Hillsborough County, including cities like Tampa, Temple Terrace, and Plant City, offers several programs to assist first-time homebuyers with down payment assistance (DPA), closing costs, low-interest mortgages, and tax credits. These are primarily administered by the Housing Finance Authority of Hillsborough County (HFA) and the City of Tampa, with some statewide options available locally.

 

Eligibility typically requires being a first-time buyer (no homeownership in the past 3 years), a minimum credit score of 640, completion of a HUD-approved homebuyer education course, and income limits based on area median income (AMI)—generally up to 140% AMI for non-targeted areas (around $112,000 for a household of 1-2 in 2025). Purchase price limits vary by loan type and area (e.g., $472,030 for FHA in non-targeted areas).

 

Contact a participating lender or agency for availability. List of approved Lenders

 

Home Sweet Home Hillsborough Program

Program Details:

• Eligible Borrowers who meet the occupational requirements, work full time, and are currently employed by a Florida-based employer can receive competitive market interest rates on an FHA, VA, RD, and Conventional first mortgage, reduced upfront fees, no origination points or discount points and down payment and closing cost assistance.

• HTH 2025 Program shall be limited to the following borrowers (Click Here for Example Eligible Occupations):

  • A person employed full-time by a Florida-based employer as a health care worker, school staff member, first responder, public safety or court employee, or child care worker;

  • A servicemember of the United States military or military reserves, the United States Coast Guard or its reserves, or the Florida National Guard; or

  • A veteran employed full-time by a Florida-based employer.

• Borrowers can receive up to 5% of the total first mortgage loan amount (maximum of $35,000/minimum of $10,000) in funds towards down payment and closing cost assistance.

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

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Hillsborough First with Hardest Hit Fund (HHF) 
Eligibility:

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1. Buyers and their spouses (occupant and non-occupant) must be first-time buyers and must be able to permanently reside in the US.

2. Buyers must live in the property they purchase as their principal residence.

3. All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.

4. Buyers must occupy the property purchased within 60 days of closing.

5. Buyers must live in the property as their principal residence and the property may never be rented.
    

DOWN PAYMENT ASSISTANCE – 5 year forgivable, 0.00% second mortgage, up to $15,000. Must be used for down payment and closing cost. The second mortgage is forgiven 20% each year and must be repaid when the first mortgage is refinanced, sale, short-sale, foreclosure or if the borrower ceases to live in the property. After the fifth year the second mortgage is completely forgiven.
 

INCOME LIMIT CRITERIA – Household income is considered for ALL Borrower(s), spouses and anyone 18 years or older.

1 – 2 person household $59,800
3 or more person household $68,770
 

MAXIMUM SALES PRICE LIMIT – This price must include everything paid by the buyer or on the buyer’s behalf. $253,809
 

HOMEBUYER EDUCATION – First-Time Homebuyers must complete a Program-approved pre-purchase homebuyer education course. 
 

ELIGIBLE PROPERTY – New or existing, one to four units, detached or attached, condos, townhomes.
 

CREDIT SCORE – FICO mid score must be 640 or higher.
 

DTI – The maximum debt-to-income (DTI) ratio is 45%.
 

CO-SIGNERS – Not allowable in this program.
 

Dare to Own the Dream (DARE)

The City of Tampa offers down payment assistance loans to income-eligible home buyers of property within the City limits of Tampa. The loan is in the second position behind primary financing from a mortgage lender and is typically known as a “silent second” because of the 0% rate and $0 monthly payment. The Deferred Payment Loan (DPL) can remain "silent" as long as the property continues to be the owner's primary residence and owner-occupied. The program provides up to $50,000.00 to assist income-eligible first-time homebuyers to achieve the dream of homeownership.
 

Here are the basic highlights of the City-Wide “Dare to Own the Dream”

Homeownership Program:

• Potential buyer must begin process with one of the three approved Housing Counseling agencies and MUST NOT be under contract before receiving a reservation number. The Counseling agency will provide education, complete application with client and collect documentation (See attached list of approved agencies).
   

• Potential buyer must utilize the services of a Loan Officer and Real Estate Agent (if applicable), who is reflected on the City’s current Approved Lender List and current Approved Realtor List.
   

• Up to $50,000.00 toward the purchase of the home: 

  (Effective 11/15/24)

  • 0-50% AMI                 Not Eligible

  • 50.01%-80% AMI       $50,000.00

  • 80.01%-120% AMI      $40,000.00

  • 120.01%-140% AMI    $30,000.00
     

• Fully forgivable after 20 years, assuming still owner occupied.
   

• Income calculated based on HOUSEHOLD income, not just the loan applicant.
   

• Household income must be at or below 140% Area Median Income (AMI).
   

• Debt/Back-end ratio cannot exceed 50%. No front ratio minimum/maximum. Mid-Credit Score of 600.
   

• Purchase price up to $450,000.00 (if you qualify for primary financing)
   

• Minimum of $2,000 investment from the borrower with at least $1,000 from borrower’s own verifiable funds. The additional $1,000 may include POC’s (appraisal, inspections, etc.)
   

• Loan types are flexible – Includes fixed and fully amortized products: FHA, VA and Conventional Affordable Housing Products allowed; ARM loans are not allowed.
   

• A full independent Home Inspection by the Buyer & a Pass HQS Inspection by the City are required before closing.

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The Florida Assist (State-wide)

• Offers up to $10,000 on FHA, VA, USDA and Conventional Loans.

• 0%, non-amortizing, deferred second mortgage.

The FL Assist is not forgivable. Repayment is deferred, except in the event of the sale, transfer, satisfaction of the first mortgage, refinancing of the property or until such a time the mortgagor ceases to occupy the property at which time, the Florida Assist will become due and payable, in full.

The Florida Homeownership Loan Program Second Mortgage (State-wide)

• Offers $12,500.

• 3% fully-amortizing, second mortgage.

• 30-year term.

 

The FL HLP Second Mortgage carries a monthly payment. The remaining unpaid principal balance (UPB) is deferred, except in the event of the sale, transfer of deed, satisfaction of the first mortgage, refinancing of the property or until such a time the mortgagor(s) ceases to occupy the property as his/her primary residence at which time, the FL HLP Second Mortgage will become due and payable, in full.

Since the FL HLP Second Mortgage carries a monthly payment, this payment may need to be considered in a borrower’s debt-to-income (DTI) ratio when credit underwriting.

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If you have questions, feel free to ask 813-519-9437 or contact us