New Option for Floridians to Buy First Homes as the Florida Hometown Heroes Program Expands
Orlando, Florida – Floridians now have a new opportunity to purchase their first home, thanks to the expansion of the Florida Hometown Heroes program. As of July 1, the program is no longer limited to certain professions but is now based on an applicant’s income following the implementation of the new state law SB 102.
Under the newly enforced law, a total of $100 million has been allocated to assist the working class in obtaining loans ranging from a minimum of $10,000 to a maximum of $35,000. This money can be used towards the first deposit and closing costs of their home.
To qualify for the program, potential beneficiaries must fulfill certain criteria. According to Roberto Torres, a real estate professor, applicants must not have previously owned a home or held any property title in the past three years. Additionally, a credit score of 640 and above is required. Orlando Brea, a home seller in Florida, mentioned that interested individuals must have a full-time job of at least 35 hours per week and provide verifiable employment with a company that has a physical presence in Florida.
While the program offers financial assistance, it is important to note that the house is not free, and the loan must be repaid. Carolina Arango, a Florida realtor, explained that the debt must be paid when the person decides to transfer, sell, or refinance the property. However, she emphasized that this program is a great help as it stimulates the housing market and encourages people to become homeowners again.
One major difference in this program, as stressed by Brea, is that it involves a second mortgage with zero percent interest over a period of 30 years. This makes the program even more attractive to potential buyers.
Applicants must also meet certain financial requirements. “You must have an income and ensure that your debts do not exceed 50% of your income in order to qualify,” Torres said.
Governor Ron DeSantis provided figures indicating that the program has already enabled nearly 8,000 Floridians to purchase their first home since June 2022. Initially, the program was exclusively available to firefighters, police officers, healthcare workers, and teachers.
With the expansion of the Florida Hometown Heroes program, many more Floridians are expected to take advantage of this opportunity to make their dream of owning a home a reality. The program aims to support the working class and boost the housing market in the state.