Hometown Heroes Loan Assistance in Florida

The state of Florida has allocated $100 million towards down payment assistance (DPA) for first responders and front-line workers. Up to 5% of the first mortgage amount for a maximum of $25,000 towards down payment or closing costs.  We had Ryan Brown at Cross Country Mortgage as a guest to talk about this program and how it will assist & encourage essential workers to stay in the area. Besides the loan assistance, it can also be used as an “appraisal gap” strategy.

Eligible Professions 

• Law Enforcement Officers
• Teachers
• Nurses
• Veterans
• Firefighters
• Paramedics
• Medical Assistants,
• Therapists
• AND MANY MORE … (scroll below to see the full list)

Product Information

• Down payment and closing cost assistance (DPA) up to 5% of the first mortgage

amount = max $25,000

• DPA as a 0%, non-amortizing 30-year deferred second mortgage
• Primary Residence ONLY
• First-Time Homebuyers (Unless Veterans/Active Military)
• Minimum Credit Score: 640

Some other notes on this.  The program in for an eligible occupation in Florida and for first time homebuyers.  Veterans are exempt from this.

The minimum credit score has to be 640 and maximum debt to income (DTI) is 45% with 640-669 FICO or 50% with 680+ FICO. Borrowers must attend a homebuyer education course, occupy the home within 60 days, and not have a primary home in the last 3 years (Veterans are exempt).

Gift funds are allowed if needed.  A borrower may have ownership in one residential property at time of closing (investment, second home).  Single-family homes, townhomes, condos, 2-4 units, and manufactured homes all qualify.

Down payment assistance is given in the form of a second mortgage loan.  30 year deferred loan at 0% interest unless the home is sold, transfer of deed, satisfaction of mortgage, refinance of until such time when they cease to occupy the property.  Up to 5% of the loan amount is not to exceed $25,000.  It can be used for down payment and closing costs.  Note that this loan is not forgivable.

Loans that borrowers can use are….

• Conventional Loan
  • 3.% down payment requirement
  • 5% for a 2-4 units
• FHA Loan
  • 3.5% down payment
• VA Loan
  • $0 down payment

Loan Costs

• No discount points
• No Origination points
• Exempt from intangible tax doc stamps on mortgage

An example of this on a $500,000 loan amount would equate to $7,750 in savings. $5,000 typical costs (1% discount points), $1,000 in intangible tax, and $1,750 in mortgage doc stamps.

There are County Income Limits.  In our immediate area, Palm Beach County has a $138,000 income limitation. Miami-Dade has the highest limitation at $146,250 and Broward County is 2^nd with $136,050. Martin County is at $120,000.

Loan Limits are $647,200 for Conventional/VA.   FHA and USDA are determined by the county maximum.

The full list of who is eligible is vast…

Eligible Occupations – Law Enforcement

Eligible Occupations – Educators

Eligible Occupations – Healthcare

Eligible Occupations – Military

Jeff Lichtenstein is owner and broker of Echo Fine Properties, a luxury real estate brokerage selling real estate in Jupiter  and homes in Palm Beach Gardens, Florida. He has 20 years of real estate experience, has closed over 1,000 transactions, and manages over 70 agents in a non-traditional model of real estate that mimics a traditional business model.  Some publications he has been quoted in.

Feel free to ask him a question directly at [email protected] including a complimentary real valuation of your home.

• 
• 
• 
• 

About the author

Jeff Lichtenstein, originally from Chicago, got his start in the home furnishings textile business where he traveled over 35 weeks a year selling fabrics. After the family business was sold, Jeff moved to Florida and became a real estate agent. Today he is the owner and broker of Echo Fine Properties, a luxury residential brokerage voted best brokerage of the year. Jeff manages a non-traditional model of real estate that mimics a traditional business model. Echo has 100 agents, an average of one million dollars per transaction and over 500 million in annual sales. Between traveling for work and annual family trips to national parks with his wife and 2 now adult children, Jeff has visited 49 states. He is also one of the few Chicago White Sox fans you’ll ever meet. Some publications he has been quoted in.

Author of business & leadership book How Making a Sandwich Can Change Your World – The Amazing Success of the PB&J Strategy – Available to Buy Now!

Feel free to ask him a question directly at [email protected] including a complementary valuation of your home.

Related posts

6/12/26

Montgomery Pie

Read More

6/5/26

Devil’s Den

Read More

5/29/26

10,843

Read More

View Past Posts