Home Key Plus Second Mortgage — New DPA for Pinellas, Pasco & Polk County Buyers

The Florida Housing Finance Corporation launched the Home Key Plus Second Mortgage program in May 2026, bringing new down payment and closing cost assistance to buyers in targeted areas of Pinellas, Pasco, and Polk counties. While most Florida DPA programs cover entire counties, Home Key Plus works differently — it focuses on specific census tracts where the need for homeownership support is greatest. Knowing which areas qualify, how the loan terms work, and how to combine this program with others is what separates buyers who close with minimal cash from those still stuck on the sidelines.

What Is the Home Key Plus Second Mortgage and How Does It Work?

Home Key Plus is a down payment and closing cost assistance program administered by the Housing Finance Authority of Pinellas County on behalf of buyers in three counties: Pinellas, Pasco, and Polk. The assistance is structured as a second mortgage — recorded behind your primary mortgage — carrying 0% interest with no monthly payments. You do not repay the balance while you live in the home. Repayment is triggered only when you sell, refinance, pay off the first mortgage, rent the property out, or permanently move out.

The maximum assistance amounts by county are:

• Pinellas County: Up to $10,000
• Pasco County: Up to $7,500
• Polk County: Up to $7,500

One critical distinction: unlike programs such as forgivable SHIP-funded loans, Home Key Plus is not forgivable. The full outstanding balance comes due when any repayment trigger occurs, regardless of how long you have occupied the home. It is a deferred loan that must eventually be repaid — not a grant that disappears after a required occupancy period. Buyers who plan to stay long term will repay it at sale; those who move or refinance sooner pay it back earlier.

Which Census Tracts Qualify for Home Key Plus?

Home Key Plus is not available county-wide. It applies only to homes located in specific census tracts — small geographic subdivisions defined by the U.S. Census Bureau — that the program administrators have designated as target areas. Your lender can verify whether a specific address falls within a qualifying tract using the Census Bureau's geocoder tool.

Pinellas County qualifying census tracts: 0246.03, 0247.01, 0249.07, 0255.05, 0259.01, 0262.00, 0264.02, and 0287.00.

Pasco County qualifying census tracts: 0302.03, 0304.05, 0304.12, 0305.01, 0310.05, 0310.09, 0317.03, 0318.07, 0326.01, and 0330.13.

Polk County qualifying census tracts: 0111.00, 0112.02, 0112.04, 0114.00, 0117.04, 0117.32, 0134.00, 0136.01, 0136.02, 0139.01, 0141.27, 0145.02, 0149.03, 0161.00, and 0164.00.

If you are working with a REALTOR® experienced in DPA-assisted purchases, they can help you determine whether a specific home qualifies before you invest time in the offer process. This census-tract restriction means you may find a qualifying home in one neighborhood and a non-qualifying home two streets over — confirming tract eligibility early saves significant time.

The Pinellas County DPA programs guide covers additional assistance options available across all of Pinellas — both county-wide and census-tract-targeted — that buyers can explore alongside Home Key Plus.

Who Is Eligible for the Home Key Plus Program?

Home Key Plus pairs with first mortgages offered through the Florida Housing Finance Corporation's suite of loan programs. Eligible loan types include FHA, VA, USDA Rural Development, and conventional financing. The minimum FICO credit score requirement is 660 across all loan types — slightly higher than the FHA floor of 580, meaning buyers near the FHA minimum need to strengthen their score before applying.

Additional eligibility requirements include:

• The home must be your primary residence — investment properties and vacation homes do not qualify
• Completion of a HUD-approved homebuyer education course before closing
• Income and purchase price limits apply, varying by county and household size
• The property must be located within a qualifying census tract in Pinellas, Pasco, or Polk County

Income limits are tied to the area median income (AMI) for each county and are updated annually. The 2026 income limits guide for Florida DPA programs provides current figures by county. Buyers near the limit should have their income documentation reviewed carefully before committing to a timeline.

First-time buyer status is generally required, defined as not having owned a primary residence in the past three years. Buyers who previously owned but sold more than three years ago often qualify under this definition. Florida Hometown Heroes — which also covers Pinellas, Pasco, and Polk — does not require first-time buyer status at all, making it worth comparing as an alternative.

How Does Home Key Plus Compare to Other Florida DPA Programs?

Home Key Plus fills a specific niche in the Florida DPA landscape. It is most useful when the home you want to buy sits within a qualifying census tract, you prefer a 0% deferred structure, and you want to combine it with another program for larger total assistance.

Against FL Assist — Florida's statewide deferred second mortgage offering up to $10,000 — Home Key Plus competes directly in Pinellas County with the same maximum. In Pasco and Polk it offers slightly less ($7,500 vs. $10,000 from FL Assist). The key advantage of Home Key Plus is that it was specifically designed for these census tracts and in some cases allows layering combinations that differ from what statewide programs permit on their own.

Against Hometown Heroes, the comparison depends on your occupation and income. Hometown Heroes provides up to 5% of the first mortgage amount (capped at $35,000) as a deferred second mortgage — far exceeding the Home Key Plus maximum for most Tampa Bay purchase prices. However, Hometown Heroes carries an income cap near $156,450 for the Tampa Bay metro area. Buyers above that threshold, or in occupations not on the Heroes list, may find Home Key Plus accessible when Hometown Heroes is not.

The FL Assist vs. HFA Preferred PLUS comparison breaks down the most common statewide structures side by side if you want to review your full range of options.

Can You Stack Home Key Plus With Other Programs?

Layering DPA programs is where the real savings potential lives, and Home Key Plus was designed to work within that framework. Because it is funded through the Housing Finance Authority of Pinellas County, it operates independently from Florida's statewide DPA programs and can often be combined with them.

Possible combinations for Pinellas, Pasco, and Polk buyers:

• Home Key Plus + Hometown Heroes: Buyers who qualify for Hometown Heroes based on their occupation can potentially add Home Key Plus as a second layer. Combined, these programs can cover a substantial portion of upfront costs. Your lender must confirm that the loan structure supports both second mortgages simultaneously.
• Home Key Plus + FL Assist: Combining two 0% deferred structures is worth exploring. FL Assist provides up to $10,000 statewide; adding $7,500 to $10,000 from Home Key Plus in qualifying tracts could mean up to $20,000 in total deferred assistance — though approval requires coordination between program administrators and must comply with layering rules.

The complete guide to stacking multiple DPA programs in Florida explains how layering works, what approval steps are required, and which loan types support combined second mortgages.

Buyers in Pasco County can also ask whether SHIP funds administered through the county can be added on top of Home Key Plus for additional coverage. The Pasco County DPA programs guide has current details on local funding availability.

What Steps Do You Take to Apply for Home Key Plus?

The Home Key Plus program flows through participating lenders approved by the Housing Finance Authority of Pinellas County. The process integrates with your mortgage application rather than running on a separate track.

Step 1: Confirm census tract eligibility. Before you make an offer, verify that the home's address falls within a qualifying census tract in Pinellas, Pasco, or Polk County. Your lender or the HUD geocoder can confirm this with the street address.

Step 2: Work with an approved lender. Not all mortgage lenders participate in Home Key Plus. You need a lender approved by the Housing Finance Authority of Pinellas County who is familiar with the program's documentation and funding reservation requirements.

Step 3: Complete a homebuyer education course. The required HUD-approved course covers budgeting, mortgage basics, and homeownership responsibilities. Online options typically take 6–8 hours and are available at low or no cost.

Step 4: Get pre-approved and reserve your assistance. Your lender will reserve Home Key Plus funds through the Housing Finance Authority once you are under contract on a qualifying property. Funds can be exhausted later in a funding cycle, so moving quickly after you have an accepted offer matters.

Step 5: Close with assistance applied. The second mortgage appears at closing as a credit, directly reducing the cash you need to bring to the table. You sign a promissory note secured by a second lien on the property, with deferred repayment terms attached.

Buyers who want a framework for the pre-approval process will find the DPA pre-approval guide for Tampa Bay buyers useful preparation before reaching out to a lender.

For a comprehensive overview of first-time buyer programs across all of Tampa Bay — not just Pinellas, Pasco, and Polk — First Time Home Buyer Tampa Bay tracks programs, income limits, and lender contacts in one place and is updated regularly as program details change.

Barrett Henry, REALTOR® with REMAX Collective, has more than 23 years of real estate experience helping buyers put together combinations of state, county, and lender-level assistance. Whether you are looking at a home in Clearwater, New Port Richey, or Lakeland, the right programs depend on your census tract, income, and loan type. Call (813) 733-7907 to find out whether a specific home and your financial profile qualify for Home Key Plus — and what you may be able to layer on top of it.