Hometown Heroes Program is Now LIVE!
What is it & Who can apply?
July 20th, 2022
We have some exciting news to share to all our nurses, firefighters, law enforcement, teachers, veterans and the close to 50 additional service careers that are the backbone to our Floridian way of life. Thanks to the efforts from Florida Realtors® and the legislative power of RPAC, "Florida Hometown Heroes" was launched on June 1st, 2022 which has opened up the opportunity for so many of our local heroes to experience the benefits that come with homeownership. There are currently 3 million plus eligible Florida workers who can take advantage of this program and it's our job to retain and share this information with all of our eligible clients!
What is the Hometown Hero Program?
Through this program - the applicants will have the ability to pair with a traditional FHA/VA/Conventional Mortgage and will increase their potential purchasing power through the increased downpayment and the 150% AMI/income limit per county. The HTH (Hometown Heroes) loan can be paid in a 30-year term that is 0% Non-Amortizing and can be set up in a flexible manner without monthly payments.
How Can Eligible Participants Apply?It's very important to note that this program is only for first-time homebuyers. In Florida according to the IRS a first-time homebuyer is "someone who has not owned a home in the past three years and is a primary resident of Florida". So don't count out a client that has purchased a home in the past.
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If you or someone you know is eligible - here is what you/they need to do to apply:
- Connect with a participating loan officer (More then 240+ as of July 2022 - Expect this to grow exponentially)
- Make sure the applicant has a credit score of at least 640.
- The applicant must provide a certification of one of the eligible occupations.
- The applicant must meet the income threshold for the county.
More Information (provided by Florida Realtors®): HERE
Keep an eye out as this program will become more common in your transactions and be sure to attend our training so you can help your client if they are eligible.