Housing Finance Authority (HFA) of Hillsborough County – Home Sweet Home Hillsborough Program (Multi-County) – Targeted Areas
Special Alert
Maximum Purchase Price
$427,198
Contact Info:
http://hillsboroughcountyhfa.org/contact/ 601 E. Kennedy Blvd, County Center 24th Floor, Tampa, FL 33602 8132463150
Limitations
Lenders are responsible for ensuring all agency, insurer and master servicer guidelines have been met. Income limits outlined are the higher non-target limits. The Freddie Mac 80% AMI limits can be found in the program guide. BORROWERS PURCHASING IN DUVAL COUNTY AND HILLSBOROUGH COUNTY ARE REQUIRED TO RECEIVE A MORTGAGE CREDIT CERTIFICATE ISSUED FROM THE HFA OF HILLSBOROUGH COUNTY MCC PROGRAM OR THE JACKSONVILLE HFA MCC PROGRAM ONLY.
Credit Score Requirements
Minimum Credit Score: 640 680: 50% DTI for FHA and Freddie Mac HFA Advantage
Deferred Payments?
Yes, for 30 years
Accepted First Mortgage Type:
Freddie Mac HFA Advantage, FHA 203(b), VA, USDA / RD
Homeowners Education Class:
Required
Is Forgivable?
Location:
3 Counties: Brevard, Duval, Hillsborough Brevard County, Clay County, Duval County, Hillsborough County, City of Tampa and City of Temple Terrace and Plant, Florida. Link to determine if property is located in the City of Tampa https://hcpafl.org/. Refer to Program Guide for additional instructions.
Income Limitations:
Yes, based on Compliance Income (including household income) Income limits from Agency-defined 2022 guidelines Include income of 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. Bond program income is not averaged. It is annualized. That’s different from income used for credit underwriting. More detailed guidance for calculating program income is located in this guide in the area titled Compliance Underwriting. Cosigner income is not required to be considered when determining income limit eligibility.
Maximum Assistance
$25,000 Loan originated in the city of Tampa will receive $5,000. https://hcpafl.org/ Loans originated in unincorporated Hillsborough County, the City of Temple Terrace and the City of Plant City will receive $25,000 The HFA of Brevard County offers up to $15,000 in down payment assistance. The Jacksonville HFA (all of Duval County) offers up to $20,000 in down payment and closing cost assistance. The HFA of Clay County offers up to $15,000 in down payment and closing cost assistance.
Education Requirements Info:
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. The HFA will accept face-to-face homebuyer education if provided by a HUD approved counseling agency, a unit of local government that provides pre-purchase homebuyer education in FL, or a counseling agency designated by a unit of local government to provide homebuyer education on their behalf. Refer to HUD link below for a list of approved education providers by county. Online HBE is permitted if provided by a HUD approved agency, a unit of local government that provides pre-purchase homebuyer education in FL, a mortgage insurance provider, or an Agency or GSE sponsored course. Approved Face-to-Face education providers: https://apps.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&searchstate=FL
Eligible Property Types:
Single Family Detached Condo Townhome/PUD
Income By Household Size:
HH1-2HH3-8 $98,700$115,220 *Income limits as of 05/15/2023
Qualifying Ratios:
Housing Ratio: — Total DTI: Up To 50% • The program maximum DTI ratio is 45% for FHA, VA with a minimum 640 FICO. • The program maximum DTI ratio is 50% for FHA and Freddie Mac HFA Advantage with a minimum 680 FICO. Lenders must comply with Mortgage Insurance DTI requirements which may limit the maximum DTI for borrowers with a FICO under 700. Contact US Bank HFA Division with any questions regarding acceptable AUS, 800-562-5165.
