For many Floridians, owning a home is a cornerstone of achieving the American Dream. Yet, for our everyday heroes—those who dedicate their lives to serving our communities—this dream can sometimes feel just out of reach due to financial barriers. The Florida Hometown Heroes program aims to bridge this gap, making homeownership more accessible to those who serve us all.

What is the Florida Hometown Heroes Program?

Launched in 2022 to support essential workers in purchasing their first homes, the Florida Hometown Heroes program provides financial assistance in the form of a 0% interest, 30-year deferred second mortgage. This down payment and closing cost assistance is not forgivable, meaning it is repaid when the home is sold, transferred, or the first mortgage is paid off or refinanced. Due to high demand, the funds from the state quickly ran out, indicating the importance of acting quickly to secure these benefits now that its returning in 2024.

Who is Eligible?

Eligibility for the program extends to a diverse array of professions, all critical to the infrastructure of Florida’s communities. These include:

• Law Enforcement Officers

• Firefighters

• Educators (including teachers and professors)

• Healthcare Professionals (such as nurses and doctors)

• Childcare Employees

• Emergency Medical Technicians (EMTs)

• Military Personnel (both active and veterans)

• Public Safety Personnel

These professions are recognized for their integral roles in maintaining the safety, education, and health of our communities.

Program Requirements

Applicants must be first-time homebuyers, defined as those who have not owned a home in the past three years, and must purchase a home in Florida. They must be employed full-time, typically 35 hours per week or more, except for military veterans who are exempt from this requirement. All borrowers must have a minimum credit score of 640. The properties eligible under this program include single-family residences, townhomes, and FHA-approved condos.

Common Questions About the Program

• Is the assistance forgivable? No, the down payment assistance is in the form of a deferred second mortgage that must be repaid under the conditions mentioned above.

• What are the employment requirements? Applicants need to be employed full-time in one of the eligible professions. This is typically at least 35 hours per week, except for veterans who are exempt.

• Can the program be used to purchase an investment property? No, the Hometown Heroes program is exclusively for first-time homebuyers purchasing a primary residence. It cannot be used for investment properties or second homes.

• What is the minimum credit score required? Applicants need a minimum credit score of 640 to qualify for the program.

• Is funding for the program limited? Yes, the state allocates a specific amount of funding each year, which ran out quickly last time. It's advisable to apply early to secure funds.

• How does one apply for this program? There are no upfront costs to apply. Prospective homebuyers can contact Simplified Capital at (305) 804-0557 or [email protected]. You can also click here to start an online application.

Important Dates and How to Apply

The program restarts on July 1st this year. To ensure you are ready and among the first to access these funds, it's crucial to start discussions with a loan officer now. Preparation is key to being approved in time, as the funds are limited and have historically run out quickly.

Interested individuals should connect with participating loan officers who can guide them through the application process and ensure all requirements are met, including completing a mandatory homebuyer education course.

This program is a testament to Florida's commitment to its community heroes, providing them a tangible pathway to homeownership. If you're serving in any of the eligible professions and dreaming of owning a home, the Florida Hometown Heroes could be your key to unlocking that dream. Anyone interested in seeing if they qualify and how this program can help make their homeownership dreams come true can contact Simplified Capital to learn more.