Buying Tips January 7, 2023

Florida Hometown Heroes

Florida Housing Buyer Assistance Program

Have you heard of the Florida Housing’s Hometown Heroes Program?  This is a down payment / closing cost assistance program for Front Line Workers who are purchasing a Primary Residence.  Thanks to this program, eligible buyers can receive up to 5% of the loan amount to contribute to the funds needed at the closing table.  The eligible occupations include, but are not limited to, healthcare workers, law enforcement, teachers, fire fighters, military, and many more.  You can view the complete list here.


In order to take advantage of this program, there are some limitations concerning the purchase price and income.  These limits are fairly consistent, but can vary by county; however, for most counties, the maximum purchase price is $420,680 for FHA and USDA loans and $647,200 for Conventional and VA loans.  The income limits range from $118,950 to $153,750.  You can view the complete list of purchase and income limitations here.

Grant or Loan?

Hometown Heroes takes the form of a second mortgage.  The great news is this is a 0%, non-amortizing, 30-year deferred second mortgage.  This means there is no interest and you do not owe any payments until one of the following occur:

1. Sale of the home (paid at closing along with the first mortgage);

2. Refinance of the first mortgage;

3. Transfer of the deed;

4. The purchaser no longer occupies the home as a primary residence

Want to Learn More?

If you are interested in this program or have questions, reach out to me.  I would be happy to go over the program with you and put you in touch with an eligible loan officer.  You can also visit the Florida Housing – Hometown Heroes website.