How to Get Pre-Approved with Down Payment Assistance — Tampa Bay Guide

Getting pre-approved with down payment assistance is similar to a standard mortgage pre-approval, but with one critical difference: you must work with a lender who is approved by the DPA program. Here is what the process looks like and what you need to prepare.

Why DPA Pre-Approval Is Different

For a standard mortgage, you can work with any licensed lender. For DPA, you must use a lender approved by the specific program — Florida Housing-approved for Hometown Heroes, FL Assist, or HFA Preferred PLUS. County SHIP programs may have their own approved lender lists. Not every mortgage company is on these lists. If you get pre-approved by a non-participating lender, you will need to start over with an approved one.

Step 1: Connect with a Participating Lender

Barrett Henry, REALTOR® with REMAX Collective, works with multiple DPA-approved lenders across Tampa Bay. This saves you from calling lender after lender to find one who participates. Barrett can match you with a lender based on the programs you are most likely to qualify for.

Step 2: Gather Your Documents

Before your lender meeting, prepare the following: last two years of tax returns (all pages), last two years of W-2s or 1099s, last 30 days of pay stubs, last two months of bank statements (all pages, all accounts), a valid photo ID, and your Social Security number (for the credit pull).

If you are self-employed, also prepare profit and loss statements, business tax returns, and 1099 income documentation.

Step 3: The Pre-Approval Process

Your lender will pull your credit report and scores, verify your income and employment, calculate your debt-to-income ratio, determine which DPA programs you qualify for, and issue a pre-approval letter stating your maximum purchase price.

This process typically takes 1 to 3 business days. Some lenders can provide same-day pre-approval if your documentation is complete.

Step 4: Understanding Your Pre-Approval Letter

Your DPA pre-approval letter will show your maximum purchase price, the DPA programs you qualify for, the estimated assistance amount, your estimated interest rate, and your estimated monthly payment.

This letter tells sellers and listing agents that you are a serious, qualified buyer. In competitive markets, having your DPA pre-approval ready before making offers is essential.

What If You Do Not Qualify Initially?

If your credit score is below 640 or your income exceeds program limits, your lender can create a plan to get you eligible. A 90-day credit repair plan can raise your score. Waiting until the next AMI update may change your income eligibility. Alternative programs with different requirements may be available.

Barrett Henry, REALTOR® with REMAX Collective, has 23+ years of real estate experience helping Tampa Bay buyers get pre-approved and find the right DPA programs. Call (813) 733-7907 to get connected with a participating lender today.