The Florida Hometown Heroes Housing Program makes homeownership affordable for eligible community workforce for all working Floridians no matter what the profession is, and is available to self-employed buyers as well.
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 rate and additional special benefits to those who have served and continue to serve their country.
Eligible workers can receive lower than market rates on first mortgage, reduced upfront fees, no origination points or discount points. 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.
As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.
