February 24, 2011 – (RealEstateRama) — In an effort to encourage first-time homebuyers into the market, Hillsborough County Affordable Housing Department has $1 million in funding available to help qualifying households purchase their first home. The funds are available through the County’s First Time Homebuyer (FHTB) Program from State Housing Initiatives Partnership (SHIP) Program Funds. The Program helps low to moderate-income homebuyers with closing costs and down payment assistance. Funds are available on a first-come, first-served basis.
The down payment assistance is provided in the form of a 0% interest, deferred payment loan (DPL). This means that there is no interest accrued and no payments are made during the life of the loan. The DPL is a second mortgage up to15-year term with a portion of the mortgage loan forgiven each full year the homeowner continues residency in the home. If ownership is maintained for the full term of the loan, then the second mortgage with Hillsborough County is forgiven and repayment is not necessary.
- Interested homebuyer must be at or below 120 percent of the Area Median Income (AMI) limit corresponding to the number of members in their household. A table explaining this criteria is available on the FTHB Web site at: www.hillsboroughcounty.org/affordablehousingoffice/firsttimehomebuyer/firsttime.cfm
- Homebuyer cannot have owned a home in the past 3 years
- Property must be the homebuyer’s primary residence and occupied for the period of the agreement
- Home must be in unincorporated Hillsborough County or the cities of Plant City or Temple Terrace
- Maximum purchase price of the home allowed by HUD is currently $150,575, but subject to change annually
- Homebuyer’s net assets cannot be more than $20,000. Net assets include but are not limited to cash, checking and savings accounts, certificates of deposit, stocks and bonds. Retirement plans or personal property such as cars or furniture are not considered net assets.
- Homebuyers must complete an 8-hour County-approved homebuyer education class and receive a certificate of completion
- Interested homebuyers will need to contact a certified lender partner to prequalify for a fixed rate first-mortgage loan and submit a request for down payment assistance (For the certified lender-partner list, visit the Web site listed below and click on “FTHB Program Guide”)
For more information, please contact the Hillsborough County Affordable Housing Department at (813) 274-6680 or click onthe First Time Homebuyer Program link on page: www.hillsboroughcounty.org/affordablehousingoffice/.
For media use only:
Don McKnight, Housing Programs Manager
Affordable Housing Department
Cellular Phone: 813-546-2086