Florida’s Hometown Heroes Loan Program Relaunches August 18, 2025: Everything You Need to Know
The Florida Hometown Heroes Program is scheduled to officially reopen on August 18, 2025, offering up to $35,000 in down payment and closing cost assistance for eligible first‑time homebuyers in designated public service and community roles. It’s a 0% interest, 30-year deferred second mortgage—with no monthly payment—due only at sale, refinance, or property transfer (FHA Mortgage Source, Florida Housing).
What’s New and Important for 2025
Florida Housing has allocated $50 million statewide for this year’s funding—about half of what was available in 2024—so demand is expected to outpace availability (in 2024 funds were exhausted in roughly 50 days) (Make Florida Your Home). Though the fiscal year begins July 1, reservations and applications cannot be made until after the official launch following required Governor approval and lender training (Make Florida Your Home).
Who Qualifies?
- Eligible Borrowers: Must be first-time homebuyers (no homeownership in the past three years)—veterans are exempt from this rule.
- Minimum Credit Score: 640 required across FHA, VA, USDA, and conventional loan options (Make Florida Your Home).
- Occupational Eligibility: Strictly limited in 2025 to specific full-time Florida‑based roles, including:
- Healthcare workers
- Educators
- First responders and public safety staff
- Court and public service personnel
- Child care workers
- Active military and full-time veterans working in state (Make Florida Your Home, Florida Housing).
- Employment Requirement: Must be employed full-time (35+ hours/week) with a Florida employer having a physical work location. Hybrid schedules may qualify with documentation; remote-only employees do not qualify (Make Florida Your Home, FHA Mortgage Source).
Applicants must purchase a primary residence in the same Florida community where they work, designed to support local workforce stability (Make Florida Your Home).
Loan Structure
- Assistance Amount: Maximum of 5% of the first mortgage (minimum $10,000, up to $35,000), based on the primary loan amount (Make Florida Your Home).
- Loan Types Supported: FHA, VA, USDA, and conventional loans—with potential PMI reductions for conventional borrowers (Florida Housing, Make Florida Your Home).
- Second Mortgage Terms: Fully deferred, non-forgivable, 0% interest; repayment required at sale, refinance, or deed transfer. No monthly payments (Make Florida Your Home).
Bond vs. TBA Program Options
Florida will offer two program structures:
- Bond Program: Lower interest rates; household income (including non-borrower adult members) counts toward the limits; lower income caps.
- TBA (To Be Announced) Program: Slightly higher income limits and interest rates; only borrowers’ incomes counted toward qualification.
Which path fits best depends on household income structure and the specific county’s income caps (Florida Housing).
Income and Loan Limits
- These vary by county based on 140–150% of Area Median Income (AMI).
- For example:
- Palm Beach County: household income limit around $175,650 (FHA Mortgage Source).
- Broward County: approximately $172,950
- Miami-Dade County: ~$185,850 (FHA Mortgage Source).
Loan amount caps align with FHFA/Florida Housing conventional and FHA limits—but program guidelines provide terms for FHA, VA, USDA, and conventional loans.
Key Restrictions & Timelines
- New Construction: Closing must occur within 60 days of reservation, with a single 30-day extension allowed (maximum 90 days) (eHousingPlus, Florida Housing).
- Fee Caps: Broker fees capped ($500), lender fees capped ($1,700), no origination fees or discount points; documentary stamp and intangible tax exemptions save roughly $2,000–3,000 in closing costs (Make Florida Your Home).
- Pre‑Approval Process: Lenders must have a fully executed purchase contract before locking in a loan or reservation—early eligibility verification is essential (eHousingPlus).
Other Requirements & Perks
- Homebuyer Education: At least one borrower needs a certified course certificate (valid for two years)—veterans may be exempt.
- Eligible Property Types: Single-family homes, condos, townhomes, or manufactured homes on permanent foundations.
- Tax Savings: Exemptions from Florida documentary stamp tax and intangible tax can save thousands at closing (eHousingPlus, FHA Mortgage Source, Make Florida Your Home).
What to Do Now
- Check if your job is on the upcoming official eligible occupations list.
- Speak with a participating lender early to begin pre-approval, verify documentation, and be ready to reserve funds as soon as applications open.
- Review income caps for your county to make sure likelihood of qualifying (Palm Beach ~ $175,650, but other counties differ).
- Plan ahead for documentation—income verification, employment verification, credit score, and homebuyer education.
This program is a powerful, time-sensitive opportunity for community service professionals to access financial help with their home purchase. With official launch set for August 18 and limited funding, early preparation is key. Let me know if you'd like help organizing county limit sheets, occupation checklists, or informational summaries to share.
Please contact Tori TODAY do being getting qualified for the program:
(561) 820-5079
tori@realestatetori.com
Florida housing assistance
Hometown Heroes
FAQs
Florida Hometown Heroes Program FAQ (August 2025 Launch)
Q: When does the program start?
A: The 2025 Hometown Heroes Program officially launches on
August 18, 2025. Applications cannot be made before that date.
Q: How much assistance is available?
A: Up to
5% of the first mortgage amount, capped at
$35,000. The minimum assistance is $10,000.
Q: Is the money a grant or a loan?
A: It’s a
0% interest, 30‑year deferred second mortgage. There are no monthly payments, but the balance must be repaid if you sell, refinance, or transfer the home. It is not forgivable.
Q: Who qualifies?
A: Full‑time Florida workers in
approved occupations such as healthcare, teaching, first responders, childcare, public safety, court staff, and active military/veterans. Veterans are also exempt from the “first‑time buyer” rule.
Q: What does “full‑time employment” mean?
A: At least 35 hours per week for a
Florida employer with a physical location. Hybrid work may qualify if documented. 100% remote jobs are not eligible.
Q: Do self‑employed people qualify?
A: Yes, if they operate a Florida‑based business in an eligible occupation, supported with CPA or tax documentation.
Q: Are there income limits?
A: Yes, and they
vary by county. In Palm Beach County, the limit is expected to be around
$175,650. Some programs (like Bond) count all household incomes of adults 18+, while others (TBA) only count borrower income.
Q: What kinds of loans are eligible?
A: FHA, VA, USDA, and conventional loans. Conventional buyers may see reduced PMI if they meet income requirements.
Q: Can I buy any kind of property?
A: Eligible properties include single‑family homes, townhomes, condos, and manufactured homes on permanent foundations. It must be your
primary residence.
Q: How long do I have to close once I’m approved?
A: You must close within
60 days, with the possibility of one 30‑day extension (for a total of 90 days). This is especially important for new construction.
Q: What fees will I pay?
A: The program caps broker fees at about $500 and lender fees at $1,700. There are no origination fees or discount points. Florida also waives transfer taxes, saving most buyers $2,000–3,000.
Q: Do I need a homebuyer education course?
A: Yes, at least one borrower must complete an approved pre‑purchase course (valid for two years). Veterans may be exempt.
Q: Is the funding unlimited?
A: No. For 2025, Florida has allocated
$50 million statewide, which is half of last year’s funding. It’s expected to run out quickly (last year funds were gone in about 50 days).
Q: Can the assistance be used for things other than the down payment?
A: Yes. It can cover down payment and closing costs, and in some cases, buyers use it to fund necessary home repairs or upgrades at closing.
Q: I’m a seller—why should I care about this program?
A: More buyers may be able to qualify for your home with this assistance. However, sellers should know buyers using the program may need a little extra time to close and must have full pre‑approval before going under contract.
Q: What’s the difference between Bond and TBA options?
A:
- Bond: Lower interest rates, but stricter income caps and all household incomes (18+) count.
- TBA: Higher income caps, counts only borrower income, but slightly higher interest rates.
Q: Where can I learn more or get started?
A: Contact Tori Easterling to get started (561) 820-5079 or tori@realestatetori.com