Florida Homebuyer Opportunity Program Forms and Program Guide>>
Funds Release Notice (10/08/09)

Frequently Asked Questions

What is the Florida Homebuyer Opportunity Program?
Hillsborough County’s Florida Homebuyer Opportunity Program provides up to $8,000 in down payment assistance to income eligible residents in unincorporated Hillsborough County, Temple Terrace, and Plant City buy their first home. These funds are provided by Hillsborough County through the State Housing Initiatives Partnership (SHIP) Program.

This assistance is provided in the form of a loan to applicants eligible to receive the Federal First-Time Homebuyer Tax Credit by amending their 2008 tax return before December 1, 2009 and repaying the loan with the federal income tax refund the homebuyer is entitled to.

Who is Eligible For This Program?
To qualify you must be a first time homebuyer in unincorporated Hillsborough County, Temple Terrace or Plant City; and your total household income must not exceed $75,000 in adjusted gross income for a single taxpayer and the maximum income limit of $150,000 in adjusted gross income for the joint filing taxpayer. In addition you must meet all of the requirements described below.

1. You cannot have owned a home within the last three years
2. Applicant must be able to qualify for primary financing by a lender.
3. The applicant must be eligible for FHA, VA, or conventional loan from a private lending institution, with an interest rate no higher than one (1) point above the “Fannie Mae 60-Day Rate”.
4. You must attend an 8-hour mandatory Florida Homebuyer Education Class. The list of contact phone numbers to schedule a class is listed below.
5. A minimum down payment is required, which may include prepaid amounts such as appraisal, and application fees.
6. Applicant’s debt ratios shall be at or below 33%, but not less than 25% on the front, (PITI divided by gross monthly income) and no higher than 45% on the back, ([PITI+ monthly debt] divided monthly income).
7. All Household income must be included in calculation. Income from children under age of 18 is excluded.

Which Homes Are Eligible?

1. Homes must be single-family, including town homes and condominiums, within unincorporated Hillsborough County to include Plant City and Temple Terrace. Modular homes that have a Department of Community Affairs (DCA) seal are eligible. This seal is a special designation and not the same as Housing & Urban Development (HUD) approved.
2. Home must be applicant’s primary residence or homestead.
3. Maximum purchase price of a home must be at or below $185,580.
4. A property appraisal must be done. The purchase price cannot exceed appraised value.
5. Existing homes will require a Housing Quality Standards (HQS) inspection utilizing approved HQS inspection format; this inspection will be done by Hillsborough County AHD staff.

For more information, please call the Affordable Housing Department at (813) 612-5397.
Se habla Español. Llamar (813) 274-6645.