What is the Home Sweet Home Hillsborough Program? | Up to $30,000 in Assistance

The Home Sweet Home Hillsborough Program is a powerful resource designed to help first-time homebuyers overcome the financial hurdles of purchasing a home through up to $30,000 in down payment assistance

The program is continuously funded, so it never “runs out” of money for qualified applicants..

See Which Florida Down Payment Assistance Programs You Qualify For

In this article, we’ll explore how the program works, who qualifies, and the benefits it offers, including down payment assistance, closing cost support, and a valuable Mortgage Credit Certificate (MCC).

If you’re dreaming of homeownership in Hillsborough County, this program could be the key to making it happen.

What is the Home Sweet Home Hillsborough Program?

This program helps first-time homebuyers in Hillsborough County, Florida, buy a home.

It offers money for down payments and closing costs, ranging from $5,000 to $30,000, depending on where you live and your income.

To qualify, you need a credit score of at least 640, meet income limits, and take a homebuyer education class.

The program also includes a Mortgage Credit Certificate (MCC), which lowers your federal taxes by giving you a credit for part of your mortgage interest.

This program makes buying a home easier and more affordable for people in Tampa, Temple Terrace, Plant City, and other parts of Hillsborough County.

See Which Florida Down Payment Assistance Programs You Qualify For

How Much Help You Can Get

The amount of assistance you can receive depends on where your home is located and your income level. If your loan is originated in the City of Tampa, you can receive $5,000 in assistance.

For homes in unincorporated Hillsborough County, Temple Terrace, or Plant City, the assistance increases to $15,000.

Additionally, if your household income is at or below 80% of the area median income, you could qualify for $30,000 in assistance for homes in those same areas.

The assistance has a 0% interest rate, and payments are deferred, meaning you won’t have to make monthly payments on it right away.

However, the loan must be repaid in full if you refinance your primary mortgage, sell the home, experience a short sale or foreclosure, or stop living in the property as your main residence.

See Which Florida Down Payment Assistance Programs You Qualify For

Benefits of Home Sweet Home Hillsborough

The HFA Hillsborough County Down Payment Assistance Program offers several key benefits to make homeownership more affordable and accessible. Here’s what you can expect:

• Down Payment and Closing Cost Assistance: Receive between $5,000 and $30,000 to help cover upfront costs, depending on your location and income.

• 30-Year Fixed-Rate Mortgage: Secure a stable, low-interest mortgage through FHA, VA, or USDA-RD loans.

• Deferred Second Mortgage: The down payment assistance is a 0% interest loan with no monthly payments—repayment is only required if you sell, refinance, or move out.

• Mortgage Credit Certificate (MCC): Save money on federal taxes each year by claiming a portion of your mortgage interest as a tax credit.

• Flexible Eligibility: Higher income and purchase price limits apply in Targeted Areas, and the first-time homebuyer requirement is waived in these locations.

• No Program Funding Limits: The program is continuously funded, so it never “runs out” of money for qualified applicants.

See Which Florida Down Payment Assistance Programs You Qualify For

Program Requirements

• First-Time Homebuyers: Buyers and their spouses must be first-time homebuyers and permanent U.S. residents.
• Primary Residence: Buyers must live in the home as their main residence and occupy it within 60 days of closing.
• Eligible Properties: Includes new or existing single-family homes, condos, townhomes, and properties with up to four units. 
• Credit Score: Minimum FICO score of 640 required.
• Homebuyer Education: Completion of an approved pre-purchase course is mandatory.
• Income Limits: Assistance amount depends on household income and targeted/non-targeted area designation.
• Maximum Purchase Price: $350,000 for non-targeted areas, $430,000 for targeted areas.
• Targeted Areas: Specific HUD-designated census tracts with higher income and purchase price limits.

For more details, contact a participating loan officer to get pre-approved.

See Which Florida Down Payment Assistance Programs You Qualify For

Household Income Limits

To qualify for assistance, your household income must fall within the following limits based on household size and area:

For $5,000 or $15,000 Assistance

• • 1-2 person households: $93,600
  • 3+ person households: $109,825

• • 1-2 person households: $93,600
  • 3+ person households: $120,400

For $30,000 Assistance

• 1 person household: $53,500
• 2 person household: $61,150
• 3 person household: $68,800
• 4 person household: $76,400
• 5 person household: $82,550
• 6 person household: $88,650
• 7 person household: $94,750
• 8 person household: $100,850
• 9+ person household: $109,825

See Which Florida Down Payment Assistance Programs You Qualify For

HFA of Hillsborough County Mortgage Credit Certificate (MCC) Program

The Mortgage Credit Certificate (MCC) is not a down payment assistance program but a federal tax credit for homeowners. It allows you to claim 20% of the mortgage interest you pay as a direct tax credit each year you live in the home. The remaining interest can still be used as a tax deduction.

A tax credit directly reduces the amount of federal income tax you owe, making it more valuable than a tax deduction, which only reduces taxable income. For example, a $1,000 tax credit lowers your tax bill by $1,000, while a $1,000 deduction might only save $120, depending on your tax bracket.

If you qualify for the Home Sweet Home Program, you automatically qualify for the MCC. To claim it, you must have tax liability, meaning you owe taxes, even if you receive a refund. You can continue to claim the MCC as long as the home is your primary residence and you don’t refinance the mortgage.

See Which Florida Down Payment Assistance Programs You Qualify For

Next Steps

1. Check Your Eligibility: Start by confirming your eligibility for the Home Sweet Home Program. Ensure the program is available in your area and that you meet the basic requirements, such as income limits, credit score, and property criteria.

2. Connect with a Participating Lender: Work with an approved lender who will guide you through the application process, help you choose the best loan option, and determine the amount of down payment assistance you qualify for.

3. Complete Homebuyer Education: Attend and complete a required homebuyer education course, which is necessary for first-time homebuyers to participate in the program.

4. Close on Your Home: Once your loan is approved, the assistance will be applied at closing to help cover your down payment and closing costs, reducing your upfront expenses.

Take the first step today by checking your eligibility online!

See Which Florida Down Payment Assistance Programs You Qualify For