What you need to know about the Hometown Heroes Housing Program

One thing that will always remain true is that to have a thriving community we need those who we refer to as heroes.

Research shows that the Florida housing market continues to see high demand with low inventory, which has driven the average sales prices of homes in the state to $396,558, a 13% year-over-year increase. We are seeing that the housing market is affecting the ability to fill frontline community positions because workers simply can’t afford to live in Florida in this current market.

More and more our hometown heroes like police officers, firefighters, teachers, and nurses are struggling to keep up with Florida’s soaring housing prices. The recently announced Hometown Heroes Housing program was created with the hopes of helping with this current and relevant issue.

Gov. DeSantis announced the program in May, and funds are now available. State lawmakers have included $100 million in Florida’s 2022-23-year budget for the new Florida Hometown Hero Housing Program.

To explain this program in simple terms, the Hometown Heroes Housing program makes housing more affordable for heroes by providing access to lower mortgage rates and down payment and closing cost assistance to those eligible workers.

The down payment assistance will come in the form of a secondary, non-interest-bearing loan that does not need to be repaid unless the home is sold before the end of the primary loan term. Borrowers can be eligible for up to 5% of the mortgage loan amount, with a maximum of $25,000.

To qualify for the assistance, you must fall into the category of one of the 50 eligible job titles as outlined by the program. There are also defined income limits for the hero and purchase price limits for the house.

Having a qualified agent is necessary when navigating new programs like this. A qualified agent understands how to advise their clients properly and assist them in connecting with the appropriate loan officers. For this specific program there are specific qualified lenders who will assist with the program requirements.

Qualified agents are also important to help clear up any misinformation and help to keep their clients properly informed of any specific stipulations that may be present when using state or federal home buying programs.

To learn more about the Hometown Heroes Housing Program visit FloridaHousing.org.

To read the whole article visit: https://www.naplesnews.com/story/money/real-estate/2022/07/09/what-you-need-know-hometown-heroes-housing-program/7809084001/

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What you need to know about the Hometown Heroes Housing Program

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