Hometown Heroes Frequently Asked Questions
Get answers to common questions about Florida’s Hometown Heroes Program, including eligibility requirements, down payment assistance, credit guidelines, and how the process works.
Why trust island mortgage with your home purchase?
With over 30 years of mortgage lending experience in the Tampa Bay area we have been funding Hometown Heroes assistance loans since the program began in 2022. Let us help you make your home ownership dream come true!
What is the Florida Hometown Heroes Program?
The Florida Hometown Heroes Program provides down payment and closing cost assistance to eligible homebuyers working in approved occupations throughout Florida.
Can I just apply for just the assistance?
No, your Hometown Heroes assistance is only available in combination with your new first mortgage through an approved lender. Island Mortgage will handle your first mortgage financing and Hometown Heroes assistance with one application. Underwritten to specific Hometown Heroes guidelines, if your first mortgage is approved you will receive your assistance.
How much assistance can I receive?
Qualified buyers may receive up to 5% of the total loan amount to help cover down payment and closing costs, subject to program limits.
Who is eligible for the program?
The program is designed for eligible Florida workers, including healthcare professionals, teachers, first responders, military personnel, and other approved occupations.
Do I need to be a first-time homebuyer?
Most applicants must be first-time home-buyers, meaning they have not owned a primary residence within the past three years. Veterans and Active Military are exempt from the first time home-buyer requirement.
Is there a minimum credit score requirement?
Yes. Borrowers are required to have a minimum credit score of 640.
Are there income limits?
Yes. Household income must fall within the program’s maximum income limits based on the county you will be purchasing in.
Can the assistance be used for closing costs?
Yes. Assistance funds may be used toward both down payment and closing costs associated with the home purchase.
Is the assistance forgivable?
No. The assistance must be paid back if you refinance, sell, or change the use of the property (Primary to Rental). The assistance is a second mortgage with no monthly payment and with a 0% interest rate.
When does repayment occur?
Repayment is required when the home is sold, refinanced, or no longer used as the borrower’s primary residence.
What types of loans can be combined with this program?
The Hometown Heroes Program is combined with FHA, VA, USDA, and conventional first mortgage.
How do I get started?
Simply contact our team to review your eligibility, explore available options, and begin the pre-approval process. Click here to begin the process!!
Ready to See If You Qualify?
The Florida Hometown Heroes Program may help reduce your upfront home buying costs with valuable down payment assistance. Check your eligibility and explore your available options today.