The Housing Finance Authority of Hillsborough County offers the Hillsborough First with Hardest Hit Fund (HHF) Down Payment Assistance Program. The program is meant to help first-time homebuyers who do not have enough money saved for hefty down payments and closing costs.

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Hardest Hit Fund Down Payment Assistance

Financial Assistance for Homebuyers in Florida

In an effort to help individuals achieve their dreams of homeownership, the Housing Finance Authority of Hillsborough County offers the Hillsborough First with Hardest Hit Fund (HHF) Down Payment Assistance Program. The program is meant to help first-time homebuyers who do not have enough money saved for hefty down payments and closing costs.

Available Assistance
The DPA Program provides applicants with up to $15,000 in assistance funds in the form of a forgivable, zero-interest second mortgage. 20 percent of the loan amount is forgiven each year for five years, after which the mortgage is forgiven entirely. However, in the case of refinance, sale, short-sale, or foreclosure of the home, or if it no longer serves as the borrower’s primary residence, the loan must be repaid.

Eligibility Requirements
To be considered eligible for the Program, all applicants must meet certain requirements. Borrowers and their spouses (occupant and non-occupant) must be first-time homebuyers and permanent residents of the U.S. Their annual household income must fall within program guidelines (shown below), and they must successfully complete a Program-approved pre-purchase homebuyer education course. All applicants must have a FICO mid score of at least 640 and a debt-to-income ratio no higher than 45 percent.

Property Guidelines
Any home being purchased with DPA Program funds must serve as the borrower’s principal residence, and be occupied within 60 days of the mortgage closing. New or existing detached or attached homes with one to four units, condominiums, and townhomes are eligible properties as long as they do not exceed the program’s maximum purchase price, $253,809.

Income Limits
Household income is defined as all income received by household members (18 years or older) who will be living in the home, even if they are not on the mortgage.

1 or 2 persons: $59,800
3 or more persons: $68,770
 
(Note: These figures were accurate at the time of publication and may no longer be current - visit the program website for updated information.)

Down Payment Grants in Florida

Broward County recognizes that many individuals who can afford monthly mortgage payments don't have the required down payment for a home. The Broward County’s Homebuyer Purchase Assistance Program helps potential homebuyers overcome this hurdle by offering down payment assistance.

The program provides down payment and closing costs assistance to income-eligible applicants in the form of a zero-interest, deferred second mortgage, with the maximum loan amount being $7,500. This can be used in conjunction with the program’s 4 percent first mortgage exclusively.

The Housing Finance Authority of Hillsborough County offers the Hillsborough First with Hardest Hit Fund (HHF) Down Payment Assistance Program. The program is meant to help first-time homebuyers who do not have enough money saved for hefty down payments and closing costs.

Florida’s Orange County residents can take advantage the Down Payment Assistance Program, which provides funding to income-eligible first-time homebuyers to help them purchase a new or existing home. These funds are to be put toward paying qualified closing costs and the down payment associated with a mortgage transaction.

The City of Palm Bay in Florida established the HOME Down Payment Assistance Program, which is designed to help income-eligible applicants with down payment and closing cost assistance to purchase their first home, and rehabilitation, if needed. 

The State Housing Initiatives Partnership (SHIP) Program in Charlotte County provides income-eligible applicants up to 10 percent of the purchase price (a maximum award of $15,000), in the form of a zero-interest loan.

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