Down Payment Assistance (DPA)
Second Mortgage Loan Terms

  • DPA is a lien secured by a second mortgage
  • Up to 5% of the total loan amount with a maximum of $25,000
  • May be applied to closing costs, down payment, prepaids, upfront funding fee, or other related program and mortgage loan fees and expenses
  • 30-year second mortgage at 0%, non-amortizing, and deferred with zero monthly payment
  • Lien is NOT forgivable

    • Repayment is deferred until the event of the sale, transfer of deed, refinancing, satisfaction of the first mortgage, or when the mortgagor ceases to occupy the property

Product Highlights:

  • 30-year fixed rate first mortgage loan
    • FHA, VA, Conventional, and USDA
  • Primary residence only

  • Property must be in Florida

  • Must be able to permanently reside in the US

  • Must occupy the home within 60 days
  • Property types:

    • 1-unit Single Family/PUDs (includes townhomes)
    • Condominiums
    • 2–4-unit properties are restricted to 95% LTV (conventional must attend landlord training)
    • Repair Escrows are not permitted
    • Manufactured home properties are not eligible

  • Purchase transactions only

  • One borrower must be one of the following at application:

    • Licensed or certified front-line worker
      • Will need a copy of the state license or certification
    • Must be actively employed full-time in Florida in a position in which their license or certification is held
      • A verification of employment must show full time as defined by the employer
    • Active military, veterans with any discharge other than dishonorable
    • A surviving spouse of a veteran, but is only eligible to use a VA loan
    • Fully executed heroes loan program attestation form signed by borrower

  • Minimum 640 credit score

    • Borrowers must generate at least 2 credit scores

  • Maximum debt-to-income (DTI) ratio varies by loan product as follows:

    • Conventional, FHA, and VA loans – maximum DTI 50%
    • USDA loans - maximum DTI 45%

  • All borrowers must be a first-time homebuyer unless they have an exemption status

    • Have not owned nor occupied a primary residence within the last 3 years
    • Do not claim their mobile home as real property (it is located on a rental lot / land)
    • Veterans, active duty, and their spouses are exempt from the first-time homebuyer requirement
    • Surviving spouses must be a first-time homebuyer and is not exempt

  • There are no purchase price limits

  • Loan amount restrictions vary by county.  Duval, Clay, and St Johns County are:

    • FHA is $472,030
    • VA and Conventional is $726,200

  • Income limits vary by county and is 150% of the area median income

    • Duval, Clay, and St Johns County are $118,950
    • Income eligibility is determined by the income used in underwriting
    • Only income reflected on the loan application is considered
      • Household income is NOT used
      • Non-occupying co-signor income is included

  • Minimum borrower contribution varies as follows:
    • FHA/VA/USDA- no minimum borrower contribution
    • Conventional, varies by number of units, as follows:
      • 1-unit property- no minimum borrower contribution
      • 2-4-unit property- 3% minimum borrower contribution

  • Cash back from DPA Funds is not allowed

    • Any potential cash back should be applied as principal reduction to the 1st mortgage
    • The maximum principal amount allowed is $1,000, if exceeded the loan amount must be reduced      
    • Cannot be used for an appraisal gap, but the borrower can use their own funds
    • Cannot be used to pay off borrower debt, but the borrower may use their own funds

  • Homebuyer education is required by the “hero” borrower but not required by the spouse
Below is an alphabetical List of Approved Occupations that would qualify for this program:
911 Public Safety Communicator
Active-Duty Military Personnel
Adult Protective Services' Enforcement (DCF)
Advanced Practice Registered Nurse (APRN)
Anesthesiologist Assistant
Assistant Public Defender
Assistant State Attorney
Assisted Living Facility (ALF)
Athletic Trainer
Basic X-Ray Machine Operator (Radiologic)
Blood Gas Analyst (Laboratory)
Career Specialist (Educator)
Child Protective Services' Enforcement (DCF)
Childcare Instructor
Childcare Operator
Chiropractic Physician
Chiropractic Physician's Assistant
Classroom Teacher
Clinical Nurse Specialist
Clinical Social Worker
Correction Officer
Correctional Probation Officer
Dental Assistant
Dental Hygienist
Dietetic Technician
Dietician Electrologist
Emergency Medical Technician (EMT)
Federal Sworn Law Enforcement
General Radiographer (Radiologic)
Genetic Counselor
Hearing Aid Specialist
Hearing Aid Specialist Trainee
Home Health Aide
Juvenile Detention Officer
Juvenile Probation Officer
Laboratory Director
Laboratory Supervisor
Laboratory Technologist
Laboratory Testing
Technician Librarian/Media Specialist (Educator)
Marriage & Family Therapist Massage Therapist
Medical Assistant Medical Physicist (Radiologic)
Mental Health Counselor
Naturopathic Physician
Nuclear Pharmacist
Nurse Anesthetist
Nurse Midwife
Nursing Assistant (CNA)
Nursing Home Administrator
Nutrition Counselor
Occupational Therapist
Occupational Therapist Aide
Occupational Therapist Assistant
Optometrist Orthotic Fitter
Orthotic Fitter Assistant
Osteopathic Physician
Pharmacy Technician
Physical Therapist
Physical Therapist Assistant
Physician Assistant
Podiatric X-Ray Assistant
Practical Nurse (LPN)
Prosthetist Orthotist
Psychologist Radiologic Specialty Technologist
Radiologic Technologist
Radiology Assistant
Registered Dietician
Nutritionist Registered Nurse (RN)
Registered Nurse Anesthetist
Registered Respiratory Therapist
Respiratory Care Practitioner
Respiratory Therapist
School Counselor
School Psychologist
Social Worker
Specialty Technologist (Radiologic)
Speech Language Audiologist
Speech Language Audiologist Assistant
Speech Language Pathologist
Speech Language Pathology Assistant
Sworn Law Enforcement Officer
Veteran – Surviving Spouse of Veteran
Veterinarian Assistant
Veterinarian Technician

Click Here to View a PDF of Occupations Eligible
For the Hometown Heroes Program with m

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