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% second mortgage, up to $5,000 for properties located in the City of Tampa and up to $15,000 for properties located in unincorporated Hillsborough County. 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. (Effective 03/26/24)
INCOME LIMIT CRITERIA – 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
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% second mortgage, up to $5,000 for properties located in the City of Tampa and up to $15,000 for properties located in unincorporated Hillsborough County. 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. (Effective 03/26/24)
INCOME LIMIT CRITERIA – 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
MAXIMUM SALES PRICE LIMIT – 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.
First-time buyers – don’t buy that house until you determine if you qualify for a Mortgage Credit Certificate (MCC) offered by the Housing Finance Authority of Hillsborough County!
The MCC could save you THOUSANDS of dollars by reducing the amount of federal income tax you owe. The MCC is not down payment assistance but rather a dollar-for-dollar reduction in your federal tax liability.
SO HOW DOES AN MCC WORK?
An MCC is used in conjunction with a rst mortgage loan provided by a participating lender. The MCC allows a
borrower to take 20% of their annual mortgage interest as a tax credit while continuing to use the balance of
the interest as a deduction. The MCC program tax credit maybe used as long as the property remains the borrower(s)
principal residence. The MCC benefit may be received one of two ways. 1) Annually when a borrower les their
federal income tax returns, or 2) A portion may be claimed with each paycheck by ling a revised W-4 form with
the employer adjusting federal income tax withholding. Another added bonus - this MCC program may be used with
either of the HFA of Hillsborough County rst mortgage programs that o er down payment and closing cost
assistance. The Mortgage Credit Certi cate program will have the strictest eligibility requirements so those must be
followed in order to be combined with the program first mortgage.
FEDERAL INCOME TAX LIABILITY - In order for a borrower to benefit from the Mortgage Credit Certificate they must have Federal income tax liability. Just because you received a tax refund does not mean you don't have liability. To determine your tax liability look at your IRS 1040 form line 37. A large number means you are a great fit for the MCC program. Even a small number means you will benefit from the MCC. However, zero indicates you would not be a good fit for the MCC because you have no tax liability.
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WHAT'S THE NEXT STEP?
If you think you qualify for any of the programs listed based upon the criteria above, contact a participating loan officer to get pre-approved for a mortgage.
CLICK HERE TO VIEW THE PROGRAM FLYER, LIST OF PARTICIPATING LOAN OFFICERS & LIST OF CERTIFIED REALTOR PARTNERS
Haga clic aqui parável el folleto del programa, alista de prestamistas participantes y socios agentes inmobiliarios certificados en español.