Major Upgrade in the Down Payment Assistance Program

Big news for first-time homebuyers in Florida! The Florida Hometown Heroes Program, the state's leading Down Payment Assistance (DPA) program, is getting a significant upgrade starting July 3rd. The most notable change? An increase in the down payment and closing cost assistance from up to $25,000 to up to an impressive $35,000!

This program stands out as the top DPA program in Florida, designed specifically to aid those embarking on their journey to homeownership. Here's why.

Qualification Criteria: Easier Than Ever

This program when it started was only for certain occupations. Firefighters, medical personnel, military and veterans, police officers and teachers used to be the only occupations that could use it. Now the program has been opened up to everyone starting July 3rd. This makes it wildly more accessible for first time homebuyers to use it to get their first home.

With this program, the requirements are quite straightforward. There are three main requirements that you need. You have to have a credit score of 640 or above. You must be a first time homebuyer meaning you have not owned a property in the last 36 months. And whether you're single or a married couple, as long as your combined annual income doesn't exceed $130,000, you qualify for this assistance.

No Repayment Required: A True Gem

The Florida Hometown Heroes Program takes the cake when compared to other down payment assistance programs, owing to one unique characteristic - there's no repayment required on the second mortgage. This type of second mortgage is typically called a silent second. Unlike typical loans, this is a second mortgage has no-repayment feature until you sell, move out of the property, or refinance the home. This makes this an ideal choice for first-time buyers, significantly reducing the financial burden associated with purchasing a home.

Take the First Step Towards Your Dream Home Today!

We are excited about the changes to the Florida Hometown Heroes Program and we hope you are too. Owning a home is a significant milestone in anyone's life, and we want to help you get there. If you want to know more about the Florida Hometown Heroes Program, take the first step today and contact us.

Remember, at Chissell Mortgage Group, we are committed to turning your homeownership dreams into reality. Contact us today at 727-376-6900, and let's get started on your journey to owning your new home. You can also use the form below and start your application online with us today!