Zero-interest deferred loan offers qualified borrowers up to $25,000 to cover down payment and/or closing costs for their first home
Verify Your Home Sweet Home Program Eligibility
HFA of Hillsborough County is a multi-county single family mortgage program for first-time buyers. The program covers Hillsborough County, Clay County, Brevard County, and the city of Jacksonville Florida.
The program offers first mortgage financing with FHA, VA, USDA, and the Freddie MAC HFA Advantage Conventional Loan for qualifying households purchasing residences in participating counties.
Qualified borrowers eligible for the 30-year first lien financing will also be eligible to obtain assistance for down payment and/or closing costs in the form of a second lien provided by the HFA.
All second mortgage loans have a 30-year term and 0% interest rate with deferred payments. This loan is never forgiven, but repayment is required when one of the following occurs property is sold, refinanced, transfer of title or rental of the home if done within the first 30 years.
Transaction - Purchase Transaction only of a Primary Residence
Product - FHA, VA, USDA, Conventional - FHLMC HFA Advantage
Min FICO - 640
Max DTI - 45% for all loan products with 640-679 FICO and 50% for all loan products with a 680+ FICO
Note - There is no minimum loan amount under this program and maximum loan amount is limited to the underlying first lien requirements.
The Assistance available is determined by the where the subject property is located.
The HFA of Brevard offers up to $15,000
The HFA of Jacksonville (Duval County) offers up to $20,000
The HFA of Hillsborough offers up to $25,000
The HFA of Clay County offers up to $15,000
A mortgage credit certificate (“MCC”) was designed to assist persons of low and moderate income to better afford their own home.
Currently, to maximize the benefit to the MCC applicants, the Mortgage Credit Certificate Rate for the Program is 25% but may not exceed $2,000 annually based on IRS regulation.
Borrowers who receive an MCC and who continue to own and occupy the financed home will be eligible for a tax credit each year for the term of the loan.
The amount of the credit claimed on the MCC holder’s federal income tax return cannot exceed the amount of federal income taxes due after other credits and deductions have been taken into account.
Properties purchased in Duval or Hillsborough Counties require an MCC to be used in conjunction with the program. MCC must come from the HFA of Hillsborough MCC program or the Jacksonville HFA MCC program depending on property location.
Brevard County properties and Clay County properties are NOT eligible for the MCC Program.
Buyers and their spouses (occupant and non-occupant) must be first time homebuyers, the only exception to this is if the buyers purchasing are qualifying under the veteran’s exemption or purchasing a property in a targeted area.
Any party appearing on the Note must complete a program approved pre-purchase homebuyer education course even if the borrower(s) is a Veteran or purchasing in a Targeted Area. Certificates of completion are acceptable for 2 years from the date of completion.
Income Limits for the program are determined by using “Household Income.” For the program “household income” will include income from all sources from the borrower(s) and spouse (occupants and non- occupants) and any person who will live in the household who is 18 years of age or older.
Requires Income documentation from all sources from all borrowers, spouses and anyone residing in the property 18 years or older.
Program may be combined with other community down payment assistance programs (i.e. non-bond DAPS) that meet requirements of the underlying first lien loan type. Conventional Loans with second liens must meet standard of FHLMC Community Seconds program and are subject to a max CLTV of 105%.
The program has no asset maximum asset requirement limitations. This no minimum contribution from the borrower unless the down payment assistance provided by the second lien does not cover the enter minimum contribution required by the underlying first lien.
Note - Conventional, VA, and USDA loans do not allow for co-signers.
Brevard County, Clay County, Duval County and Hillsborough County, Florida.
The property being purchased must be a primary residence for the applicants that they are able to occupy within 60 days of closing.
The acquisition has to include everything paid by the buyer or on the buyer's behalf.
The following existing and new construction residential units are eligible for the program:
The following property types are not eligible for participation in the program:
A full interior/exterior appraisal is required and must comply with the underlying 1st lien appraisal guidelines. The Appraisal must indicate the home has a remaining useful life of at least 30 years.
Note - Borrower CANNOT own other property at the time of closing.
We are dedicated to finding great rates and loan options for our customers while offering some of the fastest turn times in the industry. Our goal is to act as a trusted advisor, providing highly personalized service and helping you through every step of the loan process — from application to closing and beyond. It’s all designed to exceed expectations, provide satisfaction and earn trust.
