Income Requirements

For first-time homebuyers in Tampa Bay, the income limits for down payment assistance programs typically vary based on the county you’re buying in and the size of your household. On average, households need to earn less than 80-120% of the area’s median income (AMI). For example, in Hillsborough County, the AMI for a family of four is approximately $80,000 to $90,000 in 2025, meaning eligible households might earn up to $100,000 or more depending on the program.

Programs like Florida Housing's First Time Homebuyer Program and Tampa Bay’s Local Down Payment Assistance offer assistance to low- and moderate-income buyers who meet these criteria. Each program will have its own set of income limits, so it’s important to check with your lender  for the latest details.

Credit Score Requirements

The minimum credit score needed for first-time homebuyers in Tampa Bay generally ranges from 620 to 640, depending on the loan type and the lender’s criteria. For conventional loans, a score of at least 640 is typically required. If you're using government-backed loans like FHA or VA, the minimum score may be as low as 580, but it could vary depending on the lender and other factors.

Down Payment Assistance Programs

There are several options available for first-time homebuyers in the Tampa Bay area to help with the down payment:

1. State and Local Programs: Florida offers a variety of down payment assistance programs through the Florida Housing Finance Corporation. These programs can provide up to $15,000 or more in down payment and closing cost assistance for eligible buyers.
2. City of Tampa: Tampa itself offers down payment assistance through the Tampa Housing Assistance Program, which provides up to $14,999 in assistance for first-time buyers.
3. FHA Loans with Down Payment Assistance: FHA loans allow for down payments as low as 3.5%, and there are several state and local programs that help cover this amount.

Final Tips

1. Pre-Qualification: Start by getting pre-qualified to understand your budget and eligibility for different programs.
2. Work with a Qualified Lender: Don't have a lender that offers down payment assistance? I do!

In 2025, Tampa Bay remains a great place for first-time homebuyers, and with the right resources, you can find a home you love while getting the support you need to make it affordable!