New “Hometown Heroes” Program 2025
🏡 What Is the Hometown Heroes Program?
The Florida Hometown Heroes Mortgage Program, administered by the Florida Housing Finance Corporation, offers a 0% interest, non-amortizing second mortgage to assist eligible first-time homebuyers with down payment and closing costs. The assistance equals 5% of the first mortgage amount, up to a maximum of $35,000. See if this is an option for you by clicking here.
🎯 Who Qualifies?
1. First‑Time Buyer Status
Applicants must not have owned and occupied a primary residence within the past three years—with an exception for veterans and active-duty military.
2. Employment Requirement
Must work full-time (35+ hrs/week) for a Florida-based employer (one occupant borrower satisfies this).
Veterans and active-duty personnel may be exempt.
3. Credit & Debt Criteria
Minimum credit score: 640 (or 660 for manufactured homes)
Maximum debt-to-income ratio: Typically 50%
4. Income Limit
Borrower’s income must not exceed 150% of the Area Median Income (AMI)—which varies by county (e.g., Miami ~ $170,250; Tampa ~ $143,250)
5. Homebuyer Education
Completion of a HUD‑approved homebuyer education course is required (veterans using VA loans may be exempt)
6. Primary Residence Only
The assistance is only applicable to homes intended as primary residences—not for investment or second homes.
💰 How Much Help Can You Get?
5% of the first mortgage, capped at $35,000.
Minimum assistance: $10,000 for mortgages up to $200,000.
📝 Loan Structure & Repayment
The assistance comes as a 30‑year, deferred, 0% interest second mortgage.
No monthly payments are required unless the borrower:
Sells the home
Refinances
Transfers ownership
Stops occupying it as their primary residence.
It is not forgivable—the full assistance amount must be repaid upon one of the above events.
🏛️ Available Loan Types
Can be paired with a range of mortgage products:
Conventional
FHA
VA
USDA .
📆 Funding & Program Changes
Launched in June 2022 with an initial $100M; expanded in 2023, and further supplemented into 2025 fha.org.
For fiscal year 2025, $50 million has been allocated—half the previous year—leading to stricter eligibility and a delayed start. Applications will open after state budget approval and lender training Unconventional Lending+1Make Florida Your Home+1.
🧭 What to Do Now
Check Eligibility: Confirm employment, income, credit, and first-time buyer status.
Choose a Participating Lender: Must be authorized by Florida Housing.
Complete Homebuyer Education: Required before closing (unless exempt).
Get Pre-Approved: Being pre-approved helps secure assistance quickly once funds are available.
Stay Updated: Monitor funding status and program launch through Florida Housing or lenders.
📝 Program Summary
| Feature | Details |
|---|---|
| Assistance | Up to 5% of loan (max $35k); min $10k |
| Structure | 0% interest, 30-year deferred 2nd mortgage |
| Repayment | Triggered by sale, refinance, move, transfer |
| Eligible Buyers | First-timers (veteran exception), full-time FL worker |
| Loan Types | FHA, VA, USDA, Conventional |
| Credit Score | Min 640 (660 for manufactured homes) |
| Income Cap | ≤150% AMI (county-specific) |
| Funding 2025 | $50M; stricter eligibility; launch post-budget |
🧡 Final Thoughts
The Hometown Heroes Mortgage Program is a powerful tool for lowering the financial barriers to homeownership—especially for first-time buyers who live and work in Florida. With up to $35,000 in assistance, no monthly payments on the second mortgage, and compatibility with various loan types, this program is a smart way to make your first home purchase more affordable.
If you’re considering taking this step, start by talking to a participating lender, completing your education course, and staying tuned for the next round of funding.
Don’t lose time see if this may be an option for you, click here!