In conjunction with the Housing Finance Authority of Hillsborough County there is a new down payment assistance program for all of Hillsborough County. There is currently funding available and it is on a first come first serve basis. So you need to act FAST!
The program offers a federal income tax credit… a MCC. The credit is the lesser of 50% of the annual mortgage interest paid or $2,000 and may be claimed for the life of the mortgage as long as the home remains the principal residence. That’s up to a $2000 YEARLY tax credit for the life of the loan!
First time homebuyers may be eligible for up to $40,000 in down payment assistance depending on household size and income. (Income Restrictions Apply – 640 Minimum Credit Score Required).
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