Discover Florida Home Loan Programs for Teachers

Teaching is an honorable profession, and we have all seen teachers' daily dedication. That’s why Florida has launched a $100 million program to help not only teachers but also members of law enforcement and the military become homeowners.

The Hometown Heroes program was formally announced last May 23, 2022, and it has been a big help to those who can’t afford to buy homes since Florida housing prices have risen by more than 58% in recent years.

Let’s look at how this program works, along with other mortgage programs for teachers that are available in the market today.

Hometown Heroes Program

If you are looking for Florida home loan programs for teachers, there’s a new kid on the block.

Beginning June 1, 2022, the Hometown Heroes Program will be available for eligible homebuyers like teachers, firefighters, law enforcement officers, paramedics, nurses, and so much more.

The program offers three government-backed and two conventional loan programs from which eligible workers can choose.

This new initiative can provide down payment and closing cost assistance through a second mortgage and also get reduced PMI premium payments for borrowers.

Good Neighbor Next Door

The U.S. Department of Housing and Urban Development also offers a program to help teachers and civil servants buy their first homes. The Good Neighbor Next Door Program allows qualified teachers to buy a HUD home at a 50% discount on the listed price.

A few requirements that teachers must meet to qualify are:

Buy a home in a designated revitalization area near your school
Must be a certified pre to K-12 full-time teacher assigned in a revitalization area
Should live in the house for at least three years to get the discount
Property must be your primary home for three full years

Teacher Next Door

The TND or Teacher Next Door Program can give our educators grants and down payment assistance. The program is run by a private agency and gives the following benefits:

Up to $10k down payment assistance
Up to $8k in grants in qualifying areas
Low-interest rates
Discounted title fees
Waived broker and application fees
Free home appraisals
Credit counseling

To qualify, you must be a pre to K - 12-grade teacher and work with a TND agent.

Homes for Heroes

The Homes for Heroes program helps teachers reduce closing costs, inspection fees, and title fees to make buying a home easier.

To qualify, you must be a certified pre-K to 12-grade teacher.

If you want to know more about home loans for heroes, reach out to one of our loan experts today.

Are you ready to buy your new home in Florida?

If you are a teacher who plans to buy a new home in Florida, it’s good to know that there are various home loan programs available to assist you.

To help you choose the right program for you, our loan officers at Boom Mortgage are ready to give you the best advice.

Give us a call, and we’ll help you get started.