Home Sweet Home: Hardest Hit Fund’s Down Payment Assistance
In pursuit of the American dream of homeownership, the Housing Finance Authority of Hillsborough County proudly introduces the Hillsborough First with Hardest Hit Fund (HHF) Down Payment Assistance Program. This initiative aims to empower first-time homebuyers who are facing the challenge of insufficient savings for substantial down payments and closing costs.
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Unlocking the Dream with Assistance The DPA Program is a beacon of hope, offering eligible applicants the opportunity to receive up to $15,000 in invaluable assistance. This assistance comes in the form of a forgivable, zero-interest second mortgage. Over five years, 20 percent of the loan amount is forgiven annually until the entire mortgage is absolved. However, it is important to note that in the event of a refinance, home sale, short sale, foreclosure, or if the property ceases to be the borrower’s primary residence, the loan must be repaid.
Eligibility for Aspiring Homeowners To embark on the path to homeownership with the Program, applicants must meet specific criteria. Both borrowers and their spouses, whether occupant or non-occupant, must be first-time homebuyers who hold permanent residency in the United States. Their annual household income should align with program guidelines, as outlined below. Completing a Program-approved pre-purchase homebuyer education course is mandatory for all applicants. Additionally, a FICO mid score of at least 640 and a debt-to-income ratio not exceeding 45 percent are prerequisites.
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Selecting the Right Property The DPA Program emphasizes the importance of the home as the borrower’s primary residence, with occupancy within 60 days of mortgage closing. Eligible properties include new or existing detached or attached homes with one to four units, condominiums, and townhomes, as long as they do not exceed the program’s maximum purchase price of $253,809.
Income Limits to Guide Your Path The definition of household income encompasses all earnings received by household members aged 18 or older, regardless of their status on the mortgage. Below are the income limits that applicants must adhere to:
- For households consisting of 1 or 2 persons: $59,800
- For households of 3 or more persons: $68,770
Join us on this exciting journey toward homeownership with the Hillsborough First with Hardest Hit Fund (HHF) Down Payment Assistance Program, where your dreams can become a reality.
