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Hometown Heroes Loan Program - Learn How to Get up to a $35,000 Grant in Hamilton County, Florida

The Hometown Heroes Loan Program is a unique program that helps first-time home buyers in Hamilton County, Florida. The grant program offers up to $35,000 in down payment and closing costs assistance to eligible full-time workers.

What is the Hometown Heroes Program?

The Hometown Heroes Program is for an eligible full-time workforce, employed by a Florida-based employer. This program is funded by the county and is available on any primary residential purchase.

If you are buying a home in Hamilton County, Florida, the Hometown Heroes Program will provide you with a grant of up to $35,000 towards your down payment and closing costs.

You can get up to 5% of the first mortgage loan amount (maximum of $35,000) in grant money from the Hometown Heroes Loan Program for your down payment and closing costs. This grant program is funded by the Florida Housing Finance Corporation.

Down payment and closing cost assistance is available in the form of a 0%, non-amortizing, 30-year deferred second mortgage. The Florida Hometown Heroes loan is not forgivable.

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.

What type of homes does this program cover?

The Hometown Heroes Loan Program covers single-family detached homes or condos with no more than four units on a property (duplexes). This also includes manufactured homes (1994 or newer only) that meet HUD requirements.

For 2-4 unit properties, borrower(s) must occupy one of the units as their primary residence.

No more than 15% of the square footage of any property type above may be used for business purposes.

To qualify for this grant, you must meet all of the following criteria

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.

  • Borrower(s) must be employed full-time by a Florida-based employer and work 35 or more hours per week.

  • You must be a first-time home buyer. This means you have not owned a house or condo in at least three years.

  • You have to be a resident of Hamilton County, Florida.

  • Must intend to occupy the property as a primary residence.

You must meet specific requirements listed below:

Income Limit in Hamilton County, Florida

The income limit for the grant program in Hamilton County is $128,250.

If you make less than this amount, then you may be eligible to receive up to $35,000 towards your down payment or closing costs on your home purchase.

The borrower must have an annual income that does not exceed the stated limit. This is the maximum income one person can qualify for this grant program.

The household income is calculated by adding all gross incomes of all household members and dividing by 12 months.

Hometown Heroes Loan Limits in Hamilton County, Florida

The maximum amount you can borrow for a home purchase depends on several factors, including the price and location of the property and your income.

The loan limits for FHA is $472,030. USDA-RD does not have a Cap on Loan Limit. The maximum loan amount for HFA Preferred & HFA Advantage and VA loan is $726,200.

Why Get a Hometown Heroes Grant?

There are many reasons to apply for a Hometown Heroes Grant. Some of the benefits include:

  • The main benefit of this program is the ability to apply for a mortgage loan with no down payment. This means you can buy a home with nothing but your monthly income.

  • You can reduce your monthly mortgage payments through this grant program. This makes it easier for you to afford your monthly mortgage payments and make ends meet each month.

  • The grant reduces your mortgage overall cost by lowering interest rates on your loan. This makes it possible for you to get approved for an FHA loan even if you have not yet been able to save up enough money for a down payment!

  • In addition, no private mortgage insurance premiums (PMI) are required on these loans. This means you will not have to pay for insurance on your loan until it reaches 80% LTV.

  • You are not required to pay an origination fee of 1% of the loan amount. So, this fee will not be deducted from the total amount of your loan before disbursing funds to you.

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.

How to apply for the Hometown Heroes Loan Program in Hamilton County, Florida

You can apply for the Hometown Heroes Loan Program through approved participating Lenders.

You must provide information about your income, assets, and liabilities. The loan amount depends on your income and other financial obligations.

If your lender approves your application, they will send you a closing disclosure statement that includes details about closing costs and fees associated with the purchase of your home.

This document must be signed and returned to your lender within 10 days of receiving it.

Once all documents have been received and approved by your lender, you can close on your home purchase!

Map of Jasper Florida

Why Hamilton County, Florida is a Great Place to Settle Down for Families and Young Professionals

Hamilton County is one of the fastest-growing counties in Florida and offers many great reasons to settle down. The natural beauty found in Hamilton County is unbeatable with its beaches, hiking trails, and parks.

Families will love the excellent school systems, while young professionals will find a friendly atmosphere with an affordable cost of living.

  • Lots of jobs - Hamilton County is home to several industries that offer jobs in a variety of fields. The county's economy depends on the manufacturing, healthcare, and retail industries. This means plenty of careers are available for those who want to settle down and start a family.

  • Low cost of living - Hamilton County has one of the lowest cost of living indexes in all of Florida. According to Numbeo, the cost-of-living index in Hamilton County is 53 percent lower than in New York City or Los Angeles. This makes it easier for new residents to settle down in Hamilton County without worrying about paying their bills on time or being able to afford necessities like gas or groceries.

  • Low crime rates - Hamilton County has some of the lowest crime rates in all of Florida, according to Neighborhood Scout. There were only four reported crimes per 1,000 residents during the last year alone! That's significantly lower than other Florida counties like Polk (10) and Orange (17).

  • Great Schools - Hamilton County has some of the best schools in Florida, including Blue Springs Elementary School, Cypress Lake Middle School, Fort Hamilton High School, and Riverview High School. These schools have been recognized by U.S. News & World Report as some of the best in the state for several years running.

  • Affordable Housing Options - Hamilton County has many affordable housing options for residents looking to buy or rent a home for their families. Several public housing programs available through local government agencies can help you find a home if you meet specific requirements and qualify for assistance.

  • Strong Economy - Hamilton County's economy is strong thanks to our thriving tourism industry and diverse job market that includes manufacturing plants, retail stores, and professional services companies like law firms and real estate agencies, to name a few! This means more opportunities for jobs no matter what area of study you pursue!

  • Low-Stress Environment for Families - Hamilton County is a great place to settle down and raise a family. With so many young professionals moving to the area, it's no wonder that Hamilton County ranks as one of the top ten places in the U.S. to raise kids.

  • Hamilton County offers an array of activities for all ages - Hamilton County has something for everyone, from hiking and biking trails to water parks and amusement parks. Hamilton County has something for everyone! The natural beauty in Hamilton County can't be beaten and is just one of the many things that make this area such a great place to live!

  • The natural beauty found in Hamilton County can't be beat - Hamilton County boasts some of the most stunning natural landscapes in Florida. From its gorgeous beaches to the mountains and lakes inland, Hamilton County will never cease to amaze you with its natural beauty.

Many things make Hamilton County a great place for young professionals.

If you love your job but want to live somewhere other than downtown Miami or Fort Lauderdale, Hamilton County is just what you're looking for!

The Best School in Hamilton County, Florida

North Hamilton Elementary is a public school in North Hamilton County, FL.

It is one of the top schools in the state, with a student population of 503 and a student-teacher ratio of 14 students per teacher. Its state test scores are below average for the state of Florida.

The Cost of Living in Hamilton County, Florida

The BestPlaces website awards Hamilton's cost of living an 79.1. This platform considers 100 as the US average, meaning Hamilton has cheaper living costs.

The cost of house is relatively low compared to other areas of Florida. The median home cost in Hamilton is $107,500.

All the Towns and Cities in Hamilton County, Florida Qualify for the Hometown Heroes Program

  • Lookout Mountain
  • Ooltewah
  • Bakewell
  • Apison
  • Soddy Daisy
  • Sale Creek
  • Harrison
  • Chattanooga
  • Collegedale
  • Lupton City
  • Signal Mountain
  • Birchwood
  • Hixson

In Summary

The Hometown Heroes Loan Program helps first-time home buyers in Hamilton County, Florida. The program has already helped many people get into their homes.

Check your eligibility to see whether you qualify for what could slash your mortgage by a whopping $35000.

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.

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