Skip to content

Hometown Heroes Loan Program: Learn How to Get up to a $25,000 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 $25,000 in down payment assistance.

What is the Hometown Heroes Program?

The Hometown Heroes Program is for first-time home buyers in a hero profession-military, veterans, educators, doctors, first responders, and public safety officers. This program is funded by the county and is available on any residential purchase or refinance transaction. If you are buying a home in Hamilton County, Florida, the Hometown Heroes Program will provide you with a grant of up to $25,000.00 towards your closing costs.

You can get up to $25,000 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 and does not require repayment.

The program provides the money eligible applicants can use to purchase a home. The grant is paid directly to the seller at closing and does not need to be repaid if the grant recipient still owns the home at the time of sale.

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 that meet HUD requirements. These homes are also non-conventional loans because they don't require traditional income and credit requirements like other loans.

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

  • Applicants must be at least 18 years of age.

  • Applicants cannot own property anywhere else in the United States except for their current residence. If they own a property outside of the county, they will be required to sell it before applying for this grant program.

  • You must be a first-time home buyer. This means you have not owned a house or condo in at least three years. The property must be used as your primary residence and not rented out to others.

  • You have to be a resident of Hamilton County, Florida. You do not have to own property in the county, but your current residence must be within its borders.

  • 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, FL, is $118,950.00. If you make less than this amount, then you may be eligible to receive up to $25,000 towards your down payment or closing costs on your new home purchase.

The maximum purchase price you can borrow is determined by calculating the area median price (AMI) and adding 3%. The AMI is determined by HUD each year based on data provided by local real estate boards across Florida.

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 for FHA & USDA-RD loans

FHA-insured loans are available for veterans with VA disability ratings of 30% or more. RD loans are available for veterans with disabilities that the VA does not rate. Veterans with disabilities rated less than 30% may qualify for a higher loan if they meet specific criteria.

The loan limits for FHA and USDA rural development loans are calculated using two factors. First, the national conforming loan limits are used. Second, a county's median home value determines how much the loan amount can be increased over the conforming limit. The county median home value is based on the most recent 3 years of data from the Census Bureau's American Community Survey (ACS).

Suppose you want to purchase a home in the next few years and qualify based on income. In that case, opportunities are still available that can make a difference in your monthly mortgage payment and overall housing costs.

Hometown Heroes Loan Limits HFA Preferred, HFA Advantage, and VA

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 maximum loan amount for a Hometown Heroes loan is $647,200.00. This includes both principal and interest on the loan.

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.

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's 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.

Qualifying Professions for the Hometown Heroes Loan Program

  • Acupuncturist
  • Juvenile probation officers
  • Certified Radiologic Technologist
  • Certified Radiology
  • Correctional officers
  • Veterinarian Assistant or Technician
  • Nursing home administrator
  • Certified nurse-midwife
  • Anesthesiologist
  • Active Military Personnel & Veterans
  • Paramedics
  • Clinical Social Worker
  • Registered nurse
  • School counselor
  • Certified Basic X-Ray Machine Operator
  • Physician assistant
  • Clinical Laboratory Personnel
  • Prosthetist, Orthotist
  • Pharmacist dentist
  • Assistant-Certified General
  • Radiographer Specialty
  • Law enforcement officers
  • Marriage & Family Therapist
  • Mental Health Counselor
  • Home health aide
  • School psychologist
  • Optician
  • Educators
  • Licensed childcare operator
  • Physician
  • Massage Therapist
  • Pharmacist
  • Licensed dietician
  • Physical Therapist
  • Podiatrist
  • Phlebotomist
  • Electrologist
  • Social worker
  • Licensed Medical Physicist (X-Ray)
  • Physical Therapist Assistant

How to apply for the FHFC Hometown Heroes mortgage grant Program in Hamilton County, FL

You can apply for the Hometown Heroes Loan Program on the FHFC website.

You must provide information about your income, assets, and liabilities. The loan amount depends on your income and other financial obligations. The maximum mortgage amount you can get through this program is $300,000. However, you could qualify for a smaller loan if you have a lower income and fewer savings or assets.

The second step is to apply for a mortgage loan at a local bank or credit union. 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 FHFC and your lender, you can close on your home purchase!

Map of Jasper Florida

Why Hamilton County 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 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 been around for several years and has helped many people get into their homes. Check with the HFHC website to see whether you qualify for what could slash your mortgage by a whopping $25000.

Find The Right Mortgage

For more than 20 years, Phil have been helping customers achieve their home purchase and refinance goals by providing them with invaluable resources and support.

Schedule a FREE Consultation
Phil Ganz

Subscribe to Get Your First Time Homebuyer Checklist

Sign up for the weekly newsletter to stay up to date on the latest real estate market trends, loan news, and so much more!