Great news for Florida first-time buyers, looking to purchase a home in 2025 with no down payment. The Hometown Heroes program has helped many first time homeowners in recent years with down payment and closing cost assistance.
The program can provide income-eligible first-time buyers up to 5% of the purchase price ($35,000 cap) in the form of a 0% interest, deferred second mortgage loan. This second mortgage is deferred until the homeowner sells, transfers or refinances their first mortgage. The grant is not forgivable.
Hometown Heroes down payment assistance can greatly reduce the upfront costs of purchasing a home. This helps make homeownership more attainable for those who may not have had enough savings for the traditional 3.5%-5% down payment, often required for Conventional and FHA loans. The is especially helpful for first-time buyers in more costly locations like Miami, Tampa, Orlando or Jacksonville.
The program funding is limited on a first come basis. Homebuyers can connect with us below to learn more or to get started on the approval process.
Hometown Heroes Eligibility Requirements:
- Must be a first-time homebuyer, defined as not owning a primary residence in the past three years
- Must have a credit score of 640 or higher
- Must meet income limits set by the program (varies by county) The Hometown Heroes gross income limits in Florida start at $132,900 and go up to $178,950 in more expensive locations like The Keys.
- Must attend a quick homeownership education course (Does not apply to co-borrowers or Veterans using a primary government mortgage)
- Must use the home as their primary residence, investor and refinance transactions are not permitted
- Must work min 35 hours per week for a Florida based business (Does not apply to Veterans)
- Single family, town homes and most condos located in Florida are eligible. Multi-unit properties are eligible if the buyer is occupying
The USDA Mortgage Source offers unique opportunities for first time buyers to achieve their dream of homeownership. To learn more about this or other down payment assistance programs, please call us or just submit the Info Request Form on this page.