Hardest Hit Fund (HHF) DPA is offered for eligible applicants in Hillsborough County. The program is run by the Hillsborough County Housing Finance Authority, and borrowers can get access to as much $15,000 through a 0-interest second mortgage. This loan is forgivable, which means that under certain conditions, all or part of it does not need to be paid back. It is forgiven at the rate of 20% per year for 5 years. If the property is refinanced, sold, foreclosed, or is no longer the applicant’s primary residence within the 5-year loan term, the loan becomes due.
In order to qualify, applicants have to be first-time homebuyers, permanent US residents, have a FICO mid score of no less than 640, and a debt to income ratio no more than 45%. Applicants will also be required to finish a pre-purchase homebuyer education course that has been selected by the HHF DPA program.
Annual household income limits for applicants as of 2020 are $59,800 for a 1 or 2-person household and $68,770 for a 3 or more-person household.
In order to be eligible, a property must be the applicant’s primary residence within 60 days of closing and not have a purchase price of more than $253,809 as of 2020. New or existing detached or attached houses with up to four units are allowed, as well as condominiums and town houses.
Other programs in Florida:
- Broward County Homebuyer Purchase Assistance Program
- State Housing Initiatives Partnership Program
- Orange County Down Payment Assistance Program
- Escambia County Down Payment and Closing Cost Assistance
- Palm Bay HOME Down Payment Assistance Program