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20 JUN

Hometown Heroes Loan Assistance in Florida

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 2nd 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

Certified Correction Officer
Correctional Probation Officer
Juvenile Detention Officer
Juvenile Probation Officer
Sworn Law Enforcement Officer


Eligible Occupations – Educators

Career Specialist
Certified Educator
Childcare Instructor
Classroom Teacher
Employed by a licensed childcare facility or registered home childcare provider
Librarian/Media Specialist
Licensed/Registered Childcare Operator
Owner of childcare facility
School Counselor
School Psychologist
Social Worker


Eligible Occupations – Healthcare

Advanced Practice Registered Nurse (APRN)
Anesthesiologist Assistant
Athletic Trainer
Blood-Gas Analyst
Certified Basic X-Ray Machine Operator
Certified Chiropractic Physician Assistant
Certified General Radiographer
Certified Medical Assistant
Certified Nurse Midwife
Certified Nursing Assistant (CNA)
Certified Optometrist
Certified Podiatric X-Ray Assistant
Certified Radiologist Technician
Certified Radiology Assistant
Certified Registered Nurse Anesthetist
Certified Respiratory Therapist
Child Protective Service Enforcement
Chiropractic Physician
Clinical Laboratory Personnel
Clinical Nurse Specialist
Clinical Social Worker
Dental Assistant
Dental Hygienist
Dietetic Technician
Genetic Counselor
Healthcare Practitioner
Hearing Aid Specialist
Hearing Aid Specialist Trainee
Home Health Aid (HHA)
Laboratory Director
Laboratory Testing Technician
Licensed Dietician or Nutritionist
Licensed Medical Physicist/Radiologist
Licensed Nutrition Counselor
Licensed Practical Nurse (LPN)
Marriage & Family Therapist
Massage Therapist
Mental Health Counselor
Naturopathic Physician
Nuclear Pharmacist
Nursing Home Administrator
Occupational Therapist
Occupational Therapist Assistant/Aide
Orthotic Fitter
Orthotic Fitter Assistant
Osteopathic Physician
Pharmacy Technician
Physical Therapist
Physical Therapist Assistant
Physician Assistant
Podiatric Physician
Registered Dietician or Nutritionist
Registered Nurse (RN)
Registered Respiratory Therapist
Respiratory Care Practitioner
School Psychologist
Specialty Technologist (Radiology)
Speech Language Pathologist/Audiologist
Veterinarian Assistant/Technician (employed by a permanent or mobile vet practice)


Eligible Occupations – Military

Active Military Personnel – Are exempt from the ‘First Time Homebuyer’ requirement – Must provide a copy of his/her military ID to validate eligibility
Surviving spouse is eligible with providing a valid Certificate of Eligibility (COE)
Veterans – Are exempt from the ‘First Time Homebuyer’ requirement – Must present a valid DD-214 that reflects discharge status



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 jeff@EchoFineProperties.com including a complimentary real valuation of your home.

Posted in Open House Blog, Real Estate Tips on June 20, 2022 at 1:33 pm.


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