Great news! There is now homebuying help for heroes through an estimated $3 million plus Floridians in over 50 careers that now qualify for home-buying help up to $25K. There are income limits that start at $120K, and home prices limits start at $420K but can go to the mid $600’s in certain counties.
Who is eligible?
Here’s a link to a complete list of current occupations eligible for the program. Click here.
This program applies only to first-time homebuyers as defined by the IRS, which says “first-time” means “someone who has not owned a home in at least the past three years” as their primary residence. A person who owns a home in Georgia that they didn’t live in as their primary residence would qualify for this program. Also, buyers who own an investment home could also qualify as long as they only own one and haven’t lived there in the last three years.
The “Salute our Soldiers” program ended on May 31. Those buyers who were eligible under that program are now incorporated into the Hometown Heroes program. The majority of the rules for this group are similar, but they don’t have to be first-time buyers.
How much money?
The program was funded with $100 million for the participants. To be clear this money is a loan – but doesn’t charge any interest and will not have to be paid back until the owner pays off the mortgage, sells or leaves the house or does a refinance of the mortgage. When the loan money is paid off, it goes back into the program to help other potential Florida homeowners.
The maximum amount is up to $25, 000 or 5% of the total loan amount.
The program’s income limits are determined by a county’s median income and are up to 150% of that number.
