By Phil Ganz
Edited by Ryan Skerritt
Table of Contents
Income Limit Updates for 2024
For 2024, income limits for the Florida Hometown Heroes Program have seen some adjustments.
The income limits have increased this year, making it easier for more homebuyers to qualify for assistance.
For example, in Alachua County, the FHA, VA, and HFA limit rose by 9.93% from $130,050 to $142,950, and the USDA-RD limit increased by 6.91% from $103,500 to $110,650.
Similarly, in Miami-Dade County, the FHA, VA, and HFA limit went up by 9.97% from $154,800 to $170,250, and the USDA-RD limit grew by 5.79% from $112,150 to $118,650.
These changes mean more homebuyers can access financial support to buy homes in these counties.
Florida Hometown Heroes Income Limits by County
| County | FHA, VA, HFA | USDA |
|---|---|---|
| Alachua | $142,950 | $110,650 |
| Baker | $132,900 | $110,650 |
| Bay | $132,900 | $110,650 |
| Bradford | $132,900 | $110,650 |
| Brevard | $141,900 | $110,650 |
| Broward | $158,400 | $110,650 |
| Calhoun | $132,900 | $110,650 |
| Charlotte | $132,900 | $110,650 |
| Citrus | $132,900 | $110,650 |
| Clay | $145,950 | $110,650 |
| Collier | $156,450 | $114,800 |
| Columbia | $132,900 | $110,650 |
| De Soto | $132,900 | $110,650 |
| Dixie | $132,900 | $110,650 |
| Duval | $145,950 | $110,650 |
| Escambia | $134,850 | $110,650 |
| Flagler | $132,900 | $110,650 |
| Franklin | $132,900 | $110,650 |
| Gadsden | $133,050 | $110,650 |
| Gilchrist | $142,950 | $110,650 |
| Glades | $132,900 | $110,650 |
| Gulf | $132,900 | $110,650 |
| Hamilton | $132,900 | $110,650 |
| Hardee | $132,900 | $110,650 |
| Hendry | $132,900 | $110,650 |
| Hernando | $143,250 | $110,650 |
| Highlands | $132,900 | $110,650 |
| Hillsborough | $143,250 | $110,650 |
| Holmes | $132,900 | $110,650 |
| Indian River | $132,900 | $110,650 |
| Jackson | $132,900 | $110,650 |
| Jefferson | $133,050 | $110,650 |
| Lafayette | $132,900 | $110,650 |
| Lake | $144,750 | $110,650 |
| Lee | $140,400 | $110,650 |
| Leon | $133,050 | $110,650 |
| Levy | $132,900 | $110,650 |
| Liberty | $132,900 | $110,650 |
| Madison | $132,900 | $110,650 |
| Manatee | $150,750 | $110,650 |
| Marion | $132,900 | $110,650 |
| Martin | $137,550 | $110,650 |
| Miami-Dade | $170,250 | $118,650 |
| Monroe | $178,950 | $124,800 |
| Nassau | $145,950 | $110,650 |
| Okaloosa | $143,550 | $110,650 |
| Okeechobee | $132,900 | $110,650 |
| Orange | $144,750 | $110,650 |
| Osceola | $144,750 | $110,650 |
| Palm Beach | $160,650 | $112,000 |
| Pasco | $143,250 | $103,500 |
| Pinellas | $143,250 | $110,650 |
| Polk | $132,900 | $110,650 |
| Putnam | $132,900 | $110,650 |
| Santa Rosa | $134,850 | $110,650 |
| Sarasota | $137,550 | $110,650 |
| Seminole | $144,750 | $110,650 |
| St. Johns | $145,950 | $110,650 |
| St. Lucie | $137,550 | $110,650 |
| Sumter | $132,900 | $110,650 |
| Suwanee | $132,900 | $110,650 |
| Taylor | $132,900 | $110,650 |
| Union | $132,900 | $110,650 |
| Volusia | $132,900 | $110,650 |
| Wakulla | $134,400 | $110,650 |
| Walton | $135,900 | $110,650 |
| Washington | $132,900 | $110,650 |
Understanding Income Limits for the Florida Hometown Heroes Program
The updated income limits for the Florida Hometown Heroes program help determine who can get help buying a home. For example, in Alachua County, if your household makes less than $142,950 a year, you could qualify for FHA, VA, or HFA loans.
For USDA-RD loans, your household needs to make less than $110,650 a year. In Broward County, the limits are higher: you can make up to $158,400 for FHA, VA, or HFA loans, and up to $110,650 for USDA-RD loans.
These limits are set to help families and essential workers who might need extra support to afford a home.
How to Determine Your Eligibility Based on Income
To calculate your household income, start by adding up the annual gross income of each member of your household, which includes wages, salaries, bonuses, and any other earnings before taxes.
Include income from other sources such as investments, rental properties, and alimony. Make sure to count income from all jobs held by each household member.
Finally, total all these amounts to get your household's combined annual income.
What counts as income for the program?
The Florida Hometown Heroes Program considers several types of income to determine eligibility. This includes all wages or salaries before taxes, as well as tips, bonuses, and overtime pay.
If you are self-employed, your net profit from your business is counted.
Additionally, government benefits, pensions, and regular financial support from family members or other sources are included in your household income.
Tips for Qualifying Based on Income
Here are 10 helpful tips for qualifying with your income:
- Know your gross income, which includes wages, salaries, bonuses, and other earnings.
- Count income from all sources, such as investments, rental properties, alimony, and government benefits.
- Most lenders require at least two years of consistent employment, so ensure your job history is stable.
- If your income alone isn’t enough, consider having a co-signer with a stronger financial profile to help you qualify.
- Reducing your debt-to-income ratio by paying off existing debts can improve your chances of qualifying.
- Higher credit scores can enhance your eligibility and offer better loan terms, so work on improving your credit if necessary.
- Some loan programs have maximum income limits, so check if your income qualifies for specific assistance programs.
- Ensure you have enough saved for the down payment and other closing costs, which might include fees and insurance.
- Look into state, local, and national homebuyer assistance programs that might provide grants or favorable loan terms.
- Before house hunting, get pre-approved for a mortgage to understand what you can afford and demonstrate your buying power to sellers.
Additional Resources for the Florida Hometown Heroes Program
Everything you need to make sure you claim your Florida homebuying assistance up to $35,000:
- How to Qualify for the Florida Hometown Heroes Program
- Florida Hometown Heroes Program - The Complete Guide
- Florida Hometown Heroes Program Calculator
- Florida Hometown Heroes Program for Veterans - Homebuyer Grants for U.S. Military
- Hometown Heroes Program FAQ and Changes in 2024
- Florida Hometown Heroes Program Challenges - Common Obstacles and Solutions
- Florida Hometown Heroes Program Loan Limits
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.
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.
About Editor - Ryan Skerritt
Ryan Skerritt has over 10+ years of experience in the residential financing space. With over two hundred and fifty million of funded loan volume, Ryan has the skill set to help any homebuyer configure the perfect mortgage plan.
