Down Payment Assistance (DPA) funding is available to homebuyer households earning below 80% of the Area Median Income (AMI) for unincorporated Hillsborough County. The basis for ranking cases for funding is first come, first served, based on income level. DPA will be recorded as a 2nd Mortgage: it is a deferred payment loan at 0% interest, and the homeowner must use the home as their primary residence.

DPA Requirements:

  1. Must be a first-time homebuyer (or never owned a home in the last three years)
  2. A minimum total household income of $35,000 (Including asset income), MUST be under 80% of the Area Median Income (AMI), per Federal HUD guidelines (Income limits are subject to change annually). See income chart.
  3. Meet the DPA ratio requirements:
  4. Front Ratio (Housing Ratio) must be above 23% and below 33%
  5. Back Ratio (Debt to Income Ratio) must be below 45%
  6. Must have good or repairable credit: No outstanding Lien or Judgments. (Bankruptcy must be discharged over two years ago)
  7. Cannot have liquid assets exceeding $20,000 (does not include retirement accts.).
  8. Have two years of verifiable income.
  9. If Self-Employed: Must provide IRS Transcripts for the last two years, 1099’s, and a Profit and Loss  Statement for the current year.
  10. Have two years of good rental history.
  11. Must be able to take an 8-hour homebuyer education class in Hillsborough County.

*Additional information or documentation may be needed depending on your household situation*535,000