ORLANDO, Fla. – If you’ve been dreaming of buying a home, but can’t swing the down payment, there’s a program in Florida that’s here to help.
Hometown Heroes offers first-time homebuyers in Florida up to $35,000 or 5% of the loan amount (whichever is less) in down payment assistance starting July 1. The program was recently infused with another $100 million from the state.
Jerry Dongilli, a branch manager at The Mortgage Firm in Altamonte Springs, told News 6 he expects the money to go fast, and once it’s gone, it’s gone.
“Last year it was gone in less than 60 days,” Dongilli said. “We already have people under contract waiting for the money to be released next Monday.”
The initiative was initially designed with Florida’s frontline heroes in mind – law enforcement officers, active military members, veterans, teachers, firefighters and healthcare professionals, among others – but last year, eligibility was broadened to include all qualified working residents.
Florida’s average home price is $399,944, according to Zillow. That would come out to roughly $20,000 in down payment assistance with Hometown Heroes.
“The hardest thing to do is get that down payment,” Dongilli said. “It’s an amazing program for people who don’t have the ability to save a lot of money paying high rents and so forth.”
Florida Hometown Heroes eligibility requirements
- Must be a first-time homebuyer (someone who hasn’t bought or sold a home in the past three years)
- Full-time employee (35+ hours per week) in Florida working for a Florida-based employer
- Minimum credit score of 640
- Households can’t earn more than 150% of the area’s median income (AMI)
- Between $128,250-$131,700 for Central Florida residents
- Only offered by Hometown Heroes-approved mortgage companies in Florida
The loan offered as part of the program is a non-amortizing, 30-year deferred second mortgage with 0% interest. The only time you have to pay it back is if you sell or refinance your home.
“It’s not free money,” Dongilli said. “Most people who use this program are not the ones who will be flipping houses in a few years, that’s not the intent of the program.”
For more information on the Hometown Heroes program click here.
Get today’s headlines in minutes with Your Florida Daily: