If you are looking for a way to buy a home with an affordable down payment in Florida, one program that might be able to help is Hometown Heroes. Starting on July 1st, this program will be available to more Florida homebuyers than in the past. Let’s take a look at the program, and then we will discuss the expanded benefits.
What is the Hometown Heroes Program?
The Hometown Heroes Program provides down payment assistance of up to 5% of the mortgage amount, to a maximum of $35,000 (this is the new higher maximum). The funds can also cover closing costs.
You must work full time and be a first-time homebuyer to apply for this program. It is only for primary residences. One additional caveat to be aware of is that you need to buy a home in the community where you work.
More Florida Homebuyers Can Now Take Advantage
What should you know about the changes in the Hometown Heroes program? ABC Action News WFTS Tampa Bay reports, “For a while, [the program] was only available to frontline heroes. Now, the Live Local Act put another $100 million into the program and extended it to all working Floridians.”
ABC adds, “The Florida Housing Authority said right now, borrowers can receive a maximum amount of $25,000 in down payment assistance. Once the change goes into effect, the maximum amount will be $35,000.”
Find Out if You Qualify for Down Payment Assistance
Whether you are shopping for a home in Cape Coral or anywhere in Florida, American Mortgage Solutions can help. During your consultation, we can help you figure out if you qualify for Hometown Heroes under the new program rules, and explore other options to move into a home with an affordable down payment. To get started, please call at (502) 327-9770 for Louisville KY Office and for Cape Coral FL Office (239) 766-8344.