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NO mortgage insurance for Borrower with this Conventional style program. Benefit-under-served counties and those high cost Florida counties included. (Exceeding 100% counties) increased income limit for those counties. Higher Income limits than typical state or county programs. Borrower must have a minimum of 1% of own funds in the transaction. 2% Gift funds from family can be used for rest of down payment.
FHA.com is a privately owned website, is not a government agency, and does not make loans. The Housing Finance Authority of Hillsborough County offers homebuyers the Home Sweet Home Hillsborough Program that helps applicants overcome the hurdle of expensive down payments. Power Purchase Program that offer reduced mortgage insurance payments.
Notice of Funding Availability (NOFA) and Application for Local Government Area of Opportunity Funding
Maximum debt-to-income 50% or higher depending on credit score, compensating factors and Automated Underwriting findings. Generally the lesser of $424,100 or maximum loan amounts permitted by HUD. Stick built homes or manufactured homes allowed for Conventional and Government Agency loans . Lower mortgage insurance rates for Borrower on FHA program.
There are no monthly payments but the loan must be repaid when the first mortgage is refinanced, sold, foreclosed, or no longer serves as the borrower’s primary address. Compare the top down payment assistance programs and first time home buyer special mortgage financing available in Florida. We offer these Special Mortgage Financing programs free to you as a service to our local Florida community.
Power Purchase Plus Program NO Mortgage Insurance
Conventional version allows up to 3% Seller contribution maximum towards Buyers closing costs. FHA version entire household income from all household residences used for qualification purposes. The FL Assist offers a 30 year, 0% fixed rate, deferred but accelerated upon any of the following - the sale, transfer or other disposition of the property , The FL Assist must be repaid. 1003 Income must be supported by pay-stubs and 2 year history of continuous employment for w-2 employees or 1099's, K1's and minimum 2 years business tax returns for the self-employed. DPA version #1 is the Non-Repayable grant of 3%, 4%, or 5% depending on applicants credit profile, version # 2 is the 0% interest rate, $10,000 Deferred second mortgage. Conventional version, bankruptcies must be discharged over 4 years, and/or foreclosures, short sales or deed in lieu 7 years, minimum 2 trade lines with no late's in last 12 months, No NSF's in last 12 months.
These Down Payment and Closing Cost Assistance programs can only be provided by Lenders who have been approved by specific Institutional Investors. If you would like to learn more about which Realtors and Lenders are qualified, or if you would like to be pre-approved for any of these programs, let's Get Started! Any home purchased with funds from the Home Sweet Home Hillsborough Program must serve as the applicants’ primary residence and fall within the maximum purchase price limit of the $283,348. This price must include everything paid by the buyer or on the buyer's behalf.
Miami-Dade HFA Down Payment Assistance Program
A Co-Signors income is not considered for program purposes, tax returns/transcripts are not required and Consignor’s do not sign any program documents. The Housing Finance Authority of Hillsborough County offers the Hillsborough First with Hardest Hit Fund 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. Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
There are separate applications for developments using bonds without SAIL and those using bonds with SAIL. MAXIMUM SALES PRICE LIMIT – This price must include everything paid by the buyer or on the buyer's behalf. Buyers must live in the property they purchase as their principal residence. Cannot own any FINANCED real estate at the time of application. VA-backed loans are assumable, as long as the person assuming the loan qualifies.
HFA of Hillsborough County
Purchase only, no construction to permanent loans - no investment properties. 1 unit only - Single Family Residence, Townhouses, Manufactured and Mobile homes allowed. If Census Tract has a 50.01% Minority population, there is NO income limit. The program is available to First Time Home Buyers only. 2-years of Federal Tax returns required for Self-Employed, income will be averaged over two year period. Either FHA or Conventional Versions of program, Borrowers must be employed full time with 2 years continuous .
This program allows for higher borrower income limits of 200% of the HUD Median Income for the county where the property is located. HUD Approved Buyers Education classes are NOT allowed to be used for this down payment assistance program. The down payment assistance can be used for the down payment, Buyers mortgage closing costs, or split pay mortgage insurance premium to lower mortgage insurance cost. Minimum middle 660 FICO scores credit score to qualify for the FHA program. For Conventional loans Minimum middle FICO Score 700 or whatever AUS will approve.
VA Funding Fee higher the second time the VA Loan is used. Minimum middle FICO score is 640 or whatever AUS will approve. For every year the Buyer physically lives in the home, the "silent second" mortgage is forgiven at a rate of 20%. Bankruptcies discharged over 2 years or Foreclosures older than 3 years, minimum 2 trade lines with no late's in last 12 months, No NSF's in last 6 months.
This program can be used in many Florida counties, with the EXCEPTIONS of Miami-Dade, Okeechobee and several of the most northern counties, please ask for which counties qualify. Income limit is 200% of the HUD Family Median Income for county property is in. In 10/1 ARM version, last 20 years of loan can adjust every year up 2% and no more than aggregate total of 6% over the course of entire 30 year life of the loan.
Credit scores generally a minimum of 680 middle FICO score and above, some exceptions may be possible depending on particular compensating circumstances. Requires 1% down payment from the home buyer for down payment. VA may be able to provide you some assistance if you run into difficulty making payments.
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 can remain "silent" as long as the property continues to be the owner's primary residence and owner-occupied. The program provides up to $40,000.00 to assist income-eligible first-time homebuyers to achieve the dream of homeownership.
What Properties are Eligible for Hillsborough County, FL Downpayment Assistance?
Eligible property types include new or existing one- to four-unit detached or attached homes, condos, and townhomes. Buyers are also required to occupy the property within 60 days of closing. The information contained on this site including down payment assistance programs, grants, awards, limits, and restrictions are deemed to be accurate at the time of writing. We make every effort to keep our down payment assistance information current; however, some programs may alter their terms or max out their funding. We recommend talking to one of our Down Payment assistance experts to maximize your chances of getting the Down payment assistance you need. With their Home Ownership Program, the Housing Finance Authority of Manatee County offers homebuyers down payment assistance.
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