Hometown Heroes Program

The Florida Hometown Heroes Housing Program makes homeownership affordable for eligible community workforce.

This program provides down payment and closing cost assistance to first-time, income-qualified homebuyers so they can purchase a primary residence in the community in which they work and serve. The Florida Hometown Heroes Loan Program also offers a competitive first mortgage interest rate and additional special benefits to those who have served and continue to serve their country.

Program Details:

– Eligible full-time workforce, employed by a Florida-based employer can receive lower than market interest rates on an FHA, VA, RD, Fannie Mae or Freddie Mac first mortgage, reduced upfront fees, no origination points or discount points and down payment and closing cost assistance.

• – Borrowers can receive up to 5% of the first mortgage loan amount (maximum of $35,000) in down payment and closing cost assistance.
• – Down payment and closing cost assistance is available in the form of a 0%, non-amortizing, 30-year deferred second mortgage. This second mortgage becomes due and payable, in full, upon sale of the property, refinancing of the first mortgage, transfer of deed or if the homeowner no longer occupies the property as his/her primary residence. The Florida Hometown Heroes loan is not forgivable.

Dare to Own the Dream Homeownership Program 

The City of Tampa offers down payment assistance loans to income-eligible home buyers of property within the City limits of Tampa. The loan is in the second position behind primary financing from a mortgage lender and is typically known as a “silent second” because of the 0% rate and $0 monthly payment. The Deferred Payment Loan (DPL) can remain “silent” as long as the property continues to be the owner’s primary residence and owner-occupied. The program provides up to $40,000.00 to assist income-eligible first-time homebuyers to achieve the dream of homeownership.

Here are the basic highlights of the City-Wide “Dare to Own the Dream” Homeownership Program:

• Potential buyer must begin process with one of the three approved Housing Counseling agencies and MUST NOT be under contract before receiving a reservation number. The Counseling agency will provide education, complete application with client and collect documentation (See attached list of approved agencies).
   
• Potential buyer must utilize the services of a Loan Officer and Real Estate Agent (if applicable), who is reflected on the City’s current Approved Lender List and current Approved Realtor List.
   
• Up to $40,000.00 toward the purchase of the home: 
  • 0-50% AMI                 $40,000.00
  • 50.01%-80% AMI       $30,000.00
  • 80.01%-120% AMI     $20,000.00
  • 120.01%-140% AMI   $15,000.00
     
• Fully forgivable after 10 years, assuming still owner occupied.
   
• Income calculated based on HOUSEHOLD income, not just the loan applicant.
   
• Household income must be at or below 140% Area Median Income (AMI).
   
• Debt ratios of 36/43%. Mid-Credit Score of 600.
   
• Purchase price up to $300,000.00 (if you qualify for primary financing)
   
• Minimum of $2,000 investment from the borrower with at least $1,000 from borrower’s own verifiable funds. The additional $1,000 may include POC’s (appraisal, inspections, etc.)
   
• Loan types are flexible – Includes fixed and fully amortized products: FHA, VA and Conventional Affordable Housing Products allowed; ARM loans are not allowed.
   
• A full independent Home Inspection by the Buyer & a Pass HQS Inspection by the City are required before closing.