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Florida hometown heroes

Key features:

  • Between $10,000-35,000 towards down payment & closing costs.

  • No geographic restrictions

  • Other eligibility requirements apply

Offer

Receive up to 5% of the purchase price (between $10,000-35,000) towards your closing costs in the form of a 2nd loan.

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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.

Eligibility

  • 660 minimum credit score

  • Income below 150% of the Area Median Income in the area you are purchasing

  • Must work for a Florida-based company

  • Must be currently residing in Florida

  • Single-family homes, townhomes, and condos only

  • Have not owned a property in the last three years

What is the Hometown Heroes Program?

The Florida Hometown Heroes is a down payment assistance program with the intent to help first time homebuyers living and working in the state of Florida.

How does the Hometown Hero Program work?

The Hometown Heroes program offers between $10,000-$35,000 in assistance for down payment and closing costs. Eligible borrowers can receive 5% of their total loan amount when buying a home in the community where they work. This assistance can cover down payments, closing costs, pre-paid taxes and insurance escrows, and upfront mortgage insurance premiums.

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The assistance is provided as a 30-year, non-amortizing, deferred second mortgage with 0% interest. Recipients do not pay any interest or monthly payments on the assistance amount. The payment is required when the home is sold, refinanced, the primary mortgage is paid off, or the homeowner no longer uses the home as their primary residence.

Who qualifies for the Hometown Hero Program in Florida?

  • Credit Score: 660 minimum

  • First-Time Homebuyer: Must not have owned a property in the last three years.

  • Employment: Must work at least 35 hours a week for a Florida-based employer or an employer with a Florida location that must be reported to. Self-employed borrowers are eligible with proof of location of services.

  • Income: Income limit must not exceed the 150% of the area median income of the subject property.​

  • Property Type: Single-family homes, townhomes, and condos

How to apply for the Hometown Hero Program?

  1. Complete an online application with AsertaLoans (completing one does not automatically run your credit).

  2. Provide financial documents (i.e. paystubs, asset statements, W-2s, etc)

  3. Review your loan options with a mortgage loan officer.

  4. Get Pre-Approved and begin shopping for a home

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