Pasco County Home Buyer Assistance Program
Pasco County wants you to obtain the American Dream of home ownership. The Board of County Commissioners has made available funds to help you with your down payment to buy a home for your family.
Who is eligible for this program?
Applicants whomake less than 120% of the median income for the Tampa Bay area may apply for assistance. This is adjusted for family size. Currently, this is as follows
You do not have to be a first time home buyer to participate in this program, nor be a current Pasco County resident.
You must attend a County Homebuyer class in order to receive assistance
What kind of home can I buy?
Any type of home is eligible for this program, except for mobile or manufactured homes. Condominiums and town houses are also eligible. Properties may be purchased anywhere within the County and all six cities.
The maximum purchase price of an assisted home cannot exceed $240,000
How do I apply for assistance?
In order to apply for assistance, you must apply through one of the approved partner financial institutions that have signed agreements with the County, listed on our website. Almost all banks, savings and loans, and mortgage companies that do business in Pasco County are partners with the County in the program. When you apply for a mortgage loan at one of these financial institutions, they will make an initial determination on whether you need and are eligible for Pasco HAP funds. If you do, they will reserve funds in your name with the Community Development Division. You do not apply through the County for these funds
How much County money can I borrow?
The amount of County funds that are available first depends on how much the financial institution is able to lend you
and how much you can put down. There is a limit on how much can be lent, depending on your income level and type of home you are purchasing:
Very Low Income: $10,000
Low and Moderate Income:$5,000
If you are building a new home, the cost of the government imposed impact fees can be paid in the form of 0% loan,
due upon the sale or rental of the home. These funds are available if you need more funds than what is listed above.
There also is a lower impact fee for some new homes if you are low or very low income home buyer.
Do I have to put any of my own money in
to the purchase?
You do have to put some of your own money into the purchase of the house. We do not differentiate between your
down payment, closing costs, or other pre-paid items. The amount that you will have to put down depends on your
income level and the sales price of the house:
Do I have to pay these Pasco County funds back?
The funds that come from Pasco County will be in the form of a 0% interest loan. They will have to be paid back to the
County. The funds that are paid back will help other families buy homes in the future. The term of the payback is
variable depending on your ability to pay. You will have a term of up to 30 years to pay off your loan. If you cannot
afford to pay back the loan immediately, the loan will be deferred for five years. At the end of that time you will start
making payments, at the following schedule:
This only applies to deferred loans. Homebuyers that can immediately make payments may have a higher amount.
Under no case can a payment be less than $25 per month. You will know before you close what your payments will be
and when you will begin to make them. If the property is rented or vacated, the loan will become immediately due, with interest.
This is a program for home ownership. Pasco County is giving you a large subsidy, because we know that
neighborhoods with high homeownership rates generally have people that take care of their property, look after each
other’s kids, and have less crime. For you to sell the property quickly and receive a large payday is not the intent of the program.
If you sell or transfer your property within the first five years of ownership, there will be a shared equity penalty. This
means that a portion of the appreciated sales price will be shared with the County, in addition to the principal balance
that you owe. For the first three years that percentage is 50%; for years 4 and 5 it is 25%. Appreciation is defined as the
gain a homebuyer receives from the sale of the home, less any reasonable title and real estate costs. The cost of home
improvements completed with building permits also shall be deducted from this amount. Under no conditions shall this
penalty be more than twice the amount of the original County loan.
Pasco County Home Buyer Assistance Program
Assisted families are also required to go through an individual counseling session with Tampa Bay CDC prior to
closing. For further information contact the Community Development Division at (727) 834-3445 in New Port Richey,
(352) 521-4274, ext. 3445 in Dade City; or (813) 996-7341, ext. 3445 in Land O’Lakes or visit our web site at: