Hometown Hero's Program codified!!
The Live Local Act is a comprehensive, statewide workforce housing strategy. The act was designed to increase affordable housing opportunities for Florida’s workforce.
This Act, also known as Senate Bill 102, provides the largest investment for housing efforts in Florida state history and is an incredible option for those that meet the criteria. The program provides down payment and closing cost assistance to income-qualified homebuyers so they can purchase a primary residence within their local community.
Program Details:
- Effective July 1st, 2023
- Eligible full-time workforce, employed by a Florida-based employer can receive lower than market interest rates on an FHA, VA, RD, Fannie Mae or Freddie Mac first mortgage, reduced upfront fees, no origination points or discount points and down payment and closing cost assistance.
- 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. This second mortgage becomes due and payable, in full, upon sale of the property, refinancing of the first mortgage, transfer of deed or if the homeowner no longer occupies the property as his/her primary residence.
- Available in ALL Florida counties for FHA, VA, USDA and Conventional Loan Programs
- Borrower must not have owned a home in the last three years, unless a Veteran or Active Duty Service Member
- Borrower must be employed with a Florida based brick and mortar location and be working minimum 35 hours per week
- Borrower must permanently reside in the United States
- Borrower must occupy the home they purchase within 60 days of closing and continue to use the home purchased as the primary residence.
Contact me today to see if you qualify for Florida's new program!
BE AWARE: There is no cost to apply for Hometown Heroes Down Payment Assistance. Scammers often target homebuyers who are in need of assistance or trying to purchase a home. A common tactic scammers use is requiring you to pay an upfront fee before providing any services. They may also try to charge you to apply for the program. Avoid any company or individual that does this and report them to the Inspector General’s Office at the Florida Housing Finance Corporation 850-488-4197.
