How Do Tampa Bay DPA Programs Compare?
The table below compares the five most widely used down payment assistance programs available to Tampa Bay homebuyers in 2026. Program details change periodically — always verify current terms with an approved lender.
| Program | Amount Available | Forgivable? | Income Limits | First-Time Buyer? | Credit Score | Loan Types | Processing Time |
|---|---|---|---|---|---|---|---|
| FL Hometown Heroes | Up to $35,000 | Yes (~5 yrs) | County limits apply | Yes (3-yr rule) | 640 typical | FHA, VA, USDA, Conv. | 45-60 days |
| FL Assist | $10,000 | No (deferred) | County limits apply | Yes (3-yr rule) | 640 typical | FHA, VA, USDA, Conv. | 45-60 days |
| HFA Preferred PLUS | Up to 5% of loan | Yes (forgivable grant) | County limits apply | Yes (3-yr rule) | 640 typical | Conventional (Fannie Mae) | 45-60 days |
| Chenoa Fund | 3.5% or 5% | Yes (after 36 payments) or repayable | None | Varies | 600-620 | FHA only | 30-45 days |
| County SHIP | Varies ($15K-$40K+) | Varies by county | AMI-based (varies) | Varies by county | Varies | Varies | Varies (funding dependent) |
Data reflects 2026 program terms. Credit scores, income limits, and assistance amounts are subject to change — verify with an approved lender.
What Does Each DPA Program Offer?
Florida Hometown Heroes — Up to $35,000
The most generous statewide DPA program in Florida. Hometown Heroes provides up to $35,000 as a 0% interest, non-amortizing second mortgage with no monthly payments. The loan may be fully forgiven after approximately five years of owner occupancy. Originally targeting teachers, nurses, firefighters, and law enforcement, the program now covers all full-time Florida workers who meet income and purchase-price limits.
Best for: Full-time Florida employees buying their first home (or first in three years) who want the highest DPA amount with forgiveness. Read the full Hometown Heroes guide.
FL Assist (Florida Assist) — $10,000
A straightforward $10,000 second mortgage at 0% interest with no monthly payments. The key difference from Hometown Heroes: FL Assist is not forgivable. The $10,000 is deferred and becomes due when you sell, refinance, transfer title, or pay off the first mortgage. It is still an excellent tool because it functions as an interest-free loan for as long as you live in the home.
Best for: First-time buyers who want simple, predictable DPA without worrying about forgiveness timelines. Read the full FL Assist guide.
HFA Preferred PLUS — Up to 5% of the Loan
A conventional Fannie Mae loan product offered through Florida Housing with up to 5% of the loan amount as a forgivable grant for down payment and closing costs. HFA Preferred loans often come with below-market interest rates and reduced private mortgage insurance (PMI), making the total monthly payment very competitive.
Best for: Buyers who prefer a conventional loan over FHA and want the benefit of reduced PMI with forgivable DPA. Read the full HFA Preferred guide.
Chenoa Fund — 3.5% or 5% (No Income Limits)
A national DPA program administered by CBC Mortgage Agency with one standout feature: no household income limits. Provides 3.5% or 5% of the purchase price as a forgivable (after 36 on-time payments) or repayable second mortgage. Works exclusively with FHA first mortgages. Credit score minimums are 600-620 depending on the option chosen.
Best for: Buyers who earn too much for Florida Housing programs but still need down payment help. Read the full Chenoa Fund guide.
County SHIP Programs — Varies by County
Florida's State Housing Initiatives Partnership (SHIP) program distributes housing trust fund dollars to every county for locally-administered DPA. Hillsborough County has historically offered $15,000 to $40,000 in assistance. Pinellas, Pasco, Polk, Manatee, Sarasota, Hernando, and Citrus counties each run their own SHIP programs with varying amounts, income tiers, and application windows.
Best for: Buyers in specific counties who catch the funding window open. SHIP funds are first-come, first-served and can be exhausted quickly. See county-specific DPA details.
Which DPA Program Is Right for You?
Use this decision guide to narrow down your best option. Start at the top and follow the path that matches your situation:
Step 1: Do you earn above the county income limit set by Florida Housing?
Yes → The Chenoa Fund is likely your best option (no income limits). You can also explore county SHIP programs, which may have higher income thresholds.
No→ Continue to Step 2.
Step 2: Are you a full-time Florida employee?
Yes → Florida Hometown Heroes should be your first choice — it offers up to $35,000 forgivable. Continue to Step 3 to compare alternatives.
No → Consider FL Assist ($10,000, no employment type requirement) or HFA Preferred PLUS (up to 5% forgivable grant).
Step 3: Do you prefer a conventional loan or FHA?
Conventional → HFA Preferred PLUS gives you a conventional Fannie Mae loan with reduced PMI and forgivable DPA. This is often the lowest monthly payment option.
FHA→ Hometown Heroes or FL Assist both work with FHA. Hometown Heroes provides more money and is forgivable; FL Assist is simpler but not forgivable.
Step 4: Is your property in a USDA-eligible rural area?
Yes → Consider a USDA loan (0% down) stacked with Hometown Heroes or FL Assist for closing costs. This is the most affordable combination available.
No→ Stick with FHA + Hometown Heroes or Conventional + HFA Preferred for the best overall package.
Step 5: Is your credit score below 640?
Yes (600-639) → The Chenoa Fund accepts scores as low as 600. Florida Housing programs typically require 640+.
Yes (below 600)→ Focus on credit improvement before applying. Most DPA programs require at least 600. A lender can recommend rapid score improvement strategies.
No (640+)→ You qualify for all programs. Your lender will run the numbers for each and recommend the lowest-cost option.
Not Sure Which Program Fits? Get a Free DPA Consultation.
Barrett Henry, REALTOR® & Broker Associate with REMAX Collective, has 23+ years of real estate experience helping Tampa Bay buyers navigate DPA programs. One call can save you thousands.
Can You Stack DPA Programs Together?
Stacking means combining a first mortgage with DPA and potentially additional assistance to minimize out-of-pocket costs. Here are the most effective stacking combinations available to Tampa Bay buyers:
| Combination | Down Payment | Closing Costs | Out of Pocket |
|---|---|---|---|
| USDA + Hometown Heroes | $0 (USDA = 0% down) | Covered (up to $35K) | Near $0 |
| VA + Hometown Heroes | $0 (VA = 0% down) | Covered (up to $35K) | Near $0 |
| FHA + Hometown Heroes | Covered (3.5% via DPA) | Partially covered | $0-$5,000 |
| Conv. + HFA Preferred PLUS | Covered (3-5% via DPA) | Partially covered | $0-$5,000 |
| FHA + Chenoa Fund (5%) | Covered (3.5% via DPA) | Extra 1.5% for costs | $0-$3,000 |
| Any combo + Seller Concessions | Per program | Up to 6% from seller | Can reach $0 |
Seller concessions are not a DPA program but a negotiation strategy your REALTOR can pursue. The seller agrees to pay a portion of your closing costs at closing. Combined with DPA, seller concessions can eliminate virtually all out-of-pocket costs. Barrett Henry routinely negotiates seller concessions for DPA buyers across all 8 Tampa Bay counties.
What Are the Key Takeaways for Tampa Bay DPA Buyers?
- Hometown Heroes is the most money — Up to $35,000 forgivable. If you qualify, start here.
- Chenoa Fund has no income limits — The best option for moderate-to-higher-income buyers locked out of state programs.
- HFA Preferred PLUS has the lowest monthly payment — Reduced PMI on a conventional loan plus forgivable DPA often beats FHA on total monthly cost.
- USDA + DPA is the ultimate zero-down combo — If you are buying in an eligible rural area, this combination cannot be beat.
- County SHIP funds are unpredictable — Great money when available, but funding windows are short and first-come, first-served.
- Always get pre-approved before house hunting — DPA programs have specific lender, income, and credit requirements. Pre-approval confirms your eligibility and locks in your program.
- Work with a REALTOR who knows DPA — DPA transactions have extra layers. An experienced agent ensures your offer is structured correctly and your closing stays on track.
Frequently Asked Questions About DPA Programs
Related Down Payment Assistance Guides
Disclaimer: Tampa Bay Down Payment Assistance is a marketing and educational resource operated by Barrett Henry, REALTOR® & Broker Associate with REMAX Collective. We are not a lender, bank, or mortgage broker. Program amounts, interest rates, income limits, credit score requirements, and terms referenced on this page are subject to change without notice — always verify current eligibility and program details with an approved lender. Nothing on this site constitutes a loan commitment or guarantee of assistance. For official program information, visit FloridaHousing.org and ChenoaFund.org.