How Do I Qualify for Downpayment Assistance for First Time Home Buyers in Hillsborough County, FL?
As of 2015, to qualify for Hillsborough County, Florida’s Downpayment Assistance Program for First Time Home Buyers, you must meet all of the following criteria:
- You must qualify for a first mortgage through a certified Hillsborough County Lender
- You must have a minimum credit score of 640
- A maximum debt-to-income ratio of 45%
- You must be a legal resident of the United States
- Your income cannot exceed Hillsborough County program limits
- You cannot have owned a home in last 3 years
What Properties are Eligible for Hillsborough County, FL Downpayment Assistance?
- The maximum sale price, regardless of the property type, cannot exceed $162,000 for existing housing and $206,000 for new construction
- Single family homes are eligible
- Condominiums are eligible
- Modular homes are eligible
- Mobile homes are not eligible for downpayment assistance
What Conditions are Placed on Downpayment Assistance in Hillsborough County, FL?
- Maximum purchase price cannot exceed $253,809
- You must live in the property as a primary residence and the property may never be rented
- You must occupy the home within 60 days of closing