Tuesday, October 14, 2025
Tampa First-Time Home Buyer Grants & Programs
If you are in the market for your first home, congratulations! Buying a house is exciting and (at the same time) a bit stressful. This is particularly true if you are concerned about how you will afford to pay the down payment and closing costs for your new house.
These expenses are often an obstacle for many Floridians who would otherwise love to purchase a home of their own. Fortunately, the state of Florida, Hillsborough County, and the City of Tampa all offer grants and programs to help first-time home buyers. If you are looking to purchase a house in Tampa, these options can help make it possible.
At Eaton Realty, we work with buyers across a range of budgets. Our goal is to get each of our clients into the perfect home for them while staying within their budget. To make this happen, we help prospective buyers explore programs that will allow them to make homeownership a reality. To learn more or to talk to our Tampa real estate agents, reach out today.
Grants and Programs for First-Time Home Buyers in Tampa, Florida
According to Florida Realtors, first-time home buyers accounted for 20% of all home purchasers in Florida. While this number is lower than the national average of 32%, it is still a substantial number of people buying a house for the very first time. If you fall into this category, there are fortunately multiple financial programs to help you take this leap.
One of the challenges for many people when purchasing a home is finding the money for a down payment. Typically, banks like to see buyers put 20% of the purchase price down for a home. If you are buying a house for $400,000, for example, then a 20% down payment would be $80,000.
It is possible to have a smaller down payment by purchasing private mortgage insurance (PMI) or taking advantage of a special government program. There are also multiple programs and grants available to first-time home buyers in Tampa that can help make the dream of homeownership a reality.
Below, we outline some of the grants and programs available to first-time homebuyers in Tampa. Of course, each person’s situation is unique, and you may qualify for other programs (such as a VA loan) that can make home ownership affordable. For information specific to your situation, we encourage you to check out the Florida Housing Finance Corporation’s Homebuyer Loan Programs Wizard or talk to your bank about loan programs.
Federal First-Time Home Buyer Programs
FHA Loan
The Federal Housing Administration (FHA) loan is one of the most popular programs for first-time buyers. It allows borrowers to purchase a home with a down payment as low as 3.5% and offers more lenient credit requirements compared to conventional loans.
To qualify for an FHA loan, buyers typically need:
- A minimum credit score of 580 (or 500 with a 10% down payment)
- Stable income and employment history
- A debt-to-income ratio within FHA limits
- The property must meet FHA appraisal and safety standards and be the buyer’s primary residence
FHA loans are insured by the federal government, giving lenders the confidence to offer loans to buyers who might not qualify for a traditional mortgage.
VA Loan
The U.S. Department of Veterans Affairs (VA) guarantees VA loans for eligible veterans, active-duty service members, National Guard members, reservists, and surviving spouses. These loans are designed to reward military service by eliminating many of the traditional barriers to homeownership.
To qualify, applicants must obtain a Certificate of Eligibility (COE) from the VA and use the property as their primary residence. The VA loan remains one of the most powerful tools available to military families looking to buy a home in Tampa.
USDA Loan
The U.S. Department of Agriculture (USDA) offers a Rural Development Loan Program for low- to moderate-income buyers purchasing homes in designated rural or suburban areas. While most of Tampa itself may not qualify, nearby communities in Hillsborough County and surrounding areas often do.
To qualify, buyers must meet income limits based on household size and purchase a home in an eligible rural area. This can be a great option for those open to living just outside the Tampa metro area while still enjoying close proximity to the city.
Fannie Mae HomeReady®
The HomeReady® Mortgage from Fannie Mae is tailored for first-time and moderate-income buyers. It offers down payments as low as 3%, allows flexible sources of income (such as rental or household income), and provides reduced private mortgage insurance (PMI) costs.
To qualify, borrowers must:
- Have a minimum credit score of 620
- Complete an online homebuyer education course
- Meet income limits based on the property’s location
HomeReady® loans are ideal for buyers who may not have a large down payment but have steady income and want a low-cost path to homeownership.
Freddie Mac Home Possible®
Similar to HomeReady®, Freddie Mac’s Home Possible® program helps low- to moderate-income buyers purchase a home with as little as 3% down. The program offers lower mortgage insurance premiums, flexible co-borrower options, and the ability to use gift funds for the down payment or closing costs.
Key qualifications include:
- A minimum credit score of 620
- Income limits (typically up to 80% of the area median income)
- The property must be the buyer’s primary residence
Home Possible® is particularly helpful for buyers who are working with family or friends to combine income and resources to purchase their first home.
Florida First-Time Home Buyer Programs
The Homebuyer Program
The Florida Housing Finance Corporation offers a Homebuyer Program for Florida residents. This program offers a 30-year fixed-rate mortgage to help first-time homebuyers purchase a home.
To qualify, a prospective buyer must have a minimum credit score of 640 and complete a home buyer education course. There are also specific income limits and purchase price limits based on the county where you purchase a house.
Florida Hometown Heroes Program
The Florida Hometown Heroes Housing (HTH) Program offers down payment and closing cost assistance of $10,000 to $35,000 (up to 5% of the total first mortgage loan) for eligible employees in Florida. Under this program, health care workers, school staff members, first responders, public safety or court employees, child care workers, veterans, and servicemembers can take advantage of the loan. The HTH loan has a 0% interest rate and is deferred, but is not forgivable.
The Florida Assist
The Florida Assist, or FL Assist, is a down payment assistance program. It offers up to $10,000 in down payment and closing cost assistance on FHA, VA, USDA, and conventional loans. This loan has a 0% interest rate and is deferred. While the loan is not forgivable, payment will be deferred until the homeowner’s first mortgage is satisfied or refinanced or when the owner no longer lives at the home.
The Florida Homeownership Loan Program
The Florida Homeownership Loan Program (FL HLP) is a second mortgage that can be used to borrow up to $12,500 towards a down payment and/or closing costs. This loan has a fixed interest rate of 3%, with a 30-year term. Unlike some other down payment assistance loans, the FL HLP does require a monthly payment. When the first mortgage is satisfied or refinanced, or if the house is no longer the owner’s primary residence, then this mortgage will become due and payable in full.
Florida HFA Advantage PLUS
The Florida Housing Finance Corporation also offers a forgivable second mortgage for HFA Preferred or Advantage PLUS loans. These loans are available in amounts ranging from 3% to 5% of the total loan amount. This second mortgage will be forgiven at a rate of 20% over its 5-year term.
Hillsborough County First-Time Home Buyer Programs
Home Sweet Home Hillsborough Program
The Home Sweet Home Hillsborough Program offers first-time homebuyers in Hillsborough County up to $15,000 in down payment and/or closing cost assistance ($5,000 within the City of Tampa). This money comes in the form of a 30-year second mortgage, with zero interest. The loan payments are deferred until the first mortgage is refinanced, sold, foreclosed, or the house no longer serves as the borrower’s primary address.
To qualify, potential homebuyers must complete a homebuyer education course, have a credit score of at least 640, and meet certain income standards. All homes purchased with funds from this program must be the owner’s primary residence. The maximum purchase price for a home is $450,000.
Tampa First-Time Home Buyer Programs
Dare to Own the Dream Program
In Tampa, the Dare to Own the Dream Program (DARE) offers up to $50,000 to eligible first-time home buyers to help them achieve their dream of homeownership. The money comes in the form of a down payment assistance loan, with a 0% interest rate and $0 monthly payment. As long as the house is owner-occupied as the homeowner’s primary residence, this Deferred Payment Loan (DPL) is “silent.” The loan is fully forgivable after 20 years.
To qualify, the potential buyer must meet income limits based on the Area Median Income (AMI) based on household income. It requires a minimum $2,000 investment from the buyer to purchase a home valued at up to $450,000 within the City of Tampa. There are other requirements for the program, including attending education through a Housing Counseling agency and submitting an application.
Purchase Your First Home with Eaton Realty
Tampa is an absolutely wonderful place to live, filled with charming neighborhoods, history, great restaurants and shopping, and more. If you want to make the leap to home ownership in Tampa, there are a number of grants and programs that can help you make it possible. We can talk you through some options and point you towards resources that can help you find funding that will allow you to purchase your first home.
At Eaton Realty, we are proud to help Floridians buy and sell fantastic houses, whether they are a first-time home buyer or an experienced property investor. We work tirelessly to help our clients find the right home that is within their budget, and to help them explore financing options to make their dreams of home ownership a reality. If you’d like to learn more about buying a house in Tampa as a first-time home buyer, give us a call at 813-672-8022 or fill out our online contact form.
