees; and active military or veterans.

So far, the program has helped 6,753 families.

“Through the Hometown Heroes housing program, we are ensuring that our police officers, firefighters, teachers, nurses, and military members and veterans can afford to buy homes in the communities that they have dedicated their lives to serving,” Gov. Ron DeSantis said recently.

The down payment is the first step toward home ownership.

According to Florida Realtors’ Hometown Heroes Handout, Floridians would need to earn about $62,000 a year to afford a median-priced home, which has climbed by more than 58% since 2016. It was $373,990 by December, up 21% in 12 months.

Meanwhile, salaries have not spiked accordingly.

A sampling of Florida median salaries:

* $33,660 for EMT/paramedics

* $46,290 for licensed practical nurses

* $49.870 for firefighters

* $56,540 for elementary school teachers

* $57,280 for middle school teachers

For more information on the Florida Hometown Heroes Housing Program, visit www.floridahousing.org/hometownheroes.