Florida Housing and Governor DeSantis recognize Florida Hometown Heroes Down Payment Assistance (DPA) to all full-time workers in Florida starting July 1, 2024. 

If you work full-time (35+ hours per week) for any business in Florida and meet income eligibility and program requirements, you could qualify for this incredible opportunity. 

That’s right, the program is moving away from career-specific eligibility to focus on income, making more first-time homebuyers than ever eligible for down payment assistance. 

Borrowers can receive up to 5% of the first mortgage loan amount (maximum of $35,000) in down payment and closing cost assistance. Down payment and closing cost assistance is available in the form of a 0%, non-amortizing, 30-year deferred second mortgage.

This program provides down payment and closing cost assistance to first-time, income-qualified homebuyers so they can purchase a primary residence in the community in which they work and serve. The Florida Hometown Heroes Loan Program also offers a lower first mortgage interest rate and additional special benefits to those who have served and continue to serve their country.

Program Details:

• To be eligible you need to be a full-time workforce, employed by a Florida-based employer applying on an FHA, VA, RD, Fannie Mae or Freddie Mac first mortgage.
• Borrowers can receive up to 5% of the first mortgage loan amount (maximum of $35,000) to be used for down payment or closing cost assistance such as realtor fees. 
• Down payment and closing cost assistance is available in the form of a 0%,  no origination points or discount points  non-amortizing, 30-year deferred second mortgage. 
• This second mortgage becomes due and payable, in full, upon the sale of the property where D'Lux can assist you through our special listing agreement. You will be also paying it off if refinancing the first mortgage, transfer of deed to a trust, corporation or another person, or if you will no longer occupy the property as your primary residence. The loan is not forgivable.

Program Highlights:

• Eligibility for lower-than-market rates on FHA, VA, USDA/RD, Fannie Mae, or Freddie Mac First Mortgages.
• Down payment and closing cost assistance up to 5% of your first mortgage loan amount, maxing out at $35,000.
• Assistance is provided as a 0%, non-amortizing, 30-year deferred second mortgage, which is repayable upon selling the property, refinancing the first mortgage, transferring the deed, or if the property is no longer your primary residence. Note that this loan is not forgivable.

How do I qualify? To be eligible for Florida 

• You are eligible if you’re employed by a business with a physical presence in Florida (inclusive if the company has offices in FL but is headquartered out of state), all we need to prove is that you are a full time employee in FL.
• You must be a first-time homebuyer, which means no homeownership in the previous three years.
• Your income must not exceed 150% of your county’s Area Median Income (AMI), and your loan must meet your county’s loan limit requirements.
• Borrowers must take an approved HUD homebuyer education course.
• Single-family residences, townhomes, and FHA-approved condo purchase transactions are eligible.
• Lot and land loans are not eligible for this program.
• Refinance transactions are not eligible for the FL Hometown Heroes Program.

Properties that qualify for the assistance:

1. Single Family Homes
2. Townhomes / Villas
3. Condominiums
4. 2-4 Unit Multi-Family Homes
5. Manufactured Homes

Why you need to act fast:

Time is of the essence with the Hometown Heroes Program. To secure your funds, you must be preapproved in June 2024 and get under contract by July. This ensures we can reserve your down payment assistance funds with Florida Housing before they run out. The funds are distributed on a first-come, first-served basis, so early action is crucial.