First-Time Homebuyers
This section is to help inform and educate you about the core, basic fundamentals you should know about a mortgage.
FLORIDA HOMETOWN HEROES PROGRAM (HHP)
The Florida Hometown Heroes Housing Program is a state-backed initiative providing crucial financial assistance to first-time homebuyers who serve their communities. It helps eligible essential workers and veterans purchase a primary residence in Florida through down payment and closing cost assistance.
I. HHP Assistance Structure and Maximum Benefit
The HHP provides a second mortgage to cover down payment and closing costs, minimizing the cash needed to close for eligible borrowers.
Key Financial Benefit
- Assistance Amount: Eligible borrowers can receive up to 5% of the first mortgage loan amount, not to exceed $35,000.
- Loan Structure: The assistance is provided as a 0% interest, non-amortizing, deferred second mortgage.
- Repayment: Repayment of the second mortgage is deferred until the property is sold, refinanced (unless it's a rate/term refinance), the first mortgage is paid in full, or the homeowner ceases to occupy the property as their primary residence.
This structure is designed to be a significant barrier reduction, allowing essential workers to afford housing without having to save tens of thousands of dollars for closing expenses.
II. Who Qualifies? Borrower and Profession Eligibility
The program is specifically for those who work in over 50 eligible professions. Eligibility requires both profession-based and general underwriting criteria.
A. Eligible Professions (The "Heroes")
While the list is extensive, common categories of eligible essential workers include:
Education
Teachers, Librarians, School Counselors, Support Staff.
Healthcare & Emergency
Nurses, EMTs, Paramedics, Doctors, First Responders, Police Officers, Firefighters.
Civil & Skilled Trades
Veterans, Active Military, Child Care Workers, Plumbers, Electricians, State Employees.
B. General Underwriting Requirements
- First-Time Homebuyer: Borrowers must be a first-time homebuyer, or not have owned a home in the last three years (veterans are exempt from this requirement).
- Employment: Must be currently employed full-time (or equivalent) by a Florida-based employer within one of the eligible professions.
- Credit Score: A minimum FICO score of 640 is typically required.
- DTI/Income Limits: The borrower must meet the maximum income and loan limits established by Florida Housing, which vary by county and are subject to change.
III. HHP First Mortgage Integration
The Down Payment Assistance (DPA) second mortgage must be paired with an eligible first mortgage product offered through Florida Housing.
Eligible First Mortgages
HHP can be utilized with FHA, VA, USDA-RD, or Conventional first mortgages, offering flexibility based on the borrower's profile and property type.
Property Types
Eligible properties include Single Family Residences, Condos (must meet FHFA or FHA guidelines), Townhomes, and sometimes Manufactured Homes (depending on the first mortgage program).
Resource Complete: Let's Build the Comparison Tool
With the DSCR loan and the Florida Hometown Heroes program now fully detailed, our resource library is complete! The final, most valuable step is to build the dynamic Loan Comparison Tool to bring all four primary loan types together for easy side-by-side analysis.
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