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Florida Hometown Heroes Loan Program Expanded

Effective July 1, 2023:

Florida Hometown Heroes Loan Program Expanded

In March 2023, the "Live Local Act" was approved by Gov. Ron DeSantis. The Live Local Act will increase funding and expand the program's eligibility and the program will be open to all first-time homebuyers and veterans, regardless of occupation with up to $35,000 in assistance. This expansion aims to help more people achieve homeownership and establish roots in their local Florida communities.

Contact an VIP Mortgage Group today to learn more about one of the best first-time homebuyer down payment assistance programs in the country.


As of July 1, 2023, the Florida Hometown Heroes Loan Program is now providing down payment and closing cost assistance to all buyers who have not owned a home as their primary residence in the past three years. This program is also available to veterans or active military service members, offering up to $35,000 in assistance.

Eligible homebuyers who qualify for this program can benefit from lower-than-market interest rates, reduced upfront fees, no origination fees or discount points, as well as down payment and closing cost assistance. Our down payment assistance can be utilized in conjunction with any of our first mortgage loans, including VA, FHA, USDA, or Conventional loans. Borrowers have the potential to receive 5% of the loan amount in down payment assistance, with a maximum limit of $35,000. For loan amounts of $200,000 or less, a minimum of $10,000 in payment assistance will be provided.

The Hometown Heroes Program is widely recognized as one of the most beneficial down payment assistance programs in Florida, particularly for first-time homebuyers, veterans, and active military personnel. To determine if the Florida Hometown Heroes Program is the right option for you, we recommend reaching out to our team of licensed loan officers.

So, what exactly is the Florida Hometown Heroes Program?

In today's housing market, saving up enough funds for a down payment and closing costs can be a significant challenge. Fortunately, the Florida Hometown Heroes Housing Program aims to assist individuals in overcoming this hurdle.

If you are a first-time homebuyer, veteran, or active military personnel residing and working in Florida, you may be eligible to receive up to $35,000 in down payment and closing cost assistance. Under this program, qualified buyers can receive 5% of their total mortgage loan amount, with a maximum limit of $35,000, to be used for down payment and/or closing costs. This assistance is offered as a deferred second mortgage with 0% interest, which becomes due and payable in full when the property is sold, the primary mortgage is refinanced, the deed is transferred, or the property is no longer used as the primary residence.

The Florida Hometown Heroes Housing Program can be used alongside conventional, FHA, VA, or USDA loans. To find out more about how we can help you achieve homeownership in Florida through this program, please don't hesitate to contact us.

Now, let's address how you can receive the down payment assistance. The assistance provided through the Florida Hometown Heroes Program is in the form of a 0% interest, non-amortizing, 30-year repayable second mortgage. This second mortgage is repayable upon the sale of the property, refinancing of the first mortgage, transfer of the deed, or if the homeowner no longer occupies the property as their primary residence. It's important to note that the Florida Hometown Heroes loan is not forgivable.

The down payment and closing cost assistance can be used for various purposes, including the borrower's down payment, any additional down payment exceeding the minimum requirement, as well as reasonable and customary closing costs. However, it cannot be used to cover real estate agent commissions, the difference between the sales price and appraised value, or to pay off borrower debt.

To be eligible for the Florida Hometown Heroes Housing Program, you must meet certain requirements. The property you intend to purchase must become your primary residence, and you should not have owned a home as your primary residence within the past three years, unless you are a veteran (active duty is not exempt). If you own a mobile home on rented land, it can still qualify as a first-time homebuyer property.

Who Is Considered a Frontline Worker for the Hometown Heroes Housing Program? Effective July 1, 2023, the Florida Hometown Heroes Housing Program has been expanded to include all full-time (min. 35 hours per week) occupations

Income Limits - There are also income limits for qualifying. The income limits depend on where you live and are determined by loan type (FHA, VA, USDA, Conventional). Click here to view the Hometown Heroes Program income limits. You must not exceed the income and loan amount for the county you plan on buying in.

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