Hometown Heroes Loan Program - Learn How to Get up to a $35,000 Grant in Franklin County, Florida
Through this program, eligible full-time workforce, employed by a Florida-based employer can receive up to $35,000 from the Hometown Heroes Fund for home purchase costs.
If you're a citizen of Franklin County working a minimum of 35 hours a week or more and interested in buying a home, you're in luck.
Residents qualify for the grant by meeting all the eligibility requirements and providing proof of residency (such as a driver's license).
If you're ready to purchase your first home, you could qualify for up to $35,000 in grants towards the purchase.
But how do you go about getting the Hometown Heroes Loan Program? What exactly do you need to apply? What are income limit requirements? How much can you get?
Read on to find out more about this program.
What is the Hometown Heroes Program?
Florida's Hometown Heroes loan program is intended to make homeownership more affordable for first-time, income-qualified homebuyers.
The program awards interest-free grants that do not need to be repaid until after you sell your home or vacate it. In some cases, grant amounts can reach up to $35,000.
For these reasons, Florida's Hometown Heroes program has been called one of the best home financing assistance programs available today.
The Hometown Heroes Loan Program will work with up to 100% financing on primary residential purchases, including single-family homes, condos, townhomes, and manufactured homes.
There are several benefits to taking advantage of these programs, including affordable housing options in neighborhoods where you want to live.
This grant can be used towards closing costs, down payment assistance, or other qualified expenses. The grant amount will depend on your income level, how much you want to contribute toward your down payment and the amount of your mortgage loan.
However, it's essential to note that you must meet specific eligibility requirements.
How to Qualify for the Hometown Heroes Loan Program
If a borrower is employed full-time (must document 35+ hrs. per week) by a business located in Florida, meets Program requirements, and can credit qualify for a mortgage, many more First Time Homebuyers should be able to qualify for this program.
There will no longer be an occupational requirement. There will also be a minimum floor set at $10,000 for those individuals able to purchase a home for less than $200,000.
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Borrower(s) must be employed full-time by a Florida-based employer and work 35 or more hours per week.
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The property the borrower(s) is purchasing will be their primary residence and they will be a Florida resident.
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The borrower(s) are first-time homebuyers which means, a borrower(s) must have had no present ownership Interest in a principal residence at any time during the three-year period prior to the date on which the Mortgage Loan is executed.
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All Borrowers must have a minimum FICO of 640. DU blended FICOs are not permitted. Manufactured housing and manual underwrites require a minimum 660.
- You need a maximum 50% DTI but maximum DTI with manufactured housing is 45%.
To qualify for this great program, you need a military ID for active military personnel, honorable discharge for veterans, a certificate of eligibility for veteran spouses, and proof of income and employment history for the eligible workers.
The requirements also include proving your current residency, citizenship, or permanent residence and all other local and federal laws.
Veterans and active military personnel eligible for assistance from Hometown Heroes are any members of an Active Duty component of the Armed Forces (Army, Navy, Air Force, Marine Corps, or Coast Guard) or any member of a Reserve component (Army National Guard/Army Reserve/Naval Reserve/Marine Corps Reserve/Air National Guard/Air Force Reserves/Coast Guard Reserves).
To qualify as a veteran, you must have served at least 90 days of service in an area of hostilities during wartime or 180 days during peacetime.
Hometown Heroes' income limit in Franklin County is $128,250. You can't exceed the maximum income limit requirements, adjusted for household size, for Franklin County, Florida.
For example, if you are a family of three and your annual household income is more than $128,250, you will not qualify for a grant from Hometown Heroes.
Household income is all taxable income received by all family members who reside at your home. This includes but isn't limited to wages, salaries, commissions, bonuses, overtime pay, tips or gratuities received by any family member, self-employment net earnings, interest earned on savings accounts or other interest-bearing investments, and child support payments received for children living outside of your home.
If you meet these qualifications, you will get a free home loan consultation with one of the trusted lenders who will determine if you're qualified for the grant program. If so, they will guide you through every step of the process until closing day.
You can even work with an FHA-approved, VA-approved, USDA-RD, or HFA Advantage of Preferred lender if that suits your situation.
You'll be required to complete an application with Hometown Heroes and submit it along with any supporting documents before receiving approval. Once approved, you can use your grant money towards buying a home anywhere in Franklin County, FL.
What are the Loan Limits Set for Each Involved Lender?
The Hometown Heroes Loan Program has established mortgage loan limits for all the involved lending institutions to assist you with meeting the Hometown Heroes Loan Program eligibility requirements.
These institutions include the Federal Housing Administration (FHA), United States Department of Agriculture and Rural Development USDA-RD, Housing Finance Agency (HFA) Preferred, HFA Advantage, and Veterans Affairs (VA) lenders participating in the program.
These limits apply to properties located within incorporated areas of Franklin County only. The limits require that the contracted purchase price does not exceed the Purchase Price Limits in the county.
The maximum loan amount is determined by county housing price limits based on median home prices within a given area.
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The Hometown Heroes Loan Limits for FHA can't exceed $472,030.
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USDA-RD does not have a Cap on Loan Limit.
- The Hometown Heroes Loan Limits for HFA Preferred, HFA Advantage, and VA can't exceed $726,200.
Florida Hometown Heroes Second Mortgage
This second mortgage is available to borrower(s) earning up to 150% of area median income (AMI).
5% of the TOTAL loan amount capped at $35,000, with a minimum of $10,000, in down payment and closing cost assistance offered as a 0%, non-amortizing, 30-year, repayable second mortgage.
However, if any of the following occur, the borrower(s) refinance, pay off the first mortgage, transfer deed or no longer occupy the property as their primary residence, any unpaid principal balance will be required to be repaid, in full.
All borrowers are restricted to a one-time participation in FL Housing’s Homebuyer Loan Program. This includes all first and second mortgage programs.
Florida Tax Exemption Benefits
One of the top benefits of using the Hometown Heroes Program is tax exemption, saving you thousands of dollars.
Under Section 420.513(1) of the Florida Statutes, this program provides an exemption from documentary stamp tax and intangible tax for first and second mortgages and notes used to secure loans for housing financed through Florida Housing's Homebuyer Programs.
This means that when you purchase a home through these programs, you won't have to pay the documentary stamp tax and intangible tax on your mortgage, saving you a substantial amount of money.
The Florida documentary stamp tax is a real estate transfer tax levied at a rate of $0.70 per $100 paid for the property in most counties, except Miami Dade, where it is $0.60 per $100.
With the Hometown Heroes Program, you can exclude this tax when you meet the program's criteria. Additionally, the Florida intangible tax, which is calculated at 2 mills per dollar of the note's just value secured by the mortgage, is also exempted.
For each $100,000 of your home purchase price, this exemption can potentially save you approximately $2,000 in documentary stamp tax and intangible tax.
Essential Things You Need To Know About Franklin County, Florida
Whether you're moving here from another state or are just visiting, it's always a good idea to learn more about the place you're staying in. Franklin County, FL, has many fantastic tourist attractions and events for visitors and permanent residents.
From learning about the history of your local landmarks to experiencing the local art scene, you'll find plenty of reasons to explore your backyard when you live in Franklin County.
If you're looking to relocate to the area or want to explore this rich and diverse county, these tips will help you learn more about what Franklin County offers.
The Cost of Living in the County
Franklin County's affordability is a strong selling point; you can enjoy a higher quality of life here while spending less on basic expenses like housing, utilities, and transportation.
The cost of living in Franklin is lower than in other major cities in Florida, meaning you'll get more bang for your buck regarding housing and other costs.
And for those who commute to work by car (or public transit), gas prices are lower than in most counties in Florida.
A house in Franklin County (Nine Mile) usually costs around $385,514. This estimate is seasonally adjusted and only accounts for middle-tier housing prices.
Although it was once one of the most affordable counties to live in, the home values in Franklin County (Nine Mile) have increased by 21.1% over the past year.
There are plenty of affordable things to do in Franklin County.
From discovering little-known attractions to eating at top-rated restaurants and buying at local boutiques – you won't find an abundance of these gems anywhere else in metropolitan areas in the United States.
You can rest assured that your children will receive a good education and can afford healthcare. With affordable healthcare for families and one of Florida's best education systems, it's no wonder why so many families are choosing to relocate here.
Best Neighborhoods to Buy a Home in Franklin County, Florida
Finding the perfect home is one of the most exciting things that can happen in your life.
Whether you're looking to make your first purchase or considering moving up in your current home, plenty of factors can play into your decision about where to buy and what type of house to buy.
You want somewhere that fits your budget, has the amenities you need, and will help you succeed in your career.
If you want to live in Franklin County, FL, you should consider these best areas to purchase your new home:
- St. George Island
- Apalachicola
- Eastpoint
- Carrabelle
Best Public and Private Schools
Franklin County is home to some of Florida's best public and private schools, ranking among the best in America. Most families move here just for their children's education.
You can rest easy knowing your kids are getting an excellent education at any of the top-rated schools in Franklin.
Some top-rated public schools in Franklin County, FL, include:
- Franklin County School
- Franklin County School District
- Apalachicola Bay Charter School
- Franklin County Learning Center
Best private schools include:
- First Baptist Christian School
- First Baptist Christian School
When considering moving to an area, looking at how well students are doing academically is essential. One way to evaluate schools is by checking out school report cards from your state's department of education website.
The report card rates schools on student performance and teacher quality and includes information about graduation rates, class sizes, and attendance.
Family Friendliness
If you're considering moving to a new place, look for a city that supports your needs as a family.
In addition to safety, health care and school quality are other factors you might want to consider when looking for a place to settle with your family.
Franklin County is your place if you have young children or elderly parents who require extra attention or assistance.
Living in this county will help ensure easy access to excellent education and high-quality medical care in your area.
Since the cost of living here is lower, it makes it easier for families with limited budgets to live comfortably.
Franklin County is also great for raising kids because of its family-friendly neighborhoods and activities. In addition to having various parks nearby, there are also tons of things for your family to do in your spare time.
Whether you're looking for an activity that everyone can enjoy or something more specific, you'll be able to find it in this beautiful county.
And if you want to experience everything Franklin County offers, you can save up some cash to ensure you own a vehicle. Access to a car will help your family travel from one place to another.
Benefits to Young Professionals
Franklin County has numerous benefits for young professionals, including a low cost of living, affordable housing options, and proximity to fun activities for young adults.
Most employers in Franklin County need a steady stream of educated, well-rounded candidates to fill job openings—and young professionals are an excellent source of these potential employees.
Prominent local and international employers are abundant in Franklin County, meaning there are plenty of job opportunities here if you look around a little bit.
If you're already working for one of Franklin County's companies, it might be time to look into opportunities for advancement.
The good news is that getting a college degree and using graduate degrees or professional development programs can position you as an attractive candidate worthy of hiring in one of the best positions.
A promotion or lateral move could lead to more responsibility and better paychecks down the road. As a young professional and all options available, there's no reason not to make your career a priority at Franklin.
Cities Qualified for Hometown Heroes Loan Program in Franklin County, Florida
The Hometown Heroes Loan Program allows residents to obtain affordable financing to buy new homes in cities and counties designated as target areas by the U.S. Department of Housing and Urban Development (HUD).
The program aims to foster economic development and increase homeownership by offering home financing assistance in grants to eligible individuals looking to purchase a home in designated city neighborhoods.
The initiative has already generated much excitement among potential buyers and real estate investors looking for opportunities within Franklin County, Florida.
Here's a list of cities in Franklin County, Florida, that qualify for the Hometown Heroes Loan Program:
- Apalachicola
- Carrabelle
- Eastpoint
- Lanark Village
Bottom Line
Are you or someone you know looking to buy a home but doesn't have enough cash to fund the transaction-related costs?
The Hometown Heroes Loan Program offers no-interest, no-down-payment grants of up to $35,000 to community workers who live or work in Franklin County, Florida. You can use this grant fund for the down payment and other closing costs.
Contact your mortgage lender today for more information on this program and how to apply, depending on your situation.
With over 50 years of mortgage industry experience, we are here to help you achieve the American dream of owning a home. We strive to provide the best education before, during, and after you buy a home. Our advice is based on experience with Phil Ganz and Team closing over One billion dollars and helping countless families.
Choose Your County for More Hometown Heroes Information
- Alachua County
- Baker County
- Bay County
- Bradford County
- Brevard County
- Broward County
- Calhoun County
- Charlotte County
- Citrus County
- Clay County
- Collier County
- Columbia County
- DeSoto County
- Dixie County
- Duval County
- Escambia County
- Flagler County
- Franklin County
- Gadsden County
- Gilchrist County
- Glades County
- Gulf County
- Hamilton County
- Hardee County
- Hendry County
- Hernando County
- Highlands County
- Hillsborough County
- Holmes County
- Indian River County
- Jackson County
- Jefferson County
- Lafayette County
- Lake County
- Lee County
- Leon County
- Levy County
- Liberty County
- Madison County
- Manatee County
- Marion County
- Martin County
- Miami-Dade County
- Monroe County
- Nassau County
- Okaloosa County
- Okeechobee County
- Orange County
- Osceola County
- Palm Beach County
- Pasco County
- Pinellas County
- Polk County
- Putnam County
- Santa Rosa County
- Sarasota County
- Seminole County
- St. Johns County
- St. Lucie County
- Sumter County
- Suwannee County
- Taylor County
- Union County
- Volusia County
- Wakulla County
- Walton County
- Washington County

About Author - Phil Ganz
Phil Ganz has over 20+ years of experience in the residential financing space. With over a billion dollars of funded loans, Phil helps homebuyers configure the perfect mortgage plan. Whether it's your first home, a complex multiple-property purchase, or anything in between, Phil has the experience to help you achieve your goals.