First-Time Homebuyer Programs in Tampa

If you're hunting for your first home in Florida, you might have already settled on Tampa as your destination. With explosive population growth and a thriving job market, it remains one of the most attractive locations to live in the Sunshine State.

Now that homes are on the market for an average of 68 days (in June 2025). The median sales price is $435,000; homebuyers have more choices than they did just a couple of months ago, and they are less likely to be in a bidding war.

But don't despair. As a first-time homebuyer, there's plenty of help available from real estate professionals and new home builders. Additionally, Tampa is one of the best cities in Florida for affordable new construction homes, many of which are eligible for financial assistance.

With that in mind, we've compiled all local and state-level first-time homebuyer programs available in Tampa, FL, below, to help you get your foot on the property ladder sooner than you might think.

Tampa First-Time Homebuyer Program Types and Eligibility Requirements

Several types of financial assistance are available to first-time homebuyers in the Tampa region—most local programs center around providing down payment assistance (DPA) or helping with closing costs. Meanwhile, state-level programs offer mortgage lending at preferred rates. The various programs often provide the money as a "silent second" mortgage or a forgivable loan, provided certain conditions are met.

Eligibility varies from program to program. However, most will require you to make no more than 140% of the Area's Median Income (AMI), and the support is tapered based on your income relative to that figure. The home purchased must also be your primary residence, and you'll need a credit score of at least 600 (with a minimum of 640 preferred).

Local First-Time Homebuyer Programs for Tampa, FL

Dare to Own the Dream (DARE) Program

The Dare to Own the Dream (DARE) program provides up to $50,000 in down payment assistance as a silent second mortgage (0% interest, no monthly payments). To qualify, first-time homebuyers must purchase within Tampa city limits and complete an approved homebuyer education course.

The amount of financial aid available is based on income level, as outlined below:

1. 0-50% AMI – Not Eligible
2. 50.01%-80% AMI – $50,000.00
3. 80.01%-120% AMI – $40,000.00
4. 120.01%-140% AMI – $30,000.00

The debt is forgiven after you live in the home for 20 years. It is allowed in conjunction with FHA, VA, and all conventional loans (adjustable-rate mortgages are not allowed). There's a minimum required borrower investment of $2,000 (with at least $1,000 from your verifiable funds), and you need a minimum credit score of 600.

City of Tampa Mortgage Assistance Program

The City of Tampa Mortgage Assistance Program provides eligible first-time homebuyers up to $14,999 to help cover down payments and closing costs. Once again, this assistance is limited only to properties bought within the city limits.

Up to $10,000 or 20% of the home's purchase price (whichever is lower) is available toward a down payment. Additionally, up to 50% of closing costs, or $4,999 (whichever is lower), is covered. This assistance is also offered as a "Silent second" mortgage, which is forgivable after five years, provided the home hasn't been resold or refinanced and remains your primary residence.

There is an additional stipulation: your home must be inspected twice before approval is granted. It needs to be checked by an independent provider (for which you pay) and again by the Tampa Housing Authority (THA), which will conduct a Housing Quality Standards (HQS) Inspection to ensure it meets safety and livability standards.

Hillsborough County Home Sweet Home Program

The Home Sweet Home Program is available to first-time homebuyers looking at properties in Hillsborough County and functions as a second deferred mortgage. It offers you up to $25,000 (a significant recent increase) toward down payment and closing costs on Tampa new homes.

The second mortgage has a 30-year term at 0% interest, and repayments are only required if:

1. You sell the property
2. You refinance the property
3. The property is foreclosed
4. The property is no longer your primary residence

Once again, you need to complete an approved homebuyer education course, and the amount offered is layered based on your income. You can check how much support you are eligible for under this program here.

State-Level Support for First-Time Homebuyers in Tampa, FL

Florida Housing Homebuyer Program

The Florida Housing Homebuyer Program offers qualifying first-time homebuyers 30-year, fixed-rate mortgages at preferential rates by working with select lenders across the state.

To be eligible, you must:

1. Qualify for a conventional, FHA, VA, or USDA loan
2. Purchasing a house under your county's price limit (currently $524,225 for both Pinellas and Hillsborough County)
3. Minimum credit score of 640
4. Complete an approved homebuyer education course
5. Have an income below the county limit

What's great about these loans is that they offer you the opportunity to combine preferential rates with other down payment assistance programs, allowing you to stack your financial assistance and attain homeowner status faster.

Hometown Heroes Program

Those working in select professions can receive first loan mortgages at preferential rates with lower upfront fees and closing fee assistance. The down payment and closing cost assistance associated with the Hometown Heroes Program can reach up to 5% of your total first loan amount, granting you up to $35,000 in financial aid.

If eligible, you receive these funds as a no-interest, deferred-payment second mortgage, with repayment only due when you sell the home, refinance, or no longer use it as your primary residence.

To qualify, you must:

1. Work for Florida-based employers in front-line services such as law enforcement, fire department, education, child care, healthcare, or another qualifying profession.
2. Qualify for a conventional, FHA, VA, or USDA loan.
3. Purchase a home within the county limits.
4. Have a household income within the county limits.

Florida Assist Second Mortgage (FL Assist)

Another Florida Housing program, FL Assist, allows you to secure up to $10,000 in down payment assistance and closing cost help. It functions as a deferred second mortgage, with no payment due until you sell your home, refinance, or no longer use the property as your primary residence.

The Florida Homeownership Loan Program (FL HLP)

The FL HLP program offers an additional $10,000 in assistance, which homebuyers can use for downpayments and closing costs. This program operates slightly differently, as it's a second mortgage that requires repayments at a 3% interest rate. The second mortgage must be paid off over 15 years or immediately if you sell, refinance, or stop using the home as your primary residence.

This loan is factored into the homeowner's debt-to-income ratio, as it involves a monthly payment.

Federal Support Available for First-Time Homebuyers in Tampa, FL

Of course, there is also a wide range of preferential first-time homebuyer programs available nationally that can help those of you looking to buy a new home in Tampa, FL.

1. FHA Loans: Preferential loans available to prospective buyers with a credit score of 580 or above (along with other criteria that you can view here). The down payment required with these loans can be as little as 3.5% and can usually be combined with local down payment assistance programs.
2. VA Loans: Preferentialloans available to members of the military or veterans, often requiring no down payment at all.
3. USDA Loans: These loans also require no down payment and carry other benefits, such as no Private Mortgage Insurance (PMI) requirement. However, your chosen home must be in an eligible rural area to qualify. You must also have a minimum credit score of 640, among other requirements.

There is also a proposed First-Time Homebuyer Act making its way through Congress, which, if passed into law, would give you up to $15,000 refundable tax credit on the purchase of your first home.

Get Help Toward Buying Your First Home in Tampa, FL, Today

Buying your first home is exciting, but it can also be a stressful experience. However, it's easier than ever in Tampa, with a wide range of financial assistance options available to you. From preferential state-sponsored home loans to secondary loans and grants for down payment assistance and closing costs, you can get on the housing ladder much sooner than you might have thought.

Better still, LGI Homes qualify for almost all local, state and federal loan incentives, making them an excellent choice for your first property. We have a range of new home communities in Tampa for you to choose from, and our friendly New Home Consultants can walk you through all of the financial incentives available to you.

So start browsing communities today or request more information from one of our representatives before scheduling a tour.