If you’re seeking a home in Hillsborough County in Tampa, FL, help is available. The Hillsborough County Housing Finance Authority announced it has $20 million available to lend for mortgages on a first come first serve basis.

The mortgages are 4.99 percent, 30-year fixed rate loans. They’ll be funded from the proceeds of a bond sale.

The Loan Program

The loan is a 30 year, fixed rate fully amortizing first mortgage loan. There are no origination points on FHA, VA or RD loans. There is a 0.5 percent origination fee on conventional loans.

Closing costs and down payment assistance is available in the form of a $5,000 second mortgage. This mortgage is a 30 year deferred, zero percent loan. It may be used for your down payment or closing costs. It’s never forgiven and is due at the end of 30 years. It will be due sooner if the property is sold, refinanced, rented or ceases to be the borrower’s principle residence.

The loan is good for any single family attached or detached condo, townhome or PUD anywhere in Hillsborough County and some surrounding areas. The purchase price of the home may not exceed $258,690.

How to Qualify

The following potential buyers qualify:

• First time buyers, meaning they have not had an ownership interest in a home for the past three years
• A two person household income of $63,831
• A three or more household income of $73,406

Note: In addition to this assistance in buying a home in Hillsborough County, you can also take advantage of the current federal $8,000 tax credit (if you qualify). Talk to your lender about the particulars.

For more information visit: www.hillsboroughcountyhfa.org.

Photo via Evil Erin