This week on Mortgages with Melinda, we're diving into the exciting return of the Hometown Heroes program this July. It's great news as the state has committed full funding once again.

Previously, the program faced funding shortages but is now set to provide substantial support. To qualify, you must be a first-time homebuyer in Florida, meaning you haven't owned a home in the last three years—no exceptions for partial ownership.

At The Truth About Lending, our loan officers can clarify if you qualify as a first-time buyer under these criteria. Now, let's break down how Hometown Heroes works — it's a down payment assistance program, not a grant, meaning the assistance provided is repayable.

The assistance amount equals 5% of your loan amount, starting at a minimum of $10,000. For instance, even if your loan amount calculates to less than $10,000 at 5%, you'll still receive $10,000. The assistance scales up with your loan amount: a $400,000 loan could yield $20,000, and up to $35,000 for loans of $700,000 or more.

Income limits apply based on county, so it's essential to verify if you qualify based on your total income. Reach out to us to explore how Hometown Heroes can help make your home buying dreams a reality!

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