HILLSBOROUGH COUNTY
Housing Finance Authority of Hillsborough County
Home Sweet Home Hillsborough Program
Continuously funded program - Never "runs out" of money
ELIGIBLE AREAS – Hillsborough County
The Home Sweet Home Program provides a qualified borrower with a 30-year fixed rate first mortgage (FHA, VA, USDA-RD loans only) and down payment and closing cost asssitance.
ELIGIBILITY CRITERIA* –
DOWN PAYMENT ASSISTANCE – 30 Year Deferred, 0.00% interest second mortgage (this means you are not making payments on the second mortgage, those payments are deferred). Must be used for down payment and closing cost. The second mortgage is never forgiven and must be repaid when the first mortgage is refinanced, sale, short-sale, foreclosure or if the borrower ceases to live in the property.
Loans originated in the City of Tampa $5,000 in down payment and closing cost assistance effective 03/26/24.
Loans originated in unincorporated Hillsborough County, the City of Temple Terrace and the City of Plant City will receive $15,000 in down payment and closing cost assistance effective 03/26/24.
Loans originated in unincorporated Hillsborough County, the City of Temple Terrace and the City of Plant City to borrowers at or below 80% AMI (separated by household size) will receive $30,000 in down payment and closing cost assistance, effective 10/25/24.
HOUSEHOLD INCOME LIMITS FOR BORROWER TO RECEIVE $5,000 OR $15,000 IN ASSISTANCE – Household income is considered for ALL Borrower(s), spouses and anyone 18 years or older.
Non-Targeted Areas
1-2 person households $93,600
3 or more person households $109,825
Targeted Areas
1-2 person households $93,600
3 or more person households $120,400
HOUSEHOLD INCOME LIMITS FOR BORROWERS TO RECEIVE $30,000 IN ASSISTANCE– Household income is considered for ALL Borrower(s), spouses and anyone 18 years or older.
1 person household $53,500
2 person household $61,150
3 person household $68,800
4 person household $76,400
5 person household $82,550
6 person household $88,650
7 person household $94,750
8 person household $100,850
9 or more person household $109,825
Housing Finance Authority of Hillsborough County
Home Sweet Home Hillsborough Program
Continuously funded program - Never "runs out" of money
ELIGIBLE AREAS – Hillsborough County
The Home Sweet Home Program provides a qualified borrower with a 30-year fixed rate first mortgage (FHA, VA, USDA-RD loans only) and down payment and closing cost asssitance.
ELIGIBILITY CRITERIA* –
- Buyers and their spouses (occupant and non-occupant) must be first-time buyers and must be able to permanently reside in the US.
- Buyers must live in the property they purchase as their principal residence.
- All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.
- Buyers must occupy the property purchased within 60 days of closing.
- Buyers must live in the property as their principal residence and the property may never be rented.
DOWN PAYMENT ASSISTANCE – 30 Year Deferred, 0.00% interest second mortgage (this means you are not making payments on the second mortgage, those payments are deferred). Must be used for down payment and closing cost. The second mortgage is never forgiven and must be repaid when the first mortgage is refinanced, sale, short-sale, foreclosure or if the borrower ceases to live in the property.
Loans originated in the City of Tampa $5,000 in down payment and closing cost assistance effective 03/26/24.
Loans originated in unincorporated Hillsborough County, the City of Temple Terrace and the City of Plant City will receive $15,000 in down payment and closing cost assistance effective 03/26/24.
Loans originated in unincorporated Hillsborough County, the City of Temple Terrace and the City of Plant City to borrowers at or below 80% AMI (separated by household size) will receive $30,000 in down payment and closing cost assistance, effective 10/25/24.
HOUSEHOLD INCOME LIMITS FOR BORROWER TO RECEIVE $5,000 OR $15,000 IN ASSISTANCE – Household income is considered for ALL Borrower(s), spouses and anyone 18 years or older.
Non-Targeted Areas
1-2 person households $93,600
3 or more person households $109,825
Targeted Areas
1-2 person households $93,600
3 or more person households $120,400
HOUSEHOLD INCOME LIMITS FOR BORROWERS TO RECEIVE $30,000 IN ASSISTANCE– Household income is considered for ALL Borrower(s), spouses and anyone 18 years or older.
1 person household $53,500
2 person household $61,150
3 person household $68,800
4 person household $76,400
5 person household $82,550
6 person household $88,650
7 person household $94,750
8 person household $100,850
9 or more person household $109,825
MAXIMUM SALES PRICE LIMITS – This price must include everything paid by the buyer or on the buyer's behalf.
Non-Target Areas $350,000
Targeted Areas $430,000
HOMEBUYER EDUCATION – First-Time Homebuyers must complete a Program-approved pre-purchase homebuyer education course. Please speak with a participating lender for details.
ELIGIBLE PROPERTY – New or existing, one to four units, detached or attached, condos, townhomes.
CREDIT SCORE - FICO mid score must be 640 or higher.
WHAT IS A NON-TARGETED AREA AND TARGETED AREA?
The Home Sweet Home Program is available in all of Hillsborough County (including the City of Tampa, Temple Terrace and Plant City). A majority of Hillsborough County is considered a non-target area.
However, there are targeted areas identified by HUD (by specific census tract number) as areas of economic distress or have low loan origination. When you purchase a home in a Targeted Area you do not need to be a first-time buyer, some of the income limits are higher and the purchase price limit is higher. To view a list of a HUD approved Targeted Area census tracts in Hillsborough County and maps, click on this link.
Non-Target Areas $350,000
Targeted Areas $430,000
HOMEBUYER EDUCATION – First-Time Homebuyers must complete a Program-approved pre-purchase homebuyer education course. Please speak with a participating lender for details.
ELIGIBLE PROPERTY – New or existing, one to four units, detached or attached, condos, townhomes.
CREDIT SCORE - FICO mid score must be 640 or higher.
WHAT IS A NON-TARGETED AREA AND TARGETED AREA?
The Home Sweet Home Program is available in all of Hillsborough County (including the City of Tampa, Temple Terrace and Plant City). A majority of Hillsborough County is considered a non-target area.
However, there are targeted areas identified by HUD (by specific census tract number) as areas of economic distress or have low loan origination. When you purchase a home in a Targeted Area you do not need to be a first-time buyer, some of the income limits are higher and the purchase price limit is higher. To view a list of a HUD approved Targeted Area census tracts in Hillsborough County and maps, click on this link.
HFA of Hillsborough County Mortgage Credit Certificate Program
Please speak with your tax advisor or tax professional or tax preparer to determine your estimated tax liability and the value of the MCC. The following information is for informational purposes only and does not constitute professional tax advice.
What is the mortgage credit certificate, MCC for short.
Let’s start with the basics. The Mortgage Credit Certificate is not a down payment assistance program. The MCC program provides a federal tax credit each year you live in the home that will reduce the amount of federal income tax paid. And the borrower may claim the MCC each year the home remains their principal residence.
The MCC is a very powerful subsidy that a homeowner may claim each year they live in the home. There is no separate qualification to receive the MCC, as long as the borrower qualifies for the Home Sweet Home Program, they will automatically qualify for the MCC.
What’s the benefit of the MCC Tax Credit? There are certain tax benefits to being a homeowner, such as annually homeowners may claim mortgage interest paid on primary residence as a tax deduction. The MCC allows 20% of mortgage interest paid to become a tax credit. The remaining mortgage interest paid remains a tax deduction.
A deduction is subtracted from the adjusted gross income before federal income taxes computed. A tax credit is subtracted from the total federal income tax liability and provides dollar for dollar reduction of liability limited to the homeowner’s tax liability.
What's the different between a Tax Deduction and a Tax Credit? First let’s look at the difference between a tax credit and a tax deduction. This is where most people do not understand the power of a tax credit. In General, tax credits tend to be more valuable compared to deductions. That’s because a tax credit is a dollar-for-dollar reduction of the income tax owed. For example is a tax credit and tax deductions are both valued at $1,000 and the homeowner tax liability is $3,000 here is how the $1,000 would be applied for each.
A tax credit worth $1,000 would be subtracted from the tax liability of $3,000 leaving a $2,000 tax bill. This is a dollar-for dollar reduction.
A tax deduction works differently and that is because you need to take into account the tax bracket in which a person will fall. For a tax deduction worth $1,000 first determine the tax bracket, for this example we will use a 12% tax bracket. Then take 12% of $1,000, that leaves you with $120. The $120 will be deducted from a person’s taxable income NOT a tax bill. As you can see the tax credit is a powerful tool.
If I receive a Tax Refund does that make me ineligible for the MCC? No, it just means you overpaid the IRS. To benefit from the MCC you must have tax liability. DO NOT confuse tax liability with a refund. IF you received a refund, it does not mean you are not eligible. A refund is exactly that, a refund, essentially you overpaid the IRS and you are receiving a refund. But it does not make you ineligible for the MCC.
How can I determine my tax liability? To determine tax liability, look at your latest tax return. Line 24 of the IRS form 24 will show your tax liability.
How long can I claim the MCC? For as long as you live in the home and you do NOT refinance your first mortgage. If you refinance, you will lose the MCC.
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WHAT'S THE NEXT STEP?
If you think you qualify for the Home Sweet Home Program based upon the criteria above:
1. Contact an active participating loan officer to get pre-approved for a mortgage.
2. Work with your loan officer of choice to be pre-approved for a mortgage loan AND the Home sweet Home Program. Your loan officer will do all the work, the entire process is conducted with the Loan Officer.