Florida Hometown Heroes: Up to $35,000 in Down Payment Assistance

Here's what you should actually know about the Florida Hometown Heroes program.

How Much Assistance Is Available?

The Florida Hometown Heroes program can provide eligible borrowers with down-payment and closing-cost assistance equal to 5% of the first mortgage loan amount.

Current program limits provide:

  • A minimum assistance amount of $10,000
  • A maximum assistance amount of $35,000

The assistance isn't simply free cash handed to the buyer at closing. It is generally provided through a second mortgage subject to the program's repayment requirements. That's important to understand before choosing the program.

What Can Hometown Heroes Funds Be Used For?

Hometown Heroes assistance can generally help with:

  • Down payment
  • Closing costs
  • Prepaid expenses associated with purchasing the home

For many buyers, that means significantly reducing the amount of personal cash required to complete the purchase. However, I would not automatically describe the program as a "zero-down" mortgage. The actual amount you'll need depends on your loan program, purchase price, closing costs, seller concessions and available assistance.

Is Hometown Heroes a Mortgage?

Not exactly. Think of Hometown Heroes as a financing structure. Your primary home loan may be an eligible:

The Hometown Heroes assistance is paired with an eligible first mortgage through Florida Housing Finance Corporation. That gives us another reason to compare the entire financing package rather than focusing only on the assistance amount.

Why the Biggest Down Payment Assistance Isn't Always the Best Mortgage

This surprises some buyers. Suppose one financing option gives you more assistance but results in a higher monthly payment or higher long-term borrowing cost. Another option may require slightly more cash upfront but provide a better long-term financial outcome.

I want to compare things like:

  • Cash required at closing
  • Monthly payment
  • Mortgage insurance
  • Interest rate
  • Second-mortgage obligations
  • Expected length of ownership
  • Your available savings after closing

The goal isn't just getting into the house. It's choosing a mortgage structure that makes sense once you're living there too. Use our mortgage calculator to model different payment scenarios.

Hometown Heroes Funding Can Be Limited

Programs like Hometown Heroes are subject to available funding. That means qualifying for the program does not necessarily guarantee funds will remain available indefinitely.

If Hometown Heroes assistance is an important part of your purchase strategy, it's worth getting pre-approved before you begin seriously shopping for a home. That way, we can review eligibility and determine what the financing might look like before you're under contract.

How Do I Know Whether I Qualify?

Eligibility can include program-specific requirements related to the borrower, property, income, first-time homebuyer status or other Florida Housing guidelines. Those guidelines can change.

Rather than relying on a social media post or an article that may be several years old, have your situation reviewed based on the current program requirements. That's especially important because online information about Hometown Heroes has changed repeatedly as the program has evolved.

What If I Don't Qualify for Hometown Heroes?

Don't assume that means you need a huge down payment. There are other financing options that may require relatively little cash. Depending on eligibility, those may include:

The best solution depends on the borrower and the property. See our full guide to Florida down payment assistance programs.