Hey there! Navigating the world of homeownership can be a bit overwhelming, but I’m here to walk you through a fantastic opportunity available right in Plant City, Florida. Let’s dive into the Home Sweet Home Hillsborough Program, designed to make your journey to owning a home smoother and more affordable.

Program Details

• Program Name: Home Sweet Home Hillsborough Program
• Source of Funding: Housing Finance Authority of Hillsborough County

Eligibility Criteria

• First-Time Homebuyer: You or your spouse must not have owned and occupied a primary residence in the last three years.
• Residency: Must be a permanent U.S. resident and plan to occupy the purchased property as your principal residence within 60 days of closing.
• Credit Score: A minimum FICO score of 640 is required.
• Homebuyer Education: Completion of a program-approved pre-purchase homebuyer education course is mandatory.
• Income Limits:
  • Non-Targeted Areas: 1-2 person households: $93,600; 3 or more person households: $109,825.
  • Targeted Areas: 1-2 person households: $93,600; 3 or more person households: $120,400.
• Property Requirements: The property must be a new or existing one- to four-unit detached or attached home, condo, or townhome, serving as your primary residence. The maximum purchase price is $350,000 for non-targeted areas and $430,000 for targeted areas.

Benefits

• Down Payment and Closing Cost Assistance: Receive a 0% interest, 30-year deferred second mortgage to assist with down payment and closing costs.
• Mortgage Credit Certificate (MCC): Provides a federal tax credit each year you live in the home, allowing you to claim 20% of the mortgage interest paid as a direct tax credit.

Potential Drawbacks

• Repayment Obligation: The deferred second mortgage must be repaid in full upon refinancing, sale, short-sale, foreclosure, or if the property ceases to be your primary residence.
• Credit Score Requirement: A minimum credit score of 640 may be a barrier for some applicants.
• First-Time Homebuyer Requirement: Must not have owned and occupied a primary residence in the last three years, unless purchasing in targeted areas where this requirement is waived.

Application Process

1. Pre-Approval: Contact a participating loan officer to get pre-approved for a mortgage and confirm eligibility.
2. Homebuyer Education: Complete a program-approved pre-purchase homebuyer education course.
3. Property Selection: Choose an eligible property within the specified purchase price limits.
4. Loan Application: Work with your loan officer to apply for the first mortgage and the down payment assistance.
5. Closing: Upon approval, proceed to closing, where the down payment assistance will be applied.

Additional Information

• Grant or Down Payment Assistance: This program provides down payment and closing cost assistance in the form of a deferred second mortgage, not a grant.
• Availability: The Home Sweet Home Hillsborough Program is continuously funded and available to eligible applicants in Hillsborough County, including Plant City.

Pros and Cons

Pros:

• Substantial Financial Assistance: Offers up to $30,000 in down payment and closing cost assistance.
• Deferred Repayment: The second mortgage has a 0% interest rate with deferred payments.
• Mortgage Credit Certificate (MCC): Provides a federal tax credit for ongoing financial benefits.

Cons:

• Repayment Requirement: The assistance is not forgivable and must be repaid upon refinancing, sale, or if the property is no longer the primary residence.
• Credit Score Threshold: Requires a minimum FICO score of 640.
• First-Time Homebuyer Restriction: Limits eligibility to those who have not owned and occupied a primary residence in the past three years, unless purchasing in targeted areas.

Sources

• Housing Finance Authority of Hillsborough County: myfirstfloridahome.com
• City of Plant City Housing Assistance: plantcitygov.com
• Florida Housing Finance Corporation – Hometown Heroes Program: floridahousing.org