Hillsborough Launches the Home Sweet Home Initiative
The Housing Finance Authority of Hillsborough County recognizes the challenges many potential homeowners face, particularly when it comes to the high costs associated with buying their first home. To address this, they have introduced the Home Sweet Home Hillsborough Program, a comprehensive initiative designed to assist a diverse range of applicants in overcoming the financial barriers of expensive down payments, regardless of age, race, color, religion, national origin, sex, marital status, military status, or physical handicap.
Extensive Financial Assistance for Homebuyers
The Home Sweet Home Hillsborough Program provides crucial support in the form of a 30-year second mortgage. This program offers a zero-interest deferred loan, granting applicants up to $10,000 to be used exclusively for down payment and/or closing costs. Notably, there are no monthly payments required for this loan. However, it becomes due for repayment under specific circumstances: when the first mortgage is refinanced, the property is sold, foreclosed, or if the property ceases to be the borrower’s primary residence.
Eligibility Criteria for Applicants
To be eligible for this program, applicants and their spouses (whether occupant or non-occupant) must meet certain criteria:
- They must be first-time homebuyers and permanent residents of the United States.
- Completion of a program-approved pre-purchase homebuyer education course is mandatory.
- Applicants are required to have a FICO score of 660 or higher.
Property Eligibility and Price Caps
Properties purchased under the Home Sweet Home Hillsborough Program must be the primary residence of the applicants and adhere to a maximum purchase price limit of $283,348. This limit encompasses all costs paid by or on behalf of the buyer. Eligible properties include new or existing one- to four-unit detached or attached homes, condominiums, and townhomes. Additionally, buyers are required to occupy the property within 60 days of closing.
Income Limits for Household Eligibility
The program considers the total income of all household members, including borrowers, spouses, and anyone aged 18 years or older. The income limits vary based on the type of loan and household size:
- For FHA, USDA-RD, and VA Loans:
- 1 – 2 person household: $69,020
- 3 or more person household: $80,845
The Home Sweet Home Hillsborough Program by the Housing Finance Authority of Hillsborough County represents a significant effort to make homeownership more accessible and affordable, offering a blend of financial assistance and educational resources to empower individuals and families in their pursuit of owning a home.
