Hometown Heroes:

Florida Real Estate Hometown Heroes

With the Fourth of July coming up and Memorial Day just in our rearview mirrors, it is important to remember that we are always grateful for those who served our country, not just on holidays, but every day. Here at The Sarubbi Group Palm Beach, we are forever grateful for our troops and also grateful for essential workers who continued to serve our communities during the lockdowns of COVID-19.

The state of Florida also realizes the importance of recognizing frontline community workers. Starting at the beginning of this month, June 1, 2022, Florida enacted its Hometown Heroes Housing Program which helps frontline community workers receive down payment and closing cost assistance up to 5% of the first mortgage loan (up to $25,000).¹ Teachers, law enforcement officers, and most healthcare professionals qualify for the hometown heroes program. A list of eligible occupations can be found here.

If you work in governmental services or healthcare, the list of eligible occupations is definitely worth looking into. The program has a wide reach and is enacted to benefit everyone from firefighters to athletic trainers to massage therapists.

There are some limitations for the Hometown Heroes Housing Program regarding the loan amount and borrower’s income which is dependent on the county in which you’re purchasing. Nevertheless, this program is beneficial to people looking to compete with the hectic house market here in South Florida. While the federal government is trying to cool off this hot housing market, the Florida government is trying to ensure those who need houses have the availability to purchase them. 

The program is administered by the Florida Housing Finance Corporation and is funded at $100 Million meaning there are ample funds to provide assistance for families. There are currently 1,000 lenders in the state of Florida involved in the Hometown Heroes Housing Program who will assist the eligible recipients in procuring property. If you are interested in obtaining assistance in procuring a house through the Hometown Heroes Housing Program reach out to The Sarubbi Group Palm Beach today so we can connect you with eligible lenders and help you find your perfect home.

Basil Sabbak

Contact Basil at Basil@TheSarubbiGroup.com

Last Updated June 24, 2022

¹Down payment assistance is offered in the form of a 0% interest 30-year deferred second mortgage. The second mortgage becomes due and payable, in full, upon sale of the property, refinancing of the first mortgage, transfer of the deed or if the homeowner no longer occupies the property as a primary residence. The Florida Hometown Heroes loan IS NOT FORGIVABLE.